Cardano (ADA) Price Fails to Break $0.5 Despite Vasil Hype

It’s been a while since Cardano Vasil hard fork. The hype of this hard fork has been overshadowed by the Ethereum merger, but now that the merger is done and out of the way, the focus is now back on the Cardano network. Given this, people are optimistic about ADA’s price action, but the digital asset is not giving any signs of a positive move.

ADA cannot move

As the Cardano Vasil hard fork looms, investors have been anticipating the kind of market rally that preceded the Ethereum merger. However, the price of ADA did not react in the same way as it continued to move lower.

During this period, the digital asset suffered various dips that took it to $0.44 during the period. Even with the news of the hard fork and a firm date for the upgrade, the price of the digital asset has not risen significantly. Instead, ADA has succumbed to the general market trend and has been in the red during this time.

Over the past 24 hours, the price of ADA has been sliding. It has lost 10.76% in the last day and 14.41% in the longer period of 7 days. The bearish outlook for the digital asset continues to strengthen, keeping the digital asset from reaching the $0.5 point.

Cardano is currently facing significant resistance at $0.47. The support level for the digital asset was not as strong as expected, making it easy for the bears to choose. Currently, the odds of ADA hitting $0.5 are getting smaller every day.

Cardano hard fork is coming

The Vasil hard fork is scheduled for September 22, and Cardano founder Charles Hoskinson assured the community that everything is going according to plan.The founder said this in an article live streaming This drew more than 44,000 viewers, and he explained that the hard fork had actually been triggered.

This indicates that the requirements for Merge to start have been met and the hard fork is ready to proceed. IOG, the developer behind the Cardano network, has also dropped a statement that the network is ready for an upgrade.

International Olympic Committee explain The completion of the upgrade will make the network more developer friendly. Higher functionality, performance, and scalability are expected after the upgrade. The Vasil hard fork is now the most anticipated upgrade in the crypto space.

As for the price of ADA, the selling pressure in the market is still increasing. Demand has dropped, causing the coin to be worth less than it was a year ago. Still, Cardano remains a dominant cryptocurrency, ranking the 8th largest cryptocurrency with a market cap of $14.94 billion.

Featured image from CNBCTV18, chart from TradingView.com

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