ADA Price Eyes Breakout As Cardano Governance Tool Goes Live
Highlights
- Cardano has launched GovTool on mainnet
- This is a sequel to the Chang hard fork launched earlier this month
- ADA price is currently in a bearish downtrend, but might rebound soon
The Cardano ecosystem has continued to make headlines in what might ultimately trigger ADA price breakout. Since it entered the Voltaire era on September 1, the Proof-of-Stake (PoS) protocol has waded through key adjustments with impact on its native token valuation. While the broader market has triggered a sustained drawdown, current Cardano ecosystem trends might force ADA price to chart its own path soon.
Cardano GovTool Goes Live on Mainnet
According to an X post from Intersect, one of the ecosystem’s member-based organizations, the GovTool is live on mainnet. With the Chang hard fork upgrade, the full switch to community might take time. However, with sufficient tools to ensure its effiency.
One of the tools is the GovTool which will enable anyone in the community to register as a dRep. Besides this, they can also browse and delegate votes to any delegate of their choice. Over the years, many protocols like MakerDAO have thrived as a Decentralization Autonomous Organization. To achieve this, it has key infrastructures that enables MKR holders vote.
This Cardano GovTool will serve this same purpose. As Intersect noted, users can review live governance actions and vote directly. To access this tool, users will need to connect their native wallets. Notably, participating in governance actions will require holding ADA, a bullish trend for price.
Beyond this GovTool, the Charles Hoskinson led protocol also have several innovators working to release other tools like explorer for the new decentralized outfit.
ADA Price Rally Ahead?
The biggest beneficiary of this new era might ADA price which has traded in a tight range over the past week. As of writing, the coin was down by 0.69% in 24 hours to $0.3219. While the trading volume has also plunged by 3% to $301,347,551, the drawdown might serve as a baseline to reboot growth.
According to a recent Cardano price analysis, the coin may hit $0.4 in the near term if it breaks out of a falling wedge pattern it is currently experiencing. However, to achieve this, ADA price must maintain the $0.3 support it has formed while breaching the resistance point at $0.34.
Achieving the $0.4 feat in the near term is not impossible as Cardano traded at a high of $0.4011 in the past month. Notably, the Voltaire era might shape the protocol is such a way that might trigger positive growth in the long run.
Read More: Charles Hoskinson Speaks on ADA Burn, Will Cardano Adopt Burn Mechanism?
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