Cardano’s Vasil Hard Fork is just around the corner as and the exchanges are getting prepared for the event. The finality of the hard fork is just an inch away as nearly 98% of the mainnet blocks are already created and the top dApps by TLV have been tested and are ready for the upgrade.
Originally, the upgrade was supposed to go live in June but was postponed a couple of times as a bug was discovered. However, after carrying out rigorous testing, IOHK is finally rolling out the hard fork upgrade sometime now. On the other hand, the ADA price continues to forecast a repetitive pattern and trades within a very narrow margin.
Moving forward, the investors can expect a significant upswing of nearly 12% to 15% to trade closer to the pivotal resistance at $0.48.
Woefully, the price rise is speculated to be a short-term bounce as the asset continues to trade within a descending triangle. As the trade is yet to reach its apex, hence the price may rise high and surge beyond $0.49 but may face rejection before achieving $0.5 levels.
With the rejection, the price may drop and reach the peak of the triangle which further suggests a correction towards the lower support at $0.41, piercing through the strong support base at $0.39.
On the brighter side, if the Cardano price successfully stays above $0.46, it could indicate the weakness of the sellers as the buyers may take over the rally soon. In such a case, the bearish thesis may be invalidated, while the ADA price may undergo a major upswing.
However, currently, the market sentiments are pretty shaky and technicals tend to flip after the upgrade goes live, as happened during the Ethereum Merger.
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