Despite delays from the Vasil hard fork upgrade, Cardano (ADA), was able to achieve a 5% jump in just 24 hours. Analysts forecasted that the hard fork can help ease Cardano out of its bearish stance but it seems the coin didn’t struggle a bit despite the postponement.
Over the past 24 hours, Cardano’s value has jumped by 5% as it now trades at $0.58% in sync with the current crypto market price momentum. Over the past couple of weeks, ADA was seen to have fluctuated wildly as the coin’s being jerked sideways brought about by the mounting buying and selling pressure.
ADA appears to mirror the crypto market trend of adding and subtracting value.
Vasil Hard Fork Relocated for August Launch
Vasil Hard Fork was to have been launched in June. It was then moved to the last week of July. IOG (Cardano developer) announced that there might be delays. However, the upgrade would still be in place by August so networks can transition smoothly.
Kevin Hammond (Technical Manager of IOHK), stated that the reason for the delay was to make sure everyone, including developers and stakeholders, is ready to go. Cardano will be open to developers with this upgrade.
ADA remains optimistic, as the network continues to work to improve its network. This upgrade will likely push the token to $1. Everybody is betting on the probability that ADA’s price will rise after the upgrade, much like what happened following other DeFi token upgrades.
Cardano Unable Keep Up With Stronger Crypto Recovery
Cardano is supported by a large community, which has been built since smart contacts were introduced. It’s only Achilles heel at this point would be the recent crashes that assailed ADA’s value.
Cardano managed to reach an all-time high of $3.10 in 2021, but that was just a temporary spike. The price soon fell.
The plunge continued yet stopped when ADA’s value hit $0.51 as it has been trending with the observation that it may not be able to keep up with the recovery that the crypto market is enjoying at the moment. ADA’s bearish sentiment was not surpassed.
CoinMarketCap predicts that Cardano will trade at $0.7311 on August 31st. Other forecasts suggest that ADA could surge 19% by August.
Source: TradingView.com| Source: TradingView.com Featured Image from Cryptocurrency News. Chart from TradingView.com