Blockchain Cardanos Vasil Upgrade has been confirmed for September 22. Initially, the hard fork have been scheduled for a June release but was postponed because of disruptions.
On September 1, the best cryptocurrency exchange Robinhood announced the addition of Cardanos ADA coin to its set of tradable assets on its platform.
CoinMarketCap data reveals that Cardano has been trading at $0.47, with a 3% growth in cost during the last 24 hours.
The insignificant price reaction by ADA was a sign that the centralized exchange will not contain the same pull as Coinbase. On Coinbase, a coins listing results in double-digit price rallies for the asset within a day.
With the announcement that the Vasil Upgrade is defined to occur this month, the listing is really a welcome development within the Cardano Ecosystem that will help propel the cost of the networks native coin upward, carrying out a significantly bearish trend last month.
Notably, $146.81 million was removed from the complete cryptocurrency market within the last 24 hours. ADA liquidations within exactly the same period composed 0.5% of the quantity removed.
The final 24-hour data from Coinglass showed that $677,000 worth of ADA was liquidated. Taking into consideration the minor improvement in cost within the last 24 hours, liquidations weren’t major either. This hints that there wasnt plenty of market hype with regards to the news of the listing.
No Effect on ADA Price
ADAs price movements on the daily chart showed that coin-buying on the network had lost some momentum.
The daily Relative Strength Index (RSI) was at 44 in a downtrend. Also, the coins Money Flow Index (MFI) was spotted at 39 at press time definately not the neutral 50 support.
Additionally, below the central (0.0) line, the dynamic line (green) of ADAs Chaikins Money Flow was pinned at -0.19.
Hence, we might imply that even with its listing on Robinhood, the buying pressure for Cardano (ADA) had dwindled within the last 24 hours.
In accordance with Santiments data, the seek out the word Vasil has increased tremendously in the last couple of weeks. This hints that even with the constant decline in ADAs price and postponement of the Vasil hard fork, the upgrade remains highly anticipated.
Investors To Exercise Caution
Notably, ADAs On-Balance-Volume (OBV) is continuing to grow steadily since June, indicating that buyers continue steadily to accumulate. But nonetheless, on August 23, the coin logged a sharp drop in its Mean Coin Age.
Such downfalls usually indicate an elevated movement of ADA between addresses and a slowed network-wide coin accumulation.
Therefore, with an additional downside in cost imminent, caution is preferred.
Cardanos Upgrade APPROACHING this Month!
On Friday, a tweet thread announced that the Cardano blockchains Vasil hard fork upgrade is currently scheduled to occur on its main network on September 22, Input-Output (IOG), the blockchains development lab.
VASIL UPGRADE: DATE CONFIRMED
Following a successful completion & extensive testing of most core components, plus confirmed community readiness, we alongside @cardanostiftung can today announce 22nd September for the Vasil upgrade on the #Cardano mainnet.