Cardano's DRep Blocks 500M ADA Spending Ceiling Hike
Cardano's governance process has seen a significant development as DRep @ItsDave_ADA voted No on the Net Change Limit governance action for epochs 613-713. This decision blocks an increase to a 500 million ADA spending ceiling, highlighting fiscal concerns amidst sustained weakness in the market.
With Cardano having slipped outside the top 10 and already exhausting most of its prior 350 million ADA limit at current rates near $0.17 per ADA, this move has been seen as a prudent measure to prevent further burnout. The price action on the 4h chart shows a bullish trend structure with EMA50 and EMA200 both at $0.17 acting as concrete support levels.
The MACD golden cross reinforces momentum, while RSI stays neutral inside the Bollinger Bands, suggesting any test of upper resistance at $0.17 could trigger a measured pullback toward the 50-EMA before continuation.