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Cardano Price Analysis: Will Vasil Hard Fork Bring The Bulls Back?

Analytics

www.thecoinrepublic.com 02 September 2022 10:55, UTC
  
Reading time: ~2 m

  • Cardano vasil hardfork is all set to launch sometime in September. Meanwhile, the asset price is down by 2.7% in the intraday session.
  • ADA technical charts suggest a consolidated trend in price. ADA/BTC pair has seen a loss of 0.6% in the past 24 hours.

Cardano community is radically waiting for the Vasil Hard Fork. The hard fork is set to launch somewhere in september. There were no major bugs found in the codebase. According to a recent update published by Cardano developer Input Output only Bitrur, NDAX.io and LCX are the only exchanges ready for Vasil Upgrade. Meanwhile, the exchanges like Bitfiniex, Poloniex and Kraken are getting ready for the upgrade.Various analysts are predicting a strong rally after the Vasil Hard fork upgrade.

Cardano has been observing a stagnation in the volume from the past few days. The current market cap of the asset is $15,116,982,690 and is ranked 8th in the coin market cap.The volume to market cap ratio of the Cardano suggests a downside trend in price.

Bulls Of Cardano Are On Rest


             Source: ADA/USDT by Trading view

The weekly technical chart of Cardano are currently favoring the bears. Meanwhile, on coming to the daily chart the coin price is struggling inside a consolidated zone. If the coin price jumps above the $0.5 then a strong upside momentum can be seen . The coin price is currently trading below the 50 and 100 Daily Moving Average. If the coin price jumps above 100 DMA then a strong uptrend can be seen. The downside trend of the coin price can see a halt near $0.25.

RSI: RSI of the Cardano is near 41 suggesting its presence in the neutral zone. There is a small negative slope in the RSI highlighting a downtrend in price. The overall sentiment of the RSI is bearish.

Conclusion

Vasil hard fork is one of the major upgrades which major investors are waiting for. The asset price is currently in a consolidated zone. One should do their due diligence before investing.

Technical Levels

Major Resistance:$0.56

Major Support: $0.3

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.


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