Cardano price: Vasil hard fork knocking on the door, buy the rumor?
- Cardano Vasil hard fork is set to go live in a bear market, proponents consider it historically the best timing for ADA.
- Weekly development report from Input Output Global confirmed Marlowe contracts running on the Vasil testnet.
- Bulls attempt gradual takeover of Cardano as the ADA price eyes the crucial 50-day EMA at $0.47.
Cardano holders await the Vasil hard fork, considered a game changer for the Ethereum-killer network. The altcoin’s upgrade could act as a bullish trigger for ADA price, therefore, traders have an opportunity to buy the rumor.
Also read: Alt-season 2022 alert: Binance Coin, PancakeSwap, Theta and XRP positive sentiment explodes
Cardano network inches closer to the Vasil hard fork
Cardano developers fixed issues identified in the recent test and announced that development is on track for the Vasil hard fork. The hard fork is expected to increase throughput on the Cardano blockchain and improve the development of smart contracts and dApps on the network.
Ethereum-killer Cardano is heading towards the Vasil hard fork, an event of similar magnitude as Ethereum’s Merge. Charles Hoskinson, the founder of Cardano, attributed the delay in the Vasil hard fork to the bugs identified in the code and the time taken to thoroughly test the upgrade.
Cardano’s Weekly Development Report
As stake pool operators update their nodes to version 1.35.3, Cardano inches closer to the event. Majority of the leftover development of the Vasil hard fork lies here after stake pool operators finish their update.
Dan Gamberdello, a Cardano analyst and trader, offered his hot take on the Vasil hard fork in a recent tweet. Gamberdello argues that the hard fork is happening in a bear market. This may historically turn out to be the best timing for ADA as projects on the network would have a solid launchpad prepared ahead of the bull market.
The fact that the #Cardano Vasil hard fork is happening in a bear market may historically turn out to be one of the best timing of events in the history of $ADA
— Dan Gambardello (@cryptorecruitr) August 25, 2022
Nothing better than having a solid launchpad prepared prior to a bull market.
Cardano’s weekly development report confirmed that Marlowe contracts are running on the Vasil testnet. The Daedalus team released wallet versions for new testing environments, and the team established that 93 projects are already running on the Cardano network, with 1065 applications currently being built in it. The Ethereum-killer’s current Total Value Locked, a metric similar to market capitalization, climbed to $83 million.
Bulls attempt Cardano takeover, ADA prepares for recovery
Analysts at Cryptopolitan are bullish on Cardano. They have evaluated the Cardano price chart and noted that the altcoin is struggling to recover from its decline that started on August 17. Cardano’s sideways movement started on August 20, and the altcoin has remained largely stuck within the $0.43 to $0.46 level. Analysts believe Cardano is ready to breakout past $0.47.
ADA/USD price chart
Author
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.
