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Cardano Rises 8% As Hoskinson Reveals Launch Date For Highly Anticipated Chang Fork
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Cardano Rises 8% As Hoskinson Reveals Launch Date For Highly Anticipated Chang Fork

Ronaldo Marquez
Ronaldo Marquez
9 months ago
3 mins read
Cardano

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Cardano (ADA) has seen a strong rally over the past week, up nearly 15% amid a broader recovery in the cryptocurrency market. The price spike also comes on the heels of Wednesday’s announcement of the final launch date for the blockchain’s much-anticipated Chang hard fork upgrade.

The Chang hard fork, described as a significant evolution for the Cardano network, is set to establish a minimum viable on-chain governance system as outlined in CIP-1694. This upgrade will be rolled out in two stages, with the first introducing core governance features to the blockchain.

Intersect Unveils Timeline For Chang Hard Fork 

As earlier reported by Bitcoinist, the Cardano ecosystem’s key member-based organization, Intersect, has announced that the Chang hard fork working group has reviewed the progress and community feedback, paving the way for the formal proposal of the upgrade’s launch timeline.

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The target date for the mainnet hard fork is set for Tuesday, August 27th, with a final decision scheduled for early Friday, August 23rd. This four-day lead time will allow for the necessary governance actions and sign-off on the hard fork.

Cardano founder Charles Hoskinson expressed his anticipation for the upcoming upgrade, stating, “Are you prepared for Chang? Rocket is on the pad. Governance is coming.”

Cardano Prepares For Governance Evolution

To align with the Chang hard fork, Input Output Global (IOG), the developer company behind the Cardano blockchain, has released a mandatory update to the Daedalus wallet, version 6.0.0. This update is essential for users to operate in the “Conway era” following the hard fork.

The first stage of the Chang upgrade, dubbed Chang Upgrade #1, will introduce core governance features to the Cardano blockchain, marking the beginning of the “technical bootstrapping phase” as per CIP-1694. 

The second stage, Chang Upgrade #2, will further expand these governance implementations, effectively transitioning out of the bootstrapping phase and activating the comprehensive features outlined in CIP-1694.

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At the time of writing, ADA has risen 8% in the last 24 hours to a current trading price of $0.3701, just below its 200-day exponential moving average (EMA) at $0.3779, one of ADA’s near-term resistance walls preventing the price from moving higher.

A break above this key indicator will be crucial to regain the $0.400 level for the ADA price, a zone not seen since last month prior to the broader market crash on August 5th. 

Conversely, at $0.3505 is the token’s 50-day EMA, which currently acts as the strongest support for the ADA price on the daily ADA/USDT chart, preventing another retest of the $0.3110 level. 

Cardano
The daily chart shows ADA’s price trending upwards. Source: ADAUSDT on TradingView.com

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

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Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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