• The update is named after a popular Bulgarian Mathematician and Cardano supporter Vasil Dabov. 
• While writing this article, Cardano is trading at $0.5027.  

Cardano developers’ input and Output have improved considerably toward the anticipated Vasil hard fork. 

As of 12th September Monday, an enormous 95% of blocks are already coming from 1.35.3 nodes.  

As reported by TheCoinRepublic on August 28, 2022, the Stake Pool Operators (SPOs) operating the recent 1.35.3 now justified 55% of mainnet block generation in the recent epoch. This is more than midway to the 75% needed to operate Vasil on the Cardano mainnet.

As of last Monday, the bulk of the enormous exchanges by liquidity have either integrated Vasil or begun readying for the high-stake upgrade, including such heavy-hitters as Bitfinex and Coinbase. ChangellyPRO and AB.com are the only leading among 12 exchanges by liquidity that haven’t started integrating upgrades.   

CoinDCX,CoinbasePRO,CEX.io and Zipmex are on that list and are likely to be entered on in upcoming times.   

To initiate the upgrade, 80% of the 25 cryptocurrency exchanges with the most elevated level of liquidity must implement liquidity. 

On August 26, Friday, Charles Hoskinson went live from Colorado, where he elaborated on the new update. The update is named after Bulgarian Mathematician and Cardano supporter Vasil Dabov. Hoskinson highlighted that things are going along rapidly. The developers and the community are managing in-depth tests, with the combination of work and framework looking good. 

Charles Hoskinson, in his statement, highlighted that “The next vital raise is to have the exchanges on board. Binance is stating that they are now updating by volume.”He further added that “normally, what comes after the date of the hard fork is publicized, you witness a big crowd and people promote through.”

According to data from CoinMarketCap, while writing this article, Cardano is trading at $0.5027 with a total market cap of $17,178,509,410. Although, per market cap, the Cardano token is in eighth place on the list.     

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Cardano (ADA) forms bullish sentiments against tether (USDT) as the price of Cardano (ADA) aims to go higher with an imminent breakout above the current resistance. The price of Bitcoin (BTC) showed great strength after closing the weekly candle on a high, with the price holding above $21,700 for the first time in weeks. This has influenced most crypto assets, including Cardano (ADA), as the price aims to break out. (Data from Binance)

Cardano (ADA) Price Analysis On The Weekly Chart 

The price of ADA has had a tough time maintaining the bullish momentum it has shown in recent months as the price was rejected from the $3 area acting supply zone for most sellers.

ADA has since struggled to discover the bullish momentum it experienced, but with the upcoming “Vasil Hard Fork,” there has been growing sentiment of the price of ADA going to as high as $1. Vasil Hard Fork is the latest and highly anticipated upgrade on the Cardano network to improve the usability and scalability of the network.

The price of ADA on the weekly chart looks good as the week closed bullish with more bullish sentiments. The price of ADA is faced with resistance to breaking above $0.54 as the price is faced with resistance to trend higher. 

ADA’s price needs to break above this region for its price to trend higher to $0.6 and possibly $1. The price of ADA must break and hold above this resistance for a better chance to trade higher. If the price of ADA breaks out with good volume, we could see the price going higher. Should the price of ADA fails, we could have a retest of $0.4, acting as a good demand zone for price sell-off.

The overall sentiment ahead of ADA’s upgrade is bullish, and we could expect more upside for the price of Cardano.

Weekly resistance for the price of ADA – $0.6-$1.

Weekly support for the price of ADA – $0.4.

Price Analysis Of ADA On The Daily (1D) Chart

The daily timeframe for ADA prices looks bullish, with prices looking to close the day on a high after a good weekly candle close. ADA bounced off from a daily low as the price broke above the 50 Exponential Moving Average.

The price of ADA formed a bullish symmetric triangle and broke out of this range with a good volume, with the price looking to flip the first major resistance on the 1D timeframe at $0.56.

If the price of ADA fails to break above $0.56, we could see the price retesting the lower region of $0.5 to build on more volume for a possible rally above that price region.

On the daily timeframe, the price of ADA is currently trading at $0.514, holding above the 50 Exponential Moving Average (EMA). The price of $0.5 corresponds to the 50 EMA, which supports the price of ADA.

The price of ADA needs to flip the 200 EMA to assume a strong bullish price movement. The price of $0.7 corresponds to the 200 EMA and is just below the 38.2% Fibonacci (Fib) retracement value for higher price movement.

The Relative Strength Index (RSI) for ADA is above 50 on the daily chart, indicating high buy order volume.

Daily resistance for the ADA price – $0.6-0.7.

Daily support for the ADA price – $0.5.

