Cardano, over the last three days, has been trading close to the $0.42 support it last tested in late August.
Cardano Price Analysis
Cardano’s price trended up after hitting the same support on August 16th, hitting the $0.51 resistance and then trending back down to test support. The price of Cardano appears to have bounced off the $0.45 level and currently looks to be consolidating in preparation for its next move upwards or downwards.
If the bulls maintain their level of strength, the price of Cardano can bounce back upwards to retest the $0.51 level.
The price level Cardano bulls have to worry about next is the $0.48 level, which is also a support zone validated by the 200-period moving average on the 4-hour chart. Prices last tested this moving average on the 18th, failed to break through, and trended downwards to where it currently is.
If the price of ADA goes for a retest and fails to break through, the bears may take over and push the price back to $0.42 or lower, depending on how well the bulls defend this zone.
Vasil Upgrade: Ready, Set, Go!
The Vasil upgrade is the most ambitious in Cardano’s history. So far, all three requirements necessary for the launch of this upgrade have been met, and all systems are ready.
The Vasil upgrade as an event draws ever closer, and the developer team behind the network has noted that all three “critical mass indicators” needed for the success of this upgrade are now ready and waiting.
This upgrade, as many know, is arguably one of the year’s most anticipated events. The Cardano team, as well as Input Output Hong Kong (the parent organization behind the platform), via a tweet, stated that within the last two days, about 13 crypto exchanges had confirmed that they were now ready for the hard fork (representing over 87% of Cardano’s liquidity).
So far, only Coinbase is listed as “in progress” regarding its readiness and integration status. However, Coinbase has stated that it will support the Vasil hard fork and noted that all ADA transactions had been halted for maintenance before the event.
So far, the launch date of the Vasil hard fork has been rescheduled twice due to the appearance of bugs in its node versions and compatibility issues. Once launched, the Vasil upgrade will be the most significant upgrade since the Alonzo hard fork in September last year, introducing smart contracts to the platform.
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)