In the past five days, Cardano’s price has been in an aggressive bullish move and has gained 13 per cent. Today, the bullish trend looks poised to continue, with the early hours of the trading session showing a 2 per cent price surge. Moreover, the current trend at press time also looks to have upward momentum, therefore likely to continue rising throughout the session.
Cardano launch of Vasil hard fork, which was due for launch late last month but was postponed, is expected to be launched later this month. This is after the hard fork was launched on July 3rd on the test net in preparation for the mainnet launch by the end of the month.
The launch of the Vasi hard fork is expected to have a massive impact on Cardano and its future. For starters, Vasil will allow the launch of dApps and stablecoin. It is also expected to increase the speeds and scalability of the platform, which is likely to see other platforms launching their applications on the Network. There is also a high likelihood that the launch will be translated into the markets and increase the price of the crypto.
Today, as we await the launch of the Vasil hard fork, Cardano continues to gain in the markets, with today’s trading session up by 2 per cent. The session is also extending an almost week-long bullish move that has resulted in prices surging by 13 per cent.
Looking at the chart below, ADA price set a July low price of $0.40 on the 13th. Since then, the crypto has been aggressively moving upwards. It is highly likely that the aggressive bull move will see the price continue to rise until it hits the $0.52 resistance level. There is also a high likelihood that we will see prices trading above the resistance level. My analysis, however, will be invalidated if prices reverse and trade below the $0.40 support level.
This post was last modified on Jul 18, 2022, 09:24 BST 09:24