Price Analysis View Non-AMP

Cardano’s Vasil Hard Fork Testnet Goes Live! Will it Impact the ADA Price?

Written by: Sahana Vibhute

July 4, 2022

Cardano price maintained a narrow trend throughout the weekend, which enabled the price to trade close to the apex of the consolidation. At the same time, the asset is hovering in a crucial decisive phase the possibility of a breakdown emerges. As covered in our previous analysis, ADA price may be primed to break the lower support before a notable rebound. 

But will the rebound elevate the price beyond the mandatory levels at $0.64? 

The Cardano chain’s Vasil hard fork is a much-awaited event for quite a long time. Recently, the testnet went live with epoch 215. This launch will be followed by the Mainnet launch of the hard fork which is scheduled for the last week of July. This upgrade is considered one of the important upgrades as it may allow the launch of Dapps & Stablecoin. 

Despite the testnet launch, no larger impact on the ADA price was witnessed. But the technicals suggest a continued consolidation for another couple of days before the breakdown. Can we expect a rebound later or the ADA price will continue tanking within a deep bearish well?

Currently, the RSI is hovering along with the average levels without displaying the possibilities of a breakout or a breakdown. As the volatility in the past couple of days has been depleted notably, no spike in either buying or selling volume is witnessed. On the other hand, the Bollinger bands are also pretty wide open, and hence no possibility of steep price action, irrespective of the direction can be expected throughout this week. 

Collectively, the ADA price remains unaffected by any of the external factors and hence the upcoming hard fork may induce minor price variations. Therefore, the consolidated trend is expected to continue for some more time until either of the signals flashes out. The Cardano price may continue to trade between $0.459 and $0.445 until mid-week and plunge towards $0.436 to ignite a rebound ahead. 

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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