Cardano’s Vasyl hard fork has been in the works for some time now. The hype of this hard fork was overshadowed by the Ethereum merger, but now that the merger is complete and out of the way, the focus has now fallen back on the Cardano network. From this point of view, there were many optimistic expectations about where the price of ADA will go, but the digital asset did not give any indication of positive movement.
ADA could not move
As the Cardano Vasyl hard fork approaches, investors have been anticipating the market performance prior to the Ethereum merger. However, the price of ADA is not responding in the same way after continuing to a downward trend.
The digital asset has experienced various weaknesses during this period which has resulted in a low of $0.44 during this period. Even with the news of the hard fork and the updated date, there was no increase in the value of the digital asset. Instead, ADA succumbed to the general market trend and remained in the red during this period.
In the last 24 hours, the price of ADA has been sliding. It has already lost 10.76% in the previous day and is down 14.41% in the longer period of 7 days. The gloomy outlook for the digital asset continues strongly, preventing the digital asset from reaching the $0.5 point.
Cardano is currently seeing high resistance at $0.47. Support levels for digital assets are not as strong as expected, which makes it easier to pick for bears. Currently, the chances of getting ADA to $0.5 are decreasing with each passing day.
Cardano Hard Fork is coming up
Vasyl’s hard fork is scheduled for September 22nd, and Cardano founder Charles Hoskinson has assured the community that everything is going according to plan. The founder is A Live streaming It gathered more than 44,000 viewers, where the hard fork was properly triggered.
This indicates that the requirements to start the merge have been met and the hard fork is ready to run. IOG, the developer behind the Cardano network, has also released statements about the network’s readiness.
I.O.G He explained. The completion of the upgrade will make the network more productive. Following the upgrade, higher functionality, performance and scalability are expected. Vasil’s hard fork is now the most anticipated update in the crypto space.
Regarding the price of ADA, sales pressure is still increasing in the market. Demand has declined, making the tokens worth less than they were a year ago. However, Cardano is still the dominant cryptocurrency, ranking the 8th largest cryptocurrency with a market cap of $14.94 billion.
Featured image from CNBCTV18, chart from TradingView.com
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