Cardano was looking to its latest hardfork, the Vasil Hart Fork. It is expected to improve network efficiency and make the network more user-friendly. Many have found hope in the countdown to hard fork. Given that the price of Cardano’s native cryptocurrency ADA has been struggling so hard, the hope is that the launch of the hard fork will give it a nudge towards recovery.
Vasil Hard fork is Important
Cardano is experiencing exponential growth so it’s imperative that the network runs better than ever before. It is important to have a faster network and be able to scale up and handle every activity.
Cardano hopes to increase developer accessibility by allowing more projects to be developed. Due to the better functionality of Cardano than Ethereum, more projects will be added to it. Additionally, the network has plans to easily accommodate them all.
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Although there is still two weeks before the Vasil hardfork launch on the mainnet, there have been many discussions and high hopes. It’s running currently on the Cardano Testnet. This improves smart contract efficiency. The Cardano network launch will make smart contracts more affordable and quicker to use.
Source: ADAUSD on TradingView.com| Source: ADAUSD on TradingView.com
Vasil continues to follow the Alonzo hardfork. Alonzo brought smart contract capabilities and a new dimension to the network. Vasil plans to build on the foundation and make it more efficient.
Cardano (ADA), On The Charts
Cardano’s (ADA) price fluctuations over the past six months has been devastating. This digital asset, which peaked at $3.10, has lost its entire holdings and crashed down to less than 80% of its original high. The sellers have continued to drive down the price of cryptocurrency, which has led it to lose its $3.10 peak.
However, ADA’s 50-day moving median has been reestablished after some notable recoveries. ADA’s outlook remains bearish as long as the trend continues below that line. It’s also considerably below the year-to-date moving median, which again paints a bearish view for altcoin.
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However, the investor outlook towards the digital asset is improving. This can be attributed to anticipation about the Vasil fork. This positive sentiment has been largely influenced by the Cardano DeFi industry’s growth. If these trends continue, ADA might reach $1 before the month ends.
Featured Image from Bitcoinist. Chart from TradingView.com
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