Cardano, a proof-of-stake blockchain.com blockchain.com CRYPTO TRANSACTIONS AND INFORMATION Followers: 0 View Profile platform, recently had a downward moment. However, ADA traders can now breathe a sigh of relief, with the currency trading around $0.45 and maintaining the range it has held for the past few days.
At the time of publication, Cardano (ADA) price was trading at $0.43 after a 7.78% correction over the past 24 hours.
An independent analytics platform, Bitcoinsensus believes that if the price of Cardano plummets from this level again, it could surge significantly from the $0.40 level rebound. ADA price had jumped to a high of $0.48 in the early hours of this morning before falling to current levels. Bitcoin’s bearish price action caused all other altcoins to show negative action on their charts.
$ADA #Cardano’s $0.40 level last held steady for a few weeks. If it tries again in the coming days and fails to break out, it could rebound sharply from the $0.40 area. However, if it collapses, the bearish momentum will continue. pic.twitter.com/ZrzVDGOn8O — Bitcoinsensus (@Bitcoinsensus) August 26, 2022
Conversely, if the eighth-largest cryptocurrency by market cap sustains above $40, Cardano could face bullish price action in the current trading area.
Vasil Hardfork Soon by Cardano
While the overall crypto market correction is one of the reasons for Cardano’s bearish price action, the delayed Vasil hard fork also affected the currency. The Cardano community is positive about the hard fork as it promises to improve the scalability and performance of the network.
On the other hand, Cardano Cardano Blockchain Network
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The developers are making sure that the Vasil hard fork will launch as soon as possible. Furthermore, Dan Gambardello, founder of crypto recruiting firm CryptoCapitalVenture.io, believes that the hard fork will be launched soon.
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Delma is a B2B content marketer, consultant, blogger in the blockchain and cryptocurrency space. In her spare time, she enjoys blogging, playing badminton and watching TED talks. She loves pets and shares her free time with NGOs.