Cardano Price Sees Brief Rebound Amid Ongoing Bearish Pressure

• Hoskinson made it clear that Chang Hard Fork would be released on July 16th.
• At the time of writing, ADA is trading at $0.3835, up 2.95% in the last 24 hours.

Cardano, known for its meticulous development process, has reached a turning point with on-chain governance. This innovative method gives ADA holders a say in the platform’s development by letting them vote on proposals.

The statement by Hoskinson now clarifies the launch date of Chang Hard Fork, which had been in the dark for quite some time. The information he provided made it clear that Chang Hard Fork would be released on July 16th.

Decisions on Cardano can be made more easily with the help of on-chain governance. In support of this idea, Charles Hoskinson, co-founder of Cardano, has said that on-chain voting allows for rapid modifications, which will keep the system competitive and dynamic.

A constitutional order including on-chain voting and democratic rights would revolutionize Cardano’s governance, according to the Cardano team. The Chang Hard Fork is crucial to this transformation. This efficacy extends beyond only technical advancements.

Potential Price Surge Anticipated

Although the next governance implementation is not expected to have an immediate impact on the price movement. There is a belief among analysts that its successful execution might instill new investor confidence. Thus, leading to a potential price increase in the future.

At the time of writing, ADA is trading at $0.3835, up 2.95% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 24.01%. The price has been facing intense selling pressure for quite some time now, and is down 13.32% in the last 30 days. This has been in tandem with the overall bearish crypto market trend.

If the price manages to go past $0.40 resistance level, then it will likely climb all the way till $0.42 level. However, if the price goes below $0.37 level, then it will likely test $0.32 support level.