Cardano’s upcoming update is set to help the ADA price avoid a bearish scare, countering recent claims that the project is dead. Founder Charles Hoskinson has responded to these allegations by emphasizing Cardano’s ongoing development and the imminent release of Node 9.0.0. This update aims to strengthen Cardano’s position in the blockchain ecosystem by introducing significant technological advancements.
The Node 9.0.0 update is crucial for the upcoming Chang hard fork, which will shift governance from Cardano Foundation, EMURGO, and Input-Output Global to the broader community. The goal is to establish a self-sustaining blockchain ecosystem with features like on-chain voting and participant rights. As part of this transition, Delegate Representatives (DReps) will be elected by Cardano token holders to draft a Cardano Constitution that will serve as the network’s supreme governing law.
However, the successful transition to the Chang era depends on Stake Pool Operators (SPOs) independently testing and upgrading to Node 9.0.0. Currently, data from Cardanoscan shows that exchanges and stake pools have not fully prepared for the hard fork. To ensure a smooth transition, it is crucial to achieve a 70% upgrade threshold among SPOs, which will determine the hard fork date.
In addition to governance changes, Node 9.0.0 also addresses known issues within the Cardano CLI, particularly in the Conway era. This includes resolving transaction command execution failures. Future updates are expected to further tackle these issues.
Meanwhile, ADA price is currently avoiding confirmation of a bearish technical setup known as the “descending triangle.” Bulls are working hard to prevent this confirmation, as the pattern suggests a bearish continuation signal. The descending triangle features a downward-sloping upper trendline, indicating decreasing price highs, and a flat lower trendline that acts as a strong support level. This pattern implies that selling pressure is increasing, resulting in weaker rallies. If the bearish setup is confirmed, the ADA price could potentially drop by over 50% to reach the projected price target of around $0.186.
Overall, Cardano’s upcoming update and the avoidance of a bearish price pattern are key factors impacting the future of the project and the ADA token.