Cardano (ADA) Price up 5%, Here's Why Bulls Are Active Again

Less than 24 hours after the much anticipated Plomin hard fork, Cardano (ADA) has recorded notable price movement on the broader cryptocurrency market. ADA’s price registered a 5% surge that saw it trade at $0.97 as investors flocked in.

ADA rebounds amid governance milestone

In the last seven days, Cardano has experienced price variations that saw it plunge below the $0.90 support level. ADA crashed to a low of $0.8725 as the coin bled red despite the community's anticipation of the Plomin hard fork.

However, as the launch day approached, ADA began a rebound journey toward the $1 mark. It suffered several setbacks but found support at $0.90 in each of its falls.

ADA 1D Chart. Source: CoinMarketCapWith the successful implementation of the Plomin hard fork, ADA users can now vote directly or through a delegated representative. This move signals a transition toward full decentralization in governance.

Analysts have hailed it as a notable moment in Cardano’s history. Remarkably, the journey to implementing the Plomin hard fork became possible due to the Chang upgrade. This prepared the ecosystem for the full on-chain governance structure.

Market interest rises as ADA targets $1

With Cardano’s bulls active again, analysts predict that the coin could quickly reclaim the $1 mark. They insist that ADA’s performance in the next couple of hours will signal if the coin can sustain its momentum and reach higher price levels.

As of this writing, ADA's price was trading at $0.9624. Its trading volume has increased by 8.10% to $799.77 million. This indicates that investors have once again become interested in Cardano.

Interestingly, Cardano traders recently committed 1.28 billion ADA in open interest in preparation for the unveiling of the Plomin hard fork. Notably, it represents a 1.87% increase in OI among Cardano’s investors, showcasing the extent of trust in the protocol’s future.