Cardano’s 70 Million ADA Budget Request Gains 53% Approval

Cardano (ADA) experienced a slight decline, trading above $0.41 after a 2% dip, reducing its weekly gains to 3.4%. ADA had previously reached a weekly high of $0.44, influenced by Bitcoin's price movement.

A major governance vote was initiated by Cardano to request 70 million ADA for infrastructure upgrades, gaining support from Charles Hoskinson and key entities like Input Output HK and EMURGO.
The proposal aims to fund stablecoin integration, institutional custody solutions, analytics, bridges, and pricing oracles.
Voting shows 53.14% in favor with 2.94 billion ADA, while 7.89 billion ADA abstained and 173.56 million ADA opposed it. Votes will remain open until December 30.

Resistance is present at $0.44 due to derivatives positioning with $43 million in longs versus $40 million in shorts. A significant liquidity pocket exists at this level, potentially causing volatility. Market volumes need to increase for ADA to surpass the $0.45 mark.

Cardano (ADA) Liquidation Map, Nov 29 | Source: Coinglass