Cardano Van Rossem Hard Fork Fails to Boost Price

The Cardano blockchain successfully implemented the Van Rossem hard fork on Saturday, transitioning from Protocol Version 10 to Version 11. This upgrade marks a historic milestone as it's the first protocol enhancement to be ratified through fully on-chain governance mechanisms.

The Van Rossem hard fork delivers enhanced Plutus functionality and optimized cost-model adjustments, aiming to minimize expenses associated with running smart contracts on Cardano's network.

However, market reaction has been subdued. ADA's price remains stagnant at $0.165, trading beneath its 50, 100, and 200-day Exponential Moving Averages. The long-to-short ratio currently stands at 0.90, indicating a bearish bias in trader positioning.