Altcoins

Cardano Advances for Vasil Hard Fork, Exchanges are now More than 87% Ready for the Event!

Written by: Qadir AK

Written by right arrow

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

  • author facebook
  • author twitter
  • linkedin

Sep 22, 2022

news-image
Article Highlights
  • The most awaited event, Vasil Hard Fork is all set to go live in some moments & ADA price receives a significant bullish push

  • The markets on the other hand are rising slowly, which may be due to the coiling market sentiments of the crypto space

Cardano’s Vasil Hard Fork is just around the corner as and the exchanges are getting prepared for the event. The finality of the hard fork is just an inch away as nearly 98% of the mainnet blocks are already created and the top dApps by TLV have been tested and are ready for the upgrade. 

Originally, the upgrade was supposed to go live in June but was postponed a couple of times as a bug was discovered. However, after carrying out rigorous testing, IOHK is finally rolling out the hard fork upgrade sometime now. On the other hand, the ADA price continues to forecast a repetitive pattern and trades within a very narrow margin. 

Moving forward, the investors can expect a significant upswing of nearly 12% to 15% to trade closer to the pivotal resistance at $0.48. 

Woefully, the price rise is speculated to be a short-term bounce as the asset continues to trade within a descending triangle. As the trade is yet to reach its apex, hence the price may rise high and surge beyond $0.49 but may face rejection before achieving $0.5 levels.

With the rejection, the price may drop and reach the peak of the triangle which further suggests a correction towards the lower support at $0.41, piercing through the strong support base at $0.39.

On the brighter side, if the Cardano price successfully stays above $0.46, it could indicate the weakness of the sellers as the buyers may take over the rally soon. In such a case, the bearish thesis may be invalidated, while the ADA price may undergo a major upswing. 

However, currently, the market sentiments are pretty shaky and technicals tend to flip after the upgrade goes live, as happened during the Ethereum Merger

Show More

Was this writing helpful?

dislikeimage No myImage Yes

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Related Articles

Back to top button