Cardano (ADA) Primed for Massive Rally as Chang Upgrade Introduces On-Chain Governance and Enhanced Smart Contract Capabilities

The release of Node 9.0.0 is another step towards the Chang hard fork, incorporating all necessary changes for the Conway ledger era.

Cardano is preparing for an upcoming upgrade, Chang, that will introduce the Conway ledger era with the release of Node 9.0.0. This update brings crucial features for on-chain governance and enhanced smart contract capabilities.

Latest Update on Node 9.0.0 and Chang Upgrade.

Node 9.0.0 includes all necessary changes for the Chang hard fork to usher in the Conway ledger era. This node version integrates CIP-1694, enabling on-chain governance, and includes support for Plutus v1 reference scripts and Plutus script signature support (CIP-69).

Moreover, this node version supports the bootstrap phase of CIP-1694 in production environments but does not yet enable full governance actions.

The team conducted comprehensive system testing, with results available on the corresponding tag testing page. You can also access benchmarking reports on Cardano Updates.

After addressing some issues with the Cardano CLI in version 9.0.0.0, the team released a subsequent update, cardano-cli-9.0.0.1.

Node 9.0.0 paves the way for enhanced governance and improved smart contract functionality. Stake Pool Operators (SPOs) and network participants are advised to upgrade to prepare for the upcoming changes.

ADA Breaks Out Of Bullish Pattern

In other news, the ADAUSD pair broke out of a bullish technical setup called the ‘falling wedge.’

A falling wedge pattern consists of a pair of converging trend lines connecting lower highs and lower lows, forming a narrowing shape that slopes downward.

This pattern indicates that an asset’s price, while consolidating in a downtrend, is losing bearish momentum and preparing for a potential reversal to the upside. Typically, a breakout occurs upward, in line with the overall trend.

ADA price broke out of the pattern in the week beginning July 15. If it paints another green candle on the weekly chart, it will help confirm the breakout. However, the current price movement might be enough to attract buyers to the market.

To estimate the price target, traders measure the widest part of the wedge at the beginning and project this distance upward from the breakout point. A higher trading volume during the breakout confirms the reversal’s reliability, indicating stronger market conviction and a higher likelihood of success.

According to the rules of technical analysis, ADA price could rally over 81% from its current level to reach the pattern’s projected target near $0.81.

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