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The price of the cryptocurrency ADA, the native token of the Cardano blockchain, makes an eye-catching performance toward the end of the week. What's particularly eye-catching is that it comes less than 10 hours before a key blockchain event — a hard fork codenamed Chang.
ADA's price performance can be characterized by the phrase “on the edge.” Thus, losing 3-4% of its quotes during the week, by the end of the week the Cardano token came to the critical level of $0.3444.
This level represents the lower boundary of an important price range for ADA, which has many times acted as both support and resistance for the popular cryptocurrency.
In mid-August, Cardano's price broke this block upward, but by Sept. 1, it had fallen back to its bottom and has even broken downward at this point. It is not clear how the hard fork will affect the price of ADA, but this situation definitely adds interest to the event.
What is Chang hard fork of Cardano?
The essence of Chang is that the blockchain will have to become a fully decentralized ecosystem managed by the community and ADA holders.
If now the reins of Cardano can be attributed to three organizations, including the foundation, then after the hard fork will be implemented mechanisms when all decisions, including those related to the almost $700-million treasury, will be made by a vote of ADA stakers.
It is hard to see how this will play out, but one thing is for sure, an event of this magnitude will draw attention to the Cardano token too. This means that we can expect a surge in trading volumes, volatility and big swings.