The Cardano price has experienced a 1.45% gain over the past 24 hours, with traders anticipating a potential $5 price point following the Chang hard fork launch. Despite this recent growth, the price is still down 4.48% from last Monday, in line with losses seen across other altcoins. However, Cardano has seen a 5.59% increase over the past month, with trading volume dropping by 47.74% to $261.73 million in the last 24 hours. This decline in trading activity may be attributed to reduced selling pressure after a previous decline, rather than lack of interest.
The Chang Hard Fork upgrade has officially launched, signaling the beginning of Cardano’s transition to decentralized governance. Charles Hoskinson highlighted the significance of this upgrade, stating that it will keep Cardano competitive and relevant for the long term. The upgrade includes the establishment of a constitutional committee and delegate representatives known as DReps, who will vote on behalf of ADA coin holders. Stake pool operators will also receive new governance roles, with all proposals and voting actions occurring directly on the blockchain. The Alonzo hard fork in 2021 resulted in a significant price jump for Cardano, and history suggests that the price could reach $5.7 with the Chang upgrade, representing a 1400% increase from current levels.
Despite the potential for growth with the Chang upgrade, the Cardano price chart shows signs of resistance and a wider bearish trend. The 20 DMA has been facing strong resistance from the 200 DMA, indicating that short-term momentum may not be enough to overcome the bearish trend. Other indicators, such as the RSI and chainlink money flow, also suggest a bearish outlook in the near term. As such, investors seeking higher gains may consider diversifying into emerging meme coins like Shiba Shootout ($SHIBASHOOT), which offers gaming utility and potential for explosive growth. The project has raised almost $800,000 in its presale and is set to release a play-to-earn game on popular app stores.
Shiba Shootout stands out in the meme coin market by focusing on gaming utility and governance token features, putting projects in the hands of token holders. With a fixed presale price of $0.0197, investors can benefit from high staking rewards at 1194% APY. The project’s community-driven approach and refer-a-friend scheme aim to involve contributors in its growth. By participating early in the presale, investors may maximize their potential for gains. As always, it’s important to remember that investing in cryptocurrencies carries high risk, and it’s essential to conduct thorough research before making any financial decisions.
