Cardano Price: Buy Signal Amid Plomin Upgrade, Rising Social Sentiment

Cardano price 4-hour chart showed a TD Sequential indicator’s buy signal, marked by a “9” candle, suggesting potential for a price rebound. As of press time, ADA was trading around $0.9629.

This buy signal often predicts a reversal after a sustained price decrease. ADA’s chart recent downtrend, within a descending channel, showed ADA peaking near $0.9670 before sliding down.

If ADA responds to this buy signal, its immediate resistance lied near $0.9800, followed by a psychological level at $1.00, which previously served as both support and resistance.

Should ADA break past this level, the momentum could carry it towards $1.0200, aligning with the descending channel’s upper boundary.

Conversely, if the buy signal fails to catalyze a rally, Cardano (ADA) price could retest its recent low around $0.9500. A break below this support level could see further declines, with the next significant support at $0.9300.

This area must hold to avoid a steeper drop, potentially towards the $0.9000 mark, intensifying bearish pressures on ADA.

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Cardano’s Plomin Hard Fork Upgrade

Additionally, looking at the Plomin hard fork for Cardano, it represented a significant upgrade aimed at enhancing the blockchain’s operational framework and achieving a milestone in decentralization.

This initiative garnered substantial approval, as illustrated by the voting results among various Cardano councils and stakeholders.

Specifically, the dashboard displayed a high approval rate, with essential entities like the Cardano Foundation, EMURGO, and IOG backing the proposal.

The total voting stake was notably high, with 96.30% participation, reflecting the community’s strong interest and involvement in the decision-making process.

In Cardano news, the anticipated hard fork named “Plomin,” is expected to introduce features that could further decentralize the network, likely increasing its robustness and appeal to developers and investors.

If successful, this could position Cardano as a pioneer in blockchain technology, potentially leading to increased adoption and a positive impact on ADA’s market price.

Enhancements from such a hard fork typically aim to improve scalability, security, and governance, which might attract more users and developers to the platform, thereby fostering a healthier ecosystem and potentially driving up the value of ADA.

Cardano Price: Rising Social Sentiment

Furthermore, ADA showed new Twitter followers for Cardano overlaid with ADA’s price suggests increasing social media engagement correlating with market movements.

Notably, a spike in followers coincided with a significant price rise, highlighting the impact of heightened visibility and potential investor interest in ADA.

However, following this peak, the follower growth normalized, maintaining a steady influx through to 2025 without major spikes.

Recent growth in followers, though modest, aligns with a gradual increase in Cardano price, pointing towards a sustained, positive sentiment among new and existing community members.

This growing interest could be indicative of broader adoption or positive market reactions to Cardano news, developments, and updates.

A continued increase in social media engagement could hint at upcoming price elevations, albeit dependent on broader market conditions and Cardano’s advancements in the blockchain space.

While followers alone cannot predict exact Cardano price’s market movements, they serve as a valuable indicators of community interest and sentiment.

The steady increase in Cardano’s followers, coupled with consistent price recovery, could suggest a bullish outlook for ADA if the trend persists.