Cardano price dropped by 12 per cent last week, in what was a reversal from the previous two weeks that had seen prices surging by more than 20 per cent. Today, the prices look to continue with the aggressive bearish push, with the crypto already down by 3 per cent.
The drop comes after yesterday’s 7 per cent drop in the markets following ADA’s failure to break above the $0.5 psychological level. However, despite the drop last week, there is a high likelihood that the next few trading sessions will be significant for Cardano and might start another bullish trend that pushes it past the $1 price level.
On September 22, Cardano is expected to go ahead with its Vasil hard fork, which will enhance the decentralized network’s scalability and overall usability. Although some experts have pointed out that Cardano should be rallying at this point in time due to the significant event scheduled for this week, many have indicated that a smooth transition and upgrade may push the crypto up with a possibility of trading above the $1 price level.
Despite what has happened in the markets for the past week, Cardano is gearing up for a strong bullish move later this week if the upgrade goes smoothly. Therefore, I also expect the Cardano price to push towards the $1 price level.
There is a very high likelihood that we might even see Cardano push past the $1 price level and outperform the Ethereum merge, which despite the traction from users, did not impact the trend significantly. However, should the Vasil hard fork not go as planned, I expect Cardano’s price to trade below the $0.4 price level. My bullish trend analysis will also be invalidated. Fortunately, all reports indicate that the upgrade has been tested for months, and the process is likely to go on smoothly.
This post was last modified on Sep 19, 2022, 13:23 BST 13:23