After a price downtrend in the recent times, ADA holders could finally brace for a jump. Following a steep fall earlier this month, Cardano (ADA) has been steady at the $0.45 range in the last few days. A big bounce is anticipated for Cardano if the current downfall continues in short term. As of writing, the ADA price stands at $0.4324, up 7.07% in the last 24 hours, according to CoinMarketCap.
Big Bounce Ahead For Cardano?
According to Bitcoinsensus, Cardano could have a big bounce from $0.40 range if another price drop happens. In the last 24 hours, ADA saw a high of $0.48 before seeing a steady fall. If the current level of $0.43 is breached further down to $0.40, Cardano investors could be up for a price fall. On the flip side, if the breakdown fails to reach the $0.40 level, there could be a price increase from the current range.
“The $0.40 level for $ADA Cardano is intact for the last few weeks. If it has another attempt in the coming days and fails the breakdown, it can have a big bounce from the $0.40 area. However, if it breaks down, bearish momentum will continue.”
Vasil Hard Fork Delay
A delay in the Vasil hard fork also had an impact on Cardano trading. The hard fork is expected to massively improve the Cardano blockchain’s scalability and performance. Meanwhile, indications from the developer community appear to signal that the Vasil hard fork is on its way soon. Dan Gambardello, founder of a crypto recruiting firm, said recently that things are looking good with Cardano.
“All I know is that right now I see all the awesome developers across Cardano saying thing are looking good and Vasil is on its way!”
If Cardano realizes a bounce in the short term and the developers come up with a positive update, it will be bullish for ADA.
Anvesh reports major developments around crypto adoption and price analysis. Having been associated with crypto since 2016, he is now a strong advocate of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]
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