The Cardano Vasil hard fork has been in the works for a while. The hype surrounding this hard fork has been overshadowed by that of the Ethereum merge, but now that the merger is complete and out of the way, the focus has returned to the Cardano network. Given that, there has been a lot of optimism about where ADA’s price is headed from here, but the digital asset has given no indication of any positive movement.
ADA does not move
As the Cardano Vasil hard fork draws closer, investors have been anticipating the kind of market run-up that preceded the Ethereum merger. However, the price of ADA has not reacted in the same way as it continues to trend low.
The digital asset has suffered various dips during this period that have brought it down to $0.44 during this period. Even with news of the hard fork and a definite date for the upgrade, the price of the digital asset hasn’t increased significantly. Instead, ADA has succumbed to the general market trend and has remained in the red over that time.
In the last 24 hours, the price of ADA has gone down. It has already lost 10.76% in the last day and is down 14.41% over the longer period of 7 days. The bearish outlook for the digital asset remains strong, holding off the digital asset from reaching the $0.5 mark.
Cardano is currently seeing a significant resistance at $0.47. Support levels for the digital assets are not as strong as expected, making it easy prey for the bears. Currently, the chances of ADA hitting $0.5 are getting smaller every day.
Cardano hard fork is imminent
The Vasil hard fork is scheduled for September 22 and Cardano founder Charles Hoskinson has assured the community that everything is going as planned. The founder said so in a live broadcast that drew more than 44,000 viewers, where he explained that the hard fork had indeed been triggered.
This shows that the conditions for the merge to begin are met and the hard fork is ready to be performed. The developer behind the Cardano network, IOG, has also dropped statements indicating the network’s readiness for the upgrade.
IOG stated that completing the upgrade would make the network more developer-friendly. Greater functionality, performance and scalability are expected after the upgrade. The Vasil hard fork is now the most anticipated upgrade in the crypto space.
As for the price of ADA, the selling pressure in the market is still increasing. Demand has dropped, resulting in the tokens being valued lower than they were a year ago. Nonetheless, Cardano is still a dominant cryptocurrency, ranked as the 8th largest cryptocurrency with a market cap of $14.94 billion.
Featured image from CNBCTV18, chart from TradingView.com
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