Price Analysis

Cardano’s Vasil Hard Fork Delayed, ADA Price May Plunge Back Below $0.45 in the Next 24 to 48 Hours?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Aug 3, 2022

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Article Highlights
  • Cardano's price faces a notable rejection at $0.554 and heading strongly toward the crucial support levels

  • If the asset fails to hold at these levels then a notable drop may drag the price close to the crucial levels around $0.446

Cardano‘s price after encountering a couple of bearish closes has risen above the consolidation and appears to be poised to maintain a significant upswing. However, the possibility of a sharp pullback also hovers the crypto markets and ADA price may not keep itself away from it.

Mainly due to the fact that the much-awaited ‘Vasil Hard Fork’ has been delayed to fix the problem discovered recently. 

Therefore, the bugs will be fixed and the entire pipeline will be executed again which may adversely impact the ADA price. The price that recently fell below $0.5 during the previous day’s trade marked its lows at around $0.48.

However, the asset rebounded and regain its position above $0.5, but the fear of a significant drop still haunts the rally. 

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The ADA price despite the bearish trend held the lower support at the 50-day MA levels firmly. Therefore, one can expect a notable rebound shortly that may elevate the price close to $0.6 initially. However, the asset may still not surge above the crucial resistance at $0.65 as the bears may become active at $0.607.

Nevertheless, the asset may be in safe heaven only if it clears the pivotal resistance at the 200-day MA levels at $0.783. 

Collectively, the delay in the cardano ’s Vasil hard fork may be one of the reasons for the asset failing to gain bullish momentum. However, a delay was mainly to set up a smooth lauch and to keep up the record of 1760+ days without any network outage.

Therefore, as the hard fork goes live, the ADA price is expected to climb high towards $1

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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