Cardano's ADA cryptocurrency has been experiencing a prolonged period of decline, marking its fifth consecutive week of downward movement. Despite being part of a significant bull run since October 2023, ADA's price has fallen below crucial support levels, recently breaching the $0.4 mark. This downward trend has resulted in a 7% decline in crypto assets over the past week, with only 25% of traders enjoying profitability, according to IntoTheBlock data.

The dampened investor sentiment, dwindling trading volumes, and persistent selling pressure have contributed to ADA's current position below key moving averages. However, crypto analytics platform Santiment has identified ADA as one of the most heavily shorted altcoins, alongside XRP, following relief bounces. While this may seem concerning, the analysts believe it's a positive sign for patient bulls, as liquidated shorts can fuel continued price rises.

Despite the current challenges, the Cardano community eagerly anticipates the upcoming Chang Hard Fork, scheduled for this quarter. This significant upgrade promises to introduce community governance features, including the implementation of a "Cardano Constitution" and mechanisms for ADA holders to participate in governance through voting. The Interim Constitution, recently published by Cardano, will guide the Interim Constitutional Committee (ICC) during the technical bootstrapping phase of the Chang hard fork. The ICC is responsible for upholding the interim constitution and ensuring governance actions align with its mandates.

The ongoing voting process for the ICC is expected to conclude on June 23, with the election results announcement slated for June 26. As the Cardano community looks forward to this significant upgrade, there's hope that the Chang Hard Fork will bring new life to ADA's price, which has been struggling in recent weeks. With the promise of community governance features and the potential for liquidated shorts to fuel price rises, ADA bulls remain optimistic about the cryptocurrency's future prospects.