Cardano (ADA) Price Rally Ahead as Ecosystem Expands in the Voltaire Era

The Cardano ecosystem has continued to make headlines in what might ultimately trigger ADA price breakout. Since it entered the Voltaire era on September 1, the Proof-of-Stake (PoS) protocol has waded through key adjustments with impact on its native token valuation.

The recent entry of the Cardano (ADA) ecosystem into the Voltaire period has brought about significant changes to the Proof-of-Stake (PoS) protocol, with impact on its native token valuation. As the broader market experiences a sustained downturn, current trends within the Cardano ecosystem may lead ADA price to forge its own path.

Cardano GovTool Launches on Mainnet

An X post from Intersect, one of the ecosystem’s member-based organizations, announced the launch of GovTool on mainnet.

Following the Chang hard fork upgrade, the complete shift to a community-led governance structure will take time. However, the presence of sufficient tools is crucial to ensure its efficiency.

One such tool is the GovTool, which enables anyone within the community to register as a dRep. Additionally, they can browse and delegate votes to any delegate of their choosing.

Over the years, several protocols have flourished by adopting a Decentralized Autonomous Organization (DAO) structure, like MakerDAO. To achieve this, it has key infrastructures that allow MKR holders to vote.

This Cardano GovTool will serve this same purpose. As Intersect noted, users can review live governance actions and vote directly.

To access this tool, users will need to connect their native wallets. Participating in governance actions will require holding ADA, a bullish trend for its price.

Beyond this GovTool, the Charles Hoskinson-led protocol also has several innovators working to release other tools, like an explorer for the new decentralized outfit.

ADA Price Rally in the Pipeline?

The biggest beneficiary of this new era will likely be ADA price, which has traded in a tight range over the past week. At press time, the coin was down by 0.69% in 24 hours to $0.3219.

While the trading volume has also plunged by 3% to $301,347,551, this drawdown might serve as a baseline to reboot growth.

According to a recent Cardano price analysis, the coin may hit $0.4 in the near term if it breaks out of a falling wedge pattern it is currently experiencing. However, to achieve this, ADA price must maintain the $0.3 support it has formed while breaching the resistance point at $0.34.

Achieving the $0.4 feat in the near term is not impossible, as Cardano traded at a high of $0.4011 in the past month. Notably, the Voltaire era will continue to shape the protocol in a way that may trigger positive growth in the long run.

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