Featured Image From zipmex, Charts From 

Cardano [ADA] recently flipped XRP to become the seventh-largest cryptocurrency by market cap on 29 July. As expected, this flippening coincided with ADA registering strong on-chain and social metrics on Santiment. However, at press time, this was no longer the case. Now, what could be the reason behind this unfortunate fall?

Connecting the dots 

Cardano’s native token ADA, at press time, was ranked 8th on CoinMarketCap after dropping a place. In fact, ADA seemed to note a correction of 3% as it traded around the $0.51-mark. In another development, the much-anticipated Vasil Hard Fork got delayed by several weeks.

#Cardano360 July edition – going live in 30min! #Cardano $ADAhttps://t.co/8dGdvLm3C4

— Input Output (@InputOutputHK) July 28, 2022

Cardano developer Input Output Hong Kong’s (IOHK) Technical Manager Kevin Hammond shared the development in question. He stated,

“From where we are, there could be a few more weeks before we go to the actual Vasil hard fork… It’s incredibly important [that] all the users have to be ready to progress through the hard fork to make sure [it’s a] smooth process both for them, and more importantly, for the end users of the Cardano blockchain.”

In fact, even Charles Hoskinson was quick to opine on the same, adding,

“Sometimes you just have to let people build beautiful things regardless of how long it takes.”

Now, here’s the million-dollar question – Did this delay have any repercussions on the said network? 100% yes.

On-chain indicators show…

Two prominent indicators saw a MASSIVE fall, at press time. Namely, social volume and active addresses on Santiment. The social volume, for instance, declined from 441 on 29 July to trading in single digits at press time.

Source: Santiment

Around the same time, active addresses on the Cardano chain saw a steep fall, as seen in the graph above. The weak volumes, especially over the last 24 hours, pointed towards low accumulation at recent levels. Also, Cardano’s supply held by whales metric revealed a significant amount of outflows, thus explaining why the price failed to secure enough upside.

Having said that, Cardano did see some sunshine. IOHK revealed that it successfully rolled out node 1.35.0, a major milestone ahead of its mainnet Vasil upgrade.

With ADA’s price going downhill, however, only time will tell whether any of these developments is likely to have any impact on the crypto.

In the early hours of 14 May, Cardano founder Charles Hoskinson informed the community that the Vasil Hard Fork is on schedule. It would be implemented by 29 June, he said.

With the Vasil Hard Fork, significant updates will be deployed on the Cardano blockchain and its smart contract platform, Plutus. 

Speaking about the Vasil Hard Fork in its Mid-month Development Update, IOHK noted that it is preparing for a closed public testing phase for the Vasil Hard Fork network. It was further revealed that the testing will also be in collaboration with Dapps to test their applications on the network’s testnet and mainnet.

IOHK also stated that after this phase, access will then be given to exchanges to test all integrations necessary to run the Cardano blockchain. By the end of May 2022, it should be in a position to hard fork Cardano testing. 

In light of these announcements and upcoming updates, let’s see how ADA has been doing on the price charts.

Not too bad?

Valued at $0.53 at the time of press, ADA was up by just 1% in 24 hours. Comparatively, over the last 7 days, the crypto was down by 29%. As the cryptocurrency market begins to “heal,” thanks to the many upcoming Cardano updates, ADA’s recovery is expected to be fast-tracked. 

In fact, its market capitalization only declined by 0.05%. It further recorded a high of $18.20 billion following Hoskinson’s confirmation of 29 June as the date for Vasil. At the time of writing, the market capitalization stood at $18.03 billion – A mere 0.9% decline from a high of $18.20 billion in the last 24 hours. 

Okay, volume is down

It is noteworthy to point out that the confirmation of a date for the network’s update had no significant impact on the transaction volume. Recording a transaction volume of 1.19 billion on 14 May, this represented a 38% decline from the 1.94 billion recorded on 13 May.

Source: Santiment

But wait, the whales are up

Despite no significant difference in market capitalization, data from Santiment underlined an increase in Whale Activity following the update.

As of 14 May, for transactions over $100k, a total of 238 transactions were completed – A 3% spike from the 230 transactions recorded on 13 May.

Similarly, for transactions over $1 million, a total of 238 transactions were completed – A 2% increase from the 232 recorded on 13 May.

Source: Santiment

One man’s loss might be another man’s gain 

ADA is currently ranked 7th by market cap on the charts, right below XRP. However, with the ongoing case against Ripple and its effect on the price of XRP, ADA might surpass XRP in the near future.

Solemn mood across the Cardano ecosystem today as we learned of Vasils passing.

A valued member of the Cardano community who contributed so much positivity over the years and brought smiles to the faces of many.

Thank you for living a great story, Vasil. #CardanoCommunity https://t.co/fAbqJGkrT6— Cardano Community (@Cardano) December 6, 2021

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