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Is Cardano’s Price Going To Skyrocket After The Vasil Hard Fork?

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Coinpedia

Crypto Journalist and Editor of guest articles in CoinPedia. I am also handling Outreach & Partnerships Manager. Contact me: [email protected]

    Jul 11, 2022

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    Cardano is a platform for executing smart contracts founded on blockchain technology. Its goal is to compete with existing platforms like Ethereum, Tezos, and EOS by using a more modular and layered protocol powered by an algorithm called Ouroboros.

    The cryptocurrency known as cardano   (ADA), which now has a market valuation of $15.53 billion, is ranked seventh. Notably, the market continues to exhibit gloomy indicators, with Bitcoin’s failure to advance beyond $20,000 serving as the primary driver of this trend. 

    Cardano (ADA) has seen its price rise to $0.4661, a 4.21 percent increase in the last 24 hours. According to the daily chart, the price of ADA will soon return to a level that provides robust support.

    Interestingly, Cardano has a relatively strong prognosis as long as the team continues to improve the network, even if the market is now in a bear market. The Vasil Hard Fork is one of the developments that users of the Cardano Network look forward to the most.

    Singapore-based exchange Phemex is known for being careful about what it lists to ensure its users have a good time. It recently added ADA to its platform, making the project’s token available to Phemex’s 5 million users.

    A More In-Depth Look at the Reasons Why Investors Should Buy ADA

    According to technical analysis, the price of ADA will resume its upward trend as time passes. As soon as the price of ADA reaches $0.47, it will become abundantly evident that the signal is playing out. Additionally, the entry point will begin at this price to get things going.

    On the daily chart for ADA/USDT, a descending triangle has formed, and it is getting closer to the triangle’s apex as the daily candles come closer to it. The base of the current chart pattern has been a powerful and critical support level on the daily chart, as ADA’s price has tested the level multiple times. There was a bounce that occurred after each of these tests.

    The top point of the triangle is getting closer and closer to the current price of ADA; therefore, bulls may move in to preserve the support level and prevent it from becoming resistant. This will create a brief upward rise that has the potential to aim for the level of the 20 EMA (Moving Average), which is about $0.49.

    The Relative Strength Index (RSI) is in a favorable position for a bullish rebound at the present low, which is the base of the chart pattern. It’s possible that now is a perfect moment to buy ADA. Even if the Relative Strength Index (RSI) line is below the Relative Strength Index Simple Moving Average (RSI SMA), it is more likely to be oversold than overbought. As a consequence of this, bulls are eligible to buy ADA at its current sale price.

    During this interim period, the ADA price action seems to be consolidating inside the pennant’s range, with a preference favoring bulls in the immediate future. Because of this, it is conceivable for the ADA/USD exchange rate to climb from the pennant’s rising trendline support at $0.46 and reach its falling trendline resistance at $0.60 by the end of July.

    Cardano’s Vasil Hard Fork Will Change the Bearish Trend

    Cardano may get a lift from the imminent “Vasil” hard fork, although the cryptocurrency’s short-term prognosis remains pessimistic. The update, which was supposed to happen at the end of June but will now happen sometime in July, is meant to make the Cardano network faster and more scalable.

    A significant event, such as the Vasil Hard Fork, may have a variety of repercussions on the pricing of digital assets in and of itself. This is true, just as it is the case with everything else. Because of this, investors are always trying to guess when there will be the most buzz and buy when they think it will be the best time.

    It is also anticipated that Vasil would make it less complicated for developers to utilize Cardano. Cardano Supporters of the cryptocurrency say that this could even bring projects from other layer-one blockchains, making more people want to buy ADA.

    In the days leading up to Cardano’s hard forks, the price of ADA has gone up in the past. This is a trend that could help cryptocurrency make a comeback.

    The bulls seem to have sufficient force, and it is conceivable for the price to rise to $0.64. The support zone between $0.42 and $0.44 might, however, provide the currency with a bit more upward momentum.

    To sum up

    The Cardano Foundation, a nonprofit organization that works to spread and improve Cardano, and IOHK, a blockchain research and development company started by Charles Hoskinson and Jeremy Wood, are the three companies supporting Cardano’s development. If you are looking to buy Cardano (ADA), Phemex offers the most competitive price for Cardano, responds to orders in less than a millisecond, has a very intuitive user interface, and delivers world-class custodial security.

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    Coinpedia

    Crypto Journalist and Editor of guest articles in CoinPedia. I am also handling Outreach & Partnerships Manager. Contact me: [email protected]

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