Cardano (ADA) remains on the investor radar as it closes 2024 with its annual member conference, scheduled for tomorrow, December 31.
Source – Coinpaprika
The event will highlight strategic decisions for the upcoming years, including the 2025 budget.
Such sentiments will likely renew investor interest in Cardano’s future potential.
Analysts believe bullish announcements during the meeting will trigger uptrends for ADA, potentially reclaiming the $1 psychological zone.
However, the support barrier at $0.85 remains crucial for Cardano’s price trajectory.
The altcoin trades at $0.8672 after losing 2.48% of its value in the last 24 hours.
Chart by Coinmarketcap
The upcoming annual conference could keep ADA afloat in the upcoming sessions, helping it to hold above the crucial $1.85 support.
That would be crucial for quick recoveries to $1.
However, continued selling pressure will likely plunge the token below $1.85, triggering swift dips toward the foothold at $0.77.
What indicators say
According to technical analysis, ADA’s price exhibits mid-term bearish sentiments.
The alt might witness faded buyer activity before bullish revivals, possibly in H1 2025.
The daily chart shows Cardano has formed a probable head and shoulder setup after touching the upper boundary of its months-long bullhorn consolidation.
With the 24H Relative Strength Index’s bearish divergence, ADA remains poised for price dips in the upcoming sessions before bouncing back in Q1 2025.
Moreover, Cardano’s price has repeatedly closed beneath the 50-day MA, confirming significant weaknesses in bullish momentum.
Magnified momentum could dip the alt towards the support at $0.77. failure to hold this zone might trigger sell-offs to $0.68.
ADA’s future
Meanwhile, investors showcase trust in Cardano. For instance, large-scale players have accumulated significant ADA amounts over the past few days.
Highlighting Santiment’s data, analyst Ali Martinez highlighted that crypto whales purchased more than 20 million tokens.
Whales have bought over 20 million #Cardano $ADA in the past 48 hours!
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That underscores dip-buying strategies after ADA’s latest dip, confirming trust in the alt’s potential rebound.
Moreover, ADA’s circulating supply has gradually decreased lately, with more than 21.8 billion tokens staked to boost the blockchain’s security.
Meanwhile, the Cardano platform has evolved into a lucrative environment for web3 activities.
It boasts over $545 million in total value locked (TVL), with a $22.9 million stablecoin market cap (DeFiLlama data).
The blockchain attracted more users after adopting decentralized governance through the Chang hard fork’s CIP-1694.
Recently, Charles Hoskinson questioned the Cardano Foundation’s existing framework, stating it dents community oversight.
Hoskinson believes the platform should switch to an MBO (membership-based organization) to (adequately) involve the community in governance decisions.
Replying to @DirkJanzen
My issue has always been that the board needs to be subject to community oversight and control. The organization should be an MBO. It would solve so many issues that people have been complaining about for years from who does the social coordination stuff, who is an advocate for…
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That could resolve ecosystem challenges by advocating for enhanced liquidity, developer participation, and encouraging exchange listing.
According to him, an MBO
Would solve so many issues that people have been complaining about for years, from whom does the social coordination stuff, who is an advocate for the builders, who helps with liquidity and listings, and practical concerns like oversight of payments and being a binding entity for development contracts.
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