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Harvey Hunter
Junior Content Creator
Harvey Hunter
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While U.S. macroeconomic concerns weigh on risk assets, dampening Cardano price forecasts, the Plomin upgrade could cement its status as a front-running altcoin.
Today’s 7.22% decline marks a notable setback for ADA, making it one of the hardest-hit altcoins. Though, on a weekly basis, it is among the most resilient, losing just 3.01%.
More so, a 27% dip in trading volume over the past 24 hours, scraping 1.75 billion, offers hope that the downtrend may be losing momentum.
Plomin Fork Nears: When Could it Go Live?
The Plomin hard fork aims to implement full decentralized governance at its core, eliminating reliance on a central authority for key decisions.
For approval, both Stake Pool Operators (SPOs) and the Intersect Constitutional Committee (ICC) must endorse the proposal.
Voting will occur in several rounds, with a phased January 14, 19, and 24 deadlines, respectively.
Of the 213 SPOs who have voted, 209 have supported the upgrade. However, this only represents 17% of the total stake – the collective amount of ADA voters hold.
At least 51% of the stake must vote to ratify the hard fork, though there is still time with the final decision expected by January 29.
If successful, Cardano will become the first mover as a fully self-governing protocol.Many blockchains and protocols, including Ethereum, Polkadot and Avalanche, stand to follow with implemented governance phases.
Cardano Price Teeters on Technical Breakthrough: Could it Flip Solana?
With the bulk of the voting process still ahead, the Cardano price impact from the Plomin hard fork may not be fully realized.
However, current technical indicators offer some insight into how far its implementation could take ADA.
Following the recent breakout of a bullish pennant pattern, which has been forming since early November, Cardano’s price could see substantial upside in the coming weeks.
If the pattern fully materializes, it sets a price target of around $1.8575, marking a 100% increase from current levels.
While this would not be enough to overtake Solana’s $92 billion market cap, there is potential for Cardano to take on Solana in the coming years.
However, to achieve this, Cardano would have to attract more developers and users to sustain its growth trajectory.
In the near term, Cardano’s price could face further downside.
The Relative Strength Index (RSI) remains below neutral at 43, and the MACD line is about to cross below the signal line, indicating potential bearish momentum.
Consequently, a retest of the strong support zone around $0.8283 seems likely, with deeper support at $0.7107 being a potential target.
This New Opportunity Could Rally Harder
While the Plomin hard fork’s approval could create tailwinds for the Cardano price running into 2025, 2024 proved memecoins as the foremost sector driving gains this cycle.
With the meme coin market surging over 330% last year, those elusive 10-100x opportunities seem a dime a dozen. But let me guess, you’ve missed out?
Well, Meme Index ($MEMEX) offers a solution, providing exposure to a broad meme coin index, minimizes risk while capturing upside potential.
Something which may be credited to its instant success, raising over $2.1 million in its presale already!
The Meme Index is an Ethereum-based platform offering a curated selection of meme coins, balancing strong growth potential with risk management.
With four distinct baskets, investors can tailor their strategies – whether seeking steady growth or chasing higher risks.
While the Titan Index is the heavy-hitter basket, featuring the top 10 meme coins with a market cap of over $1 billion, those looking to maximize their gains may find the High-risk High-reward Frenzy index more attractive.
After all, fortune favors the bold.
Even just by holding, investors can rake in passive gains by staking their $MEMEX.
With dynamic rates rewarding early adopters and loyal stakers, the current staking APY stands at an impressive 1098%.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
