Cardano (ADA) had no problem reaching a 5% peak in around 24 hours despite the delayed Vasil Hard Fork upgrade. Analysts predicted that the hard fork could help Cardano break out of its bearish stance, but it appears the coin didn’t struggle a bit despite the postponement.
In the past 24 hours, Cardano’s value has jumped 5% as it is now trading at 0.58% in sync with the current price dynamics of the crypto market. Over the past two weeks, the ADA has been seen to fluctuate wildly as the coin has been buffeted sideways by mounting buying and selling pressure.
In all likelihood, ADA seems to reflect current trends in the crypto market by adding and detracting from value.
Vasil Hard Fork moved to launch in August
Vasil Hard Fork was supposed to launch in June and then moved to the end of July. However, IOG, the developer of Cardano, has announced that there will be delays and the upgrade will be rolled out by August to allow for smooth transitions in the networks.
According to Kevin Hammond, CTO of IOHK, the purpose of the delay is to ensure everyone is ready for the upgrade, including API developers, stakeholders, and exchanges. This upgrade will set the stage for many developers to easily build on Cardano.
Still, ADA’s outlook remains optimistic as the network is constantly working on improving the network. And this upgrade should push the token all the way to its next target of $1. Everyone is betting on the likelihood that the price of ADA will rise once the upgrade kicks off, similar to what happens after upgrades on other DeFi tokens.
Cardano unable to follow strong crypto recovery?
Cardano has developed a strong community supporting the coin following the rollout of smart contacts. The only Achilles’ heel at this point would be the recent crashes that beset ADA’s value.
Nonetheless, Cardano was able to hit an all-time high in 2021 when the coin surged to $3.10, but it was a flash in a pan as the price quickly declined.
The fall continued but halted when ADA’s value hit $0.51 as it trended with the observation that it may not be able to follow the rally currently enjoying the crypto market. And so, the bearish sentiment continued for ADA.
The CoinMarketCap community has predicted that Cardano will most likely trade at $0.7311 on August 31 this year. Others predict that the ADA could rise 19% in August.
ADA total market cap at $17.7 billion on the daily chart | Source: TradingView.com Featured image from Cryptocurrency News, chart from TradingView.com