Cardano, a proof-of-stake blockchain.com blockchain.com Crypto trading and Information Followers : 0 View profile platform, had recently taken a downward moment. However, ADA traders are now able to take a sigh of relief with the currency trading around $0.45 and maintaining the range for the last few days.
At the time of publication, Cardano (ADA) Price is trading at $0.43 after a pullback of 7.78% over the last 24hrs.
An independent analysis platform, Bitcoinsensus believes that if Cardano experiences another price plunge from this level, there could be a big bounce from the $0.40 level. Before sliding to its current level, ADA price had jumped a high of $0.48 in the early hours today. Bitcoin’s bearish price action has led all other altcoins on a negative role being showcased on their charts.
On the contrary, if the eighth largest cryptocurrency by market cap maintains above $40, then Cardano might face a bullish price action from the present trading area.
Cardano’s Vasil Hardfork Soon
Though the overall crypto market correction is one of the reasons for Cardano’s bearish price action, the delayed Vasil hard fork has also affected the currency. Cardano communities are positive about the hard fork as it is expected to increase the network’s scalability and performance.
On the other hand, cardano cardano Blockchain Network Followers : 0 View profile developers are ensuring that the Vasil hard fork will be launched as soon as possible. Also, the founder of crypto recruiting firm CryptoCapitalVenture.io, Dan Gambardello believes the hard fork will be introduced soon.
If Cardano (ADA) forms a short-term bounce and the Vasil hard fork is launched as expected, then ADA might head towards a massive bull rally soon.
The immediate support for ADA is $0.42 and if the currency flips below this level, the price might face a deep fall toward $0.38. Meanwhile, if Cardano successfully decides to move upwards above $0.49, the currency might head towards $0.52.