Driven by the Bitcoin (BTC) price falling below $58,000, cryptocurrencies continue to pull back, and Cardano (ADA) has issued further medium-term bearish sentiment signals. The fully diluted valuation of this large altcoin is approximately $14.8 billion, with a daily trading volume of approximately $0.273 billion. Last week, it closed below the key support level of about 33 cents.
As a result, the ADA price has been in a bearish trend for the past six months. According to the latest market data, on Monday morning European trading session of September 2nd, the ADA price fell by 4.3% in the past 24 hours, with a trading price of approximately $0.32.
The Cardano ecosystem is ready to be adopted by the mainstream.
In order to embrace the Voltaire era and build a more powerful decentralized ecosystem, the Cardano project announced the Chang hard fork over the weekend. The formal name of the Chang hard fork is CIP-1694, which will lay the foundation for community-led governance on the Cardano blockchain.
The transformative hard fork introduces three user-led governance entities: the Constitution Committee, Representatives (dReps), and Stake Pool Operators (SPOs). To ensure a seamless transition, the transformative hard fork will be implemented in two phases.
The first phase will introduce a temporary Constitution Committee to oversee Cardano's governance. The second phase, slated to be completed within 90 days, will fully empower the new governance entities of Cardano.
Web3 Powerhouse
The Chang hard fork will enhance the Cardano network and position it to become a powerful web3 ecosystem. As of this report, the total value locked (TVL) in Cardano's web3 ecosystem is approximately $0.189 billion, with a stablecoin market cap of approximately $12 million.
Some top DeFi projects on the Cardano network include Minswap, Indigo, Liquwid, SundaeSwap, and Djed Stablecoin.
Mid-term ADA price expectations
From a technical perspective, the ADA price has been consolidating in a macro bull pennant formation since mid-March. Therefore, the ADA price may continue to decline in the medium term to retest the support of the descending logarithmic trendlines.
Meanwhile, during the upcoming election period, the expected economic transition in the USA will trigger the next phase of the cryptocurrency bull market. As Bitcoin's dominance shows early signs of a weekly reversal, the altcoin industry is expected to gain more profits.