Cardano’s [ADA] price reacts this way as Voltaire hint airs

Late in September, Cardano [ADA] released the Vasil hardfork. Positive feelings persisted after the fork, as the network continued to function normally.

Now, Cardano’s founder, Charles Hoskinson, on 3 October intimated that the next phase, the age of Voltaire, was on the horizon now that Vasil has been functioning as planned.

The Age of Voltaire will soon be upon us as an ecosystem. It's going to unlock the power of the millions of Cardano users and builders. It will also, once again, show the rest of the industry how to do decentralized governance just like we did with Staking. pic.twitter.com/HO8PgA5J2G

— Charles Hoskinson (@IOHK_Charles) October 3, 2022

Enter the age of Voltaire

According to Hoskinson’s tweet, this new era was geared toward the users and builders of the network. He argued that Cardano’s goal was to enhance decentralized governance in a way that would serve as an example to the rest of the industry. 

Furthermore, according to the roadmap of this stage, a voting and treasury system would be introduced. Cardano would be fully decentralized and free from Input Output’s control once a voting mechanism and a treasury system are implemented. As a result, the destiny of Cardano would squarely remain in the hands of its users.

Uptick in price at the mercy of bears 

The tweet generated a good price movement as ADA observed more buy volume and closed in the green zone as of 3 October. At the end of the day, ADA’s price was $0.4276, up from its 3 October opening price of $0.4195, a gain of about 2%.

At the time of writing, ADA was still trading at $0.43, with the volume indicator indicating more buying pressure.

Source: TradingView

On the daily timeframe, the trend line showed a downward trend in the price of ADA in the last few weeks. Despite the previous testing, the support line around $0.425 appeared to be holding. Over the past few months, ADA met resistance at $0.484, with every break resulting in a correction below the line. 

Furthermore, the last seven days witnessed more erosion of the resistance level, which at press time stood at $0.450. With the Relative Strength Index (RSI) reading below 50, bearish momentum was evident.

The Awesome Oscillator (AO) was also below the zero line, indicating a strong bearish trend despite the recent price increase on the daily timeframe.

There was less work done on projects according to Santiment after the Vasil fork than there had been before. The number although now inched up, sat at 73. In the following weeks, as Voltaire’s preparations ramp up, you can expect an increase in commits and developer activity.

Source: Santiment

What ADA investors can take from this

The development of Cardano is being closely watched by observers in the industry. Once the Voltaire phase has been implemented effectively, the concept of a decentralized network may gain traction, attracting more investors to the project. 

Furthermore, the current price range may be an excellent buying opportunity for ADA investors who plan to take a long position.

Additionally, the imminent chance of a significant price change in either direction may not occur in the near future. Furthermore, the altcoin still has a market cap of over $14 billion, making it the eighth largest cryptocurrency.