The Cardano Vasil hard fork has been in the works for a while now. Hype for this hard fork had been overshadowed by that of the Ethereum Merge, but now that the Merge is done and out of the way, the focus has now fallen back on the Cardano network once more. Given this, there has been much optimism about where the price of ADA is going from here, but the digital asset has not given any indication of positive movement.
ADA Fails To Move
With the Cardano Vasil hard fork drawing closer, investors have been expecting the kind of market run-up that preceded the Ethereum Merge. However, the price of ADA has not been responding in the same way since it continues to trend low.
The digital asset has suffered various dips during this time that has brought it down to $0.44 during this time. Even with the news of the hard fork and a definite date for the upgrade, there has been no significant increase in the price of the digital asset. Instead, ADA has succumbed to the general market trend and has remained in the red over this time.
Over the last 24 hours, the price of ADA has been sliding. It has lost 10.76% already in the last day and is down 14.41% over the longer time frame of 7 days. The bearish outlook for the digital asset continues to wax strong, keeping the digital asset from reaching the $0.5 point.
Cardano is currently seeing significant resistance at $0.47. Support levels for the digital assets are not as strong as expected, making it easy pickings for the bears. Presently, the odds of ADA getting to $0.5 is growing slimmer with each day.
Cardano Hard Fork Coming Up
The Vasil hard fork is scheduled for September 22nd, and Cardano founder Charles Hoskinson has assured the community that everything is going as planned. The founder said this in a live broadcast that garnered more than 44,000 viewers, where he explained that the hard fork had actually been triggered.
This shows that the requirements for the Merge to begin have been fulfilled, and the hard fork is ready to be carried out. The developer behind the Cardano network, IOG, has also dropped statements that speak to the readiness of the network for the upgrade.
IOG explained that the completion of the upgrade would make the network more developer friendly. Higher functionality, performance, and scalability are expected following the upgrade. The Vasil hard fork is now the most anticipated upgrade in the crypto space.
As for the price of ADA, selling pressure is still mounting in the market. Demand has declined, causing the tokens to be valued lower than they did a year ago. Nevertheless, Cardano is still a dominant cryptocurrency, ranked as the 8th largest cryptocurrency with a market cap of $14.94 billion.
Featured image from CNBCTV18, chart from inew.news