Cardano (ADA) has experienced a significant rally, increasing by nearly 15% over the past week due to a broader recovery in the cryptocurrency market. This spike follows the announcement of the final launch date for the highly anticipated Chang hard fork upgrade.
The Chang hard fork is described as a significant evolution for the Cardano network, focusing on creating a minimum viable on-chain governance system according to CIP-1694. It will be rolled out in two stages, with the first introducing core governance features.
Intersect, a key member-based organization within the Cardano ecosystem, has reviewed progress and community feedback, setting the mainnet hard fork's target date for August 27th, with a final decision on August 23rd.
Charles Hoskinson, Cardano founder, expressed excitement, saying, "Are you prepared for Chang? Rocket is on the pad. Governance is coming." Input Output Global (IOG) also released a mandatory wallet update to prepare for the Chang upgrade.
At the time of writing, ADA has risen 8% in the last 24 hours, trading at $0.3701. Breaking above its 200-day EMA at $0.3779 will be crucial for regaining the $0.400 level. Meanwhile, its 50-day EMA acts as the strongest support at $0.3505.
