Cardano (ADA) had no problems pulling off a 5% spike in roughly 24 hours despite the delay of the Vasil Hard Fork upgrade. 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.
In all likelihood, ADA seems to be mirroring the current crypto market trends as it adds and shaves off value.
Vasil Hard Fork Moved For August Launch
Vasil Hard Fork was supposed to be launched in June and then moved to the end of July. However, IOG, Cardano developer, made some announcements that there will be some delays and the upgrade will be rolled out by August to give way to smooth transitions in networks.
According to Kevin Hammond, Technical Managerof IOHK, the purpose of the delay is to ensure that everyone is all set for the upgrade including API developers, stakeholders, and exchanges. This upgrade will set the stage allowing many developers to easily build on Cardano.
Still, ADA outlook remains to be optimistic as the network constantly works to improve the network. And this upgrade is expected to push the token up to its next target of $1. Everyone is banking on the likelihood that ADA price will spike once the upgrade is launched similar to what happens following upgrades on other DeFi tokens.
Cardano Unable To Keep Up With Strong Crypto Recovery?
Cardano has developed a strong community that supports the coin following the rollout of smart contacts. It’s only Achilles heel at this point would be the recent crashes that assailed ADA’s value.
Nevertheless, Cardano was able to muster an all-time high back in 2021 when the coin surged at $3.10 but it was a flash in a pan, as the price declined shortly.
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. And so, the bearish sentiment continued for ADA.
The CoinMarketCap community has predicted that Cardano will most likely trade at $0.7311 come August 31 of this year. Others forecast that ADA may surge by 19% in August.
ADA total market cap at $17.7 billion on the daily chart | Source: TradingView.com Featured image from Cryptocurrency News, chart from TradingView.com
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Author: Jet Encila