ADA, the native cryptocurrency of the Cardano network, surged over 4% during Thursday’s U.S. to currently trade at $0.8. This buying pressure can be attributed to the broader market uptick and a major governance milestone with the ratification of the Cardano Constitution. Will the bullish turnaround push past the $1 resistance?
Key Highlights:
- Since December, the Cardano price correction has resonated within two converging trendlines, revealing the formation of a bull flag pattern.
- The Cardano Foundation officially approves the Cardano Constitution, marking a key step in decentralized governance.
- The ADA price back above the 200-day exponential moving average restores the bullish market sentiment.
Cardano Strengthens On-Chain Governance with Constitution Ratification
The Cardano Foundation has officially ratified the Cardano Constitution, marking a significant step toward decentralized governance in the blockchain ecosystem. The development aims to establish clear rules for on-chain governance, establish transparency, and create an accountable framework for ensuring community participants
Set to be fully enacted on February 23, 2025, the Cardano Constitution will serve as the foundation for on-chain governance, empowering ADA holders to play an active role in shaping the network’s future. This structured governance model, supported by broad approval from DReps (Delegated Representatives) and the Interim Constitutional Committee (ICC), reflects months of discussions, workshops, and community input.
The Cardano Constitution has been ratified.
This milestone sets the foundation for on-chain governance, ensuring clear rules, transparency, and accountability in decision-making.
It will be fully enacted on 23 February 2025, shaping how Cardano evolves—guided by its community. pic.twitter.com/sYsZR4hPHu
— Cardano Foundation (@Cardano_CF) February 19, 2025
Following the announcement, the ADA futures open interest has recorded a bullish turnaround as it surged from $603.2 Million to $716 Million— a 27% increase — in the last two weeks. The rising OI value hints notable inflow into Cardano’s future market, as traders anticipate a significant movement in price.
ADA Price Nearing Key Breakout For $1 Rally
In the last two weeks, the Cardano coin bounced from $0.65 to $0.8 current trading price, registering a 23% growth. The bullish turnaround managed to reclaim the 200-day EMA slope but struggled at the 100-day EMA slope at $0.82.
Implementation of the Cardano Constitution could bolster market sentiment and bolster a bullish breakout aforementioned resistance. The post-breakout rally could push the asset by 18%, supporting a long-term Cardano price prediction 2040, as it challenge the multi-month resistance of the flag pattern.
The chart is commonly spotted in an established uptrend as it offers a temporary pullback for buyers to regain momentum. Thus, a potential breakout from this resistance is crucial for buyers to reclaim the $1 floor.
Also Read: Long-Term Bitcoin Holders Brace for $120K Before Selling
