Cardano (ADA) Price Tanks Following Disappointing US Job Data

• At the time of writing, ADA is trading at $0.3107, down 3.67% in the last 24 hours.
• If the price breaks below $0.31 level, then it will plummet to test $0.24 support level.

With the Chang hard fork completed, the long-awaited Conway era has begun on Cardano. With this crucial development, the network took a giant leap towards complete decentralization. One major change is the inclusion of the CIP-1694 governance model, which gives ADA holders more say in network decisions via active voting.

However, holders of ADA have voiced concerns about changes to governance and the incentive structure, notwithstanding the effective implementation. Concerned about these new developments, Cardano founder Charles Hoskinson addressed them.

Hoskinson allayed community fears by stressing the new governance system’s adaptability. Hoskinson claims that people are able to voice their opinions via the new governance mechanism.

ADA Price Faces Bears Wrath

The crypto market is still in a state of complete chaos as fresh macroeconomic data shows that US job numbers for August were lower than expected. Following disappointing US employment data, the value of Bitcoin (BTC) plummeted.

The ADA price is near to its crucial annual lows, reflecting the overall uncertainty in the cryptocurrency market. Additionally, Cardano’s ADA coin has fallen 61.03% from its annual high, and the much-anticipated “Chang Hard Fork” upgrade has not helped stabilize the token’s price.

At the time of writing, ADA is trading at $0.3107, down 3.67% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 4.57%. The price found support at the key support level of 0.31. However, if the price breaks below this level, then it will plummet all the way to test $0.24 support level. Conversely, if the price manages to climb above $0.34, then it will likely test $0.37 resistance level.