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Cardano Price Tumbles despite Vasil Upgrade Going Live

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VOC, Voice of Crypto, ADA

The Cardano bulls are back in the game.

Cardano has risen 1.21% over the last 24 hours and is currently at $0.47. Yesterday, its price surged by 5.1% after the Vasil hard fork, and some crypto analysts speculate that breaking the $0.5 resistance may be next.

Before the Vasil upgrade happened, ADA was on a downtrend. However, the bulls managed to stop the bears in their tracks, pushing the price higher toward the $0.5 mark.

The bulls managed to come in and turn the price around at the $0.43 support level, and the volumes picked up yesterday, showing that the bulls had the upper hand throughout.

Cardano Technical Analysis

Today is the first day after the first phase of the Vasil upgrade, and the price of ADA appears to be consolidating on the daily timeframe. The price of ADA managed to reach the $0.48 level yesterday before the bulls lost steam and the price of ADA began to decline.

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On the RSI, the value has equalized to a neutral setup, leaving room for speculation about where the cryptocurrency’s price may be headed.

Was yesterday’s pump the first show of strength by Cardano’s bulls, or was it merely a flash pump?

Market Conditions on Cardano (ADA)

Market Conditions on Cardano (ADA)| Source: Tradingview

On the 4-hour timeframe, the price of ADA made a “fake out” from the resistance line drawn by the 200-p moving average during the bulls’ upper hand. However, the price started to trend downwards soon after.

It seems likely that Cardano may move back down to test the $0.4207 support again because a bullish wedge appears to have formed on the chart, preventing ADA from breaking the $0.5 mark.

The Vasil Upgrade’s First Phase

The Vasil upgrade on the Cardano network has been in the works for a long time.

Named after a Bulgarian mathematician, the much-awaited upgrade will improve the network’s scalability and capacity and increase its throughput.

The Vasil hard fork is part of Cardano’s Basho era (one of the most important development phases on the Cardano Roadmap).

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It is focused on optimization, scalability, and interoperability and will make the network more capable.

The Vasil upgrade was originally planned for June but was postponed due to compatibility issues and an “abundance of caution.”

Although the Vasil upgrade’s first phase only became complete recently, the final phase is expected to go live on Saturday and become fully active on the 27th of September.

This final phase is the new version of Plutus, Cardano’s smart contract platform.

With the new updates, this final upgrade, when it goes live, will help developers to create more efficient and scalable Blockchain-based apps (also known as DApps) within the network.

 

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Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

 

 

 

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Adekunle Joshua is a cryptocurrency writer. He has a deep understanding of the technology and how it can be used to improve the world. James is a strong advocate for using cryptocurrency to make the world a better place. He wants to help people understand the technology and use it to improve their lives.

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