The ADA price has been difficult for the last ten days. It is currently trading at a critical position, especially now that the bulls control the entire market.
ADA currently trades at around $0.44 after testing the $0.43 level around Monday. The price of ADA moved to the upside after bouncing off this level, giving hope to the bulls. However, the price has reversed and is now heading back toward its previous resistance.
The cryptocurrency has tried and failed severally to break the resistance around the $0.5 level. The RSI on the daily timeframe shows neutral and slightly bearish patterns, and the Moving Average Convergence Divergence displayed a death cross on Sunday, signaling possible bearish momentum.
There are currently no bullish indicators except the upcoming Vasil hard fork, slated to happen in a few days.
According to prominent crypto analyst Michael Van De Poppe, the Vasil hard fork is expected to deliver massive opportunities to investors involved with ADA.
Van De Poppe released a video on YouTube. In this video, Van De Poppe explained that the hard fork, which is expected to happen late in September 2022, will work wonders by improving network performance and providing opportunities for investors.
Van De Poppe also mentions that while most of the crypto market's members may believe that the hard fork will be a "buy the rumor, sell the news" scenario, things are unlikely to play out that way.
He also notes that the $0.32 – $0.40 levels are critical price zones to keep an eye out for because these are the levels that currently hold the price of Cardano up. These levels, he says, serve as support levels that prevent further market dips.
A quick look at the charts would show that there has been minimal bullish momentum or hype in anticipation of the Vasil hard fork. Van De Poppe also notes this and says that it may be beneficial.
It is important to remember that the Cardano network was one of the top-performing chains before the Vasil hard fork. The network recently surpassed the 50 million transaction mark after processing nearly 50,000 transactions daily.
The Vasil hard fork is expected to improve the network's performance and make it even more scalable than other blockchains.
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)