Cardano (ADA) Annual Member Conference 2024

Cardano (ADA) remains on investors’ radar as it approaches its annual member conference on December 31, 2024.

Source – Coinpaprika

The event will discuss key strategic decisions and the 2025 budget, renewing interest in Cardano’s future potential. Analysts expect bullish announcements could trigger uptrends, possibly reclaiming the $1 psychological barrier; however, support at $0.85 is essential for ADA’s price trajectory.

As of now, ADA trades at $0.8672, down 2.48% in the last 24 hours. The conference may help ADA maintain crucial support above $1.85, pivotal for upward movement towards $1. Continuous selling pressure, however, could push the price down to $0.77.

Technical Indicators

Technical analysis indicates mid-term bearish sentiment for ADA. It may face faded buyer activity before a potential bullish revival in the first half of 2025. A probable head and shoulder pattern has formed on the daily chart, suggesting possible price dips before rebounding in Q1 2025. Also, ADA’s price has remained below the 50-day moving average, indicating weakness in bullish momentum; further drops could see ADA fall to $0.68 if crucial support levels are breached.

Investor Sentiment

Despite bearish indicators, large-scale investors are accumulating ADA. Data from Santiment shows over 20 million tokens bought by crypto whales in the past 48 hours, reflecting a dip-buying strategy after recent price declines. Cardano’s circulating supply has steadily decreased; over 21.8 billion tokens are staked to enhance blockchain security.

The Cardano ecosystem is thriving, with over $545 million total value locked (TVL) and a $22.9 million stablecoin market cap. Recent governance improvements via the Chang hard fork’s CIP-1694 have attracted more users.

Charles Hoskinson criticized the Cardano Foundation’s structure, advocating for a membership-based organization (MBO) model to increase community involvement in governance, addressing ecosystem concerns, and enhancing liquidity, developer participation, and exchange listings.

In summary, he stated, an MBO could resolve numerous issues regarding social coordination, builder advocacy, liquidity, and oversight of essential operations.

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