Cardano price continues to wallow in heightened volatility ascribing to the decision by the Federal Open Market Committee (FOMC) to hike interest rates by another 0.75%. As discussed on Wednesday, ADA stretched its leg further down and tested support at $0.3810. The smart contracts token now trades at $0.3910 as traders scan for short-term buy orders to $0.4100.

The CEO of the Cardano Foundation, Fredrick Gregaard, announced the release of a new Cardano Improvement Proposal (CIP) on Wednesday – referring to it as a key milestone in the network's open-source journey.

According to the CEO, a CIP is a conduit that allows the Cardano Community to bring forward new features and collect input from the ecosystem on issues pertaining to the network. Gregaard added that full transparency is necessary when making informed decisions. Hence, the new CIP requires all participating projects to be enlisted.

With the CIP-9999 – the community can highlight problems that have yet to be solved and could form the basis for grant allocation built on top of proposals. The new CIP gives power to the Cardano Community – because they can make the changes they want to see implemented.

Cardano price sustained an uptrend throughout the third and fourth week of October, bolstered by increased demand from support it had confirmed at $0.3350. An ascending trend line functioned as the uptrend's springboard, ensuring that buyers were mainly in control despite frequent retracements as investors locked in profits at various price points.

Nevertheless, what goes up must come down. Cardano's northbound move faltered as the price brushed shoulders with $0.4420, although the bullish candle's weak tagged $0.4400. Subsequently, bearish breached the rising trend