- According to a crypto analyst Ali, Cardano (ADA) is following an eerily similar pattern to its previous cycle, hinting at a potential price target of $6 if the historical pattern repeats.
- Cardano experienced a major correction after the bull rally in 2020 at the same time as the current correction, leading Ali to predict the $6 price target.
- An update on the upcoming Cardano Plomin hard fork suggests it could occur between January 4 and January 29, 2025, unlocking Cardano’s final on-chain governance features.
As per the recent analysis, Cardano (ADA) might be poised for a significant market breakout. Crypto analyst Ali suggests that ADA’s current pattern is uncannily reminiscent of its previous cycle, hinting at a potential surge.
Cardano (ADA) Mirroring Past Market Cycle
In 2020, the first significant correction post the bull rally coincided with the current market correction, according to Ali. He further predicts a price target of $6 if ADA continues to follow this historical pattern. As of now, ADA has experienced a 4% drop in the last 24 hours, with a current valuation of $0.8825 amidst the Sunday’s sell-off. This drop has resulted in $246 million in crypto liquidations and ADA remains down by 19% weekly.
Cardano’s Market Performance and Forecast
Cardano managed to rebound from a low point of $0.762 on Friday after a four-day decline. However, the recovery halted at $0.997 on Saturday, and the downward trend persisted into Sunday’s session, reaching lows of $0.869 near the daily SMA 50. The market bulls are striving to maintain this crucial level, as a failure might push ADA down to $0.76. If this support cracks, ADA may further drop to $0.69 or even $0.50. Conversely, a rebound could aim for a breach of the $1 barrier.
Update on Cardano’s Plomin Hard Fork
A recent update from Intersect, a member-based organization for the Cardano ecosystem, revealed that the governance action for the Cardano mainnet hard fork has been submitted on-chain for ICC and SPO ratification. The Plomin upgrade is expected to unlock Cardano’s final on-chain governance features, marking a significant milestone for on-chain governance. If implemented, this action will enable full governance as described in CIP-1694 to mainnet, marking the end of the technical bootstrapping phase.
Potential Dates for the Plomin Hard Fork
Intersect has outlined potential mainnet epoch boundary dates for the Plomin hard fork, should the governance action be ratified by the SPO and ICC. These dates range from Jan. 4 to Jan. 29, 2025. The shortest conceivable period between submitting a governance action and its execution is slightly over two epochs, which is quite rare. The epoch 529 plan, raised in action, ensures the earliest possible enactment date of Jan. 4, 2025.
Conclusion:
As per the bootstrap governance rules, the plan for epoch 529 provides the best opportunity for the SPOs and ICC to vote to ratify the hard fork in January 2025. Consequently, the ratification and enactment could occur following any epoch boundary between Jan. 4 and 29, 2025. This could mark a significant turning point for Cardano and its market performance, making it an exciting time for the cryptocurrency market.
