Cardano (ADA) is preparing for its annual member conference, which is expected to announce strategic decisions for the future and the 2025 budget. Analysts predict that positive announcements during the meeting could trigger an uptrend for ADA, potentially pushing it back above $1. However, the support barrier at $0.85 will be crucial for Cardano's price trajectory. The altcoin is currently trading at $0.8672, and the upcoming conference could help it hold above the $0.85 support. However, if selling pressure continues, ADA could drop below $0.85 and potentially fall to $0.77. Technical analysis suggests that ADA currently has mid-term bearish sentiments and could experience price dips before a recovery in the first half of 2025. Despite this, large-scale investors have accumulated significant amounts of ADA over the past few days, indicating trust in the alt's potential rebound. Additionally, the Cardano platform has gained traction as a lucrative environment for web3 activities, with over $545 million in total value locked. Charles Hoskinson, the founder of Cardano, has called for the platform to switch to a membership-based organization to improve community oversight and governance decisions.



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