Cardano Price Prediction: Vasil Hard Fork PostPonement, Markets React

Summary:

Cardano price is up by 2.5 percent despite recent announcement that Vasil hard fork would not be launcing on June 29

Cardano price is among the few cryptocurrencies that have shown great recovery signs in the past three days. The rise, however, comes after weeks of a strong bearish trend that saw it lose more than 20 per cent of its value in June.

The Vasil Hardfork Anticipation

For months now, the Cardano community has anticipated the release of the Vasil hard fork on June 29. However, the latest reports indicate that may no longer be the case. According to a recent blog posted by Nigel Hemsley, head of delivery and products, the launch of the hard fork has been cancelled. However, Hemsley added that the much-anticipated upgrade should not be rushed.

However, despite cancelling the launch, Hemsley assured the Cardano community that the team of developers were making sure everything would be deployed correctly. Therefore, the delay was to ensure the quality and security of the hard fork were guaranteed.

Cardano Price Prediction

Despite the platform postponing the launch of the Vasil hard fork, which was scheduled for June 29, the markets seemed unmoved. The last three consecutive trading sessions have moved upwards, resulting in a price increase of 15 per cent. Today, the push to the upside looks to have resumed the recent aggressive bullish move, and the cryptocurrency is already up by 2.5 per cent. The move also looks to have enough bullish momentum, signalling a possible market close that will be higher.

Looking at the chart below, the Williams Alligator indicator also looks to be giving a bullish trend reversal signal. Therefore, my Cardano price prediction expects the current bullish trend to continue for the next few trading sessions. However, there is also a high likelihood that we will see the prices hit the $0.65 resistance level.

However, this will highly depend on the momentum of the current bullish trend. My analysis will only be invalidated if the prices move below the $0.44 support level. At that point, the bearish trend will have been established.