- Charles Hoskinson affirms that Cardano supply will remain capped at 45 million, opposing the idea of burning ADA tokens.
- Crypto Michaël set a bullish target for the Ethereum-killer, above ADA’s all-time high of $3.01.
- Cardano price is likely to face resistance at $0.54, after sustaining a retest of the $0.47 level, argue analysts.
Vasil hard fork is scheduled for September 22. Analysts evaluated Cardano’s potential to climb above all-time highs of $3.01 ahead of the massive event.
Also read: Cardano price: Vasil hard fork and Robinhood listing prepare ADA for rally to $2
Is it the right time to scoop up Cardano?
Ethereum’s Merge and Cardano’s Vasil hard fork are two of the most highly anticipated events in crypto history. Both are lined up for September 2022. Cardano’s Vasil hard fork is considered a milestone event for the Ethereum-killer project.
Michäel van de Poppe, CEO and cofounder of Eight Global evaluated Cardano’s price trend and identified bullish potential in the altcoin. The analyst believes that the successful completion of core components and community readiness are indicators of the bullish narrative surrounding the Vasil hard fork.
Cardano’s developers at Input Output Global (IOG) are positive that the Vasil hard fork is on track. Michäel commented on the Vasil hard fork in his recent YouTube video. The analyst identified three key reasons for a rally in Cardano price. Vasil hard fork has the potential to be a bullish catalyst for Cardano since developers will find it easier to build effective projects on the altcoin’s blockchain.
While transaction fees continue to be a roadblock for developers and users of the Ethereum blockchain, Vasil hard fork and the improvement it brings to Plutus means lower transaction fees, boosted smart contract capabilities and wider adoption, all of which could fuel a rally in Cardano’s price.
Michäel argues that Cardano price has the potential to hit $3.01, or exceed the previous all-time high in the current cycle.
ADA-USDT price chart
Analysts at FXStreet retain a bullish outlook on Cardano. Akash Girimath, leading technical analyst argues that Cardano’s price fractal indicates an opportunity to capitalize on a move to $0.50. Michäel has marked the next resistance for Cardano at the $0.54 level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin price could retrace to $42,000 if US Nonfarm Payroll comes in at 180,000
Bitcoin price just like other assets, is highly impacted by the macro-financial developments. This includes the Nonfarm Payrolls (NFP) report released by the BLS of the United States. This time around, the NFP data is expected to cause a dip in the value of BTC.
Ripple is now only 3% away from becoming a bigger entity than Binance Coin
Ripple has overcome a lot of obstacles on its way to becoming the world’s fifth-largest cryptocurrency, as witnessed by the recent rise in XRP price. The native token of the world’s biggest crypto exchange, Binance Coin, on the other hand, has been moving in the opposite direction.
Ethereum leads altcoins north as Bitcoin halts amid bull trap fears
Ethereum (ETH) price remains northbound, unrelenting despite the king of cryptocurrency, Bitcoin, showing weakness. Behavior analytics tool Santiment observes that Ether and altcoins are on a tear even as BTC momentum fades.
BTC headstrong as Spot ETF talks reach technical stage
Bitcoin remains steadfast on the higher timeframe, amid news that spot BTC exchange-traded funds (ETF) discussions are now at the technical stage of approval. Specifically, talks with Spot BTC ETF issuers have advanced to key technical details, with Reuters indicating that it could signal a shift toward a potential approval.
Bitcoin Weekly Forecast: BTC uptrend capped by supply barrier at $43,860 as FOMO fails to suffice
Bitcoin (BTC) price uptrend has sustained since mid-September on the weekly timeframe but has since slowed down following the lack of tailwinds to drive the market. All along, narratives, themes and speculation were the driving factors, inspiring a wave of fear of missing out (FOMO) in the market. As it turns out, FOMO is not enough anymore.