|

Cardano price: This critical level could fuel a massive rally in ADA

  • Cardano is one of the largest proof-of-stake blockchains in the world in terms of market valuation according to a new White House energy report. 
  • As the Vasil hard fork draws close, analysts predict a rally in Cardano. 
  • If Cardano price crosses the critical $0.55 level, analysts expect sustained buying pressure to trigger ADA’s uptrend. 

According to a new White House energy report, Cardano is one of the largest proof-of-stake blockchains in the crypto ecosystem. With the Vasil hard fork drawing close, analysts are bullish on Cardano price. 

Also read: Bitcoin traders play waiting game ahead of CPI data and the Merge

Cardano emerges as one of the largest proof-of-stake blockchains

A recent report issued by the White House aims to understand the impact of cryptocurrencies on climate change. The report revealed that Cardano is one of the largest proof-of-stake blockchains in the world, in terms of electricity consumption and market valuation. 

The government is evaluating cryptocurrencies to identify reforms needed to implement to improve the cryptocurrency’s market impact on the environment. Cardano has an overall rank of 3, while it has claimed the number one spot among proof-of-stake blockchains. 

The Vasil hard fork scheduled for September 22 is drawing close. If the event goes smoothly it is likely to fuel a bullish sentiment among holders. At least 25 cryptocurrency exchanges have indicated that they are ready. 

One of the key requirements for the Cardano Vasil hard fork is that 75% of all blocks should be created by the latest version of the Vasil node. This number is now 94%, a green light for Cardano’s hard fork. 

The ten largest decentralized applications in the cardano ecosystem are now ready for the mainnet, extending their support to the Vasil hard fork.

Analysts identify $0.55 level as the make or break point for Cardano 

Rekha Chauhan, a leading crypto analyst believes the $0.55 level is critical to Cardano’s price trend. If the altcoin climbs under sustained buying pressure, it is likely to breach the critical level ahead of the Vasil hard fork. Bulls could take charge, fueling Cardano’s price rally and its uptrend. 

ADA-USD price chart

ADA-USD price chart

Cardano developers at Input Output Global hit several development milestones on its path to the Vasil hard fork. Check out the following timeline to go through the key events on Cardano's journey to a scalable, highly efficient and cheaper transactions on its blockchain. The Vasil hard fork is likely to draw developers to the network and make Cardano the preferred blockchain with its high scalability and accessibility. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Editor's Picks

XRP ticks up as risk-off mood, weak ETF demand cap recovery

Ripple (XRP) rebounds above $1.23 from support at $1.20 at the time of writing on Wednesday, as the broader cryptocurrency market pares losses triggered by escalating tensions in the Middle East.

Crypto Today: Bitcoin, Ethereum pare losses as XRP rebounds amid escalating tensions in the Middle East

The cryptocurrency market remains largely under pressure on Wednesday amid escalating tensions in the Middle East. After plunging from its May high of $82,823, Bitcoin (BTC) is showing signs of stabilization, consolidating above the key $67,000 support level.

Bitcoin takes a breather above $65,000 amid swelling institutional pressure

Bitcoin hovers above $67,000 as of Wednesday, taking a breather after over 6% loss the previous day. Whales are reducing their BTC holdings, likely influenced by the 12-day streak of ETF outflows.

Ondo extends gains, defying the broader market crash

ONDO extends gains on Wednesday, after rising 9% the previous day. Early access to Ondo Perps, offering 24/7 perpetual futures on US stocks, ETFs, and commodities, fuels the recovery.

Billions in ETF outflows don’t bode well
Bitcoin (BTC) remains under pressure, trading below $74,000 on Friday, and is set to post its third consecutive week of losses. The institutional sell-off continues, with spot BTC Exchange-Traded funds (ETFs) recording billions in outflows. In addition, sticky inflation and macroeconomic headwinds suppress the Crypto King’s upside potential. Institutional demand continues to weaken so far this week.