Cardano’s hard fork touted as an opportune moment, but where is the price?

Cardano’s hard fork touted as an opportune moment, but where is the price?

By Motiur Rahman - min read
  • Cardano is expected to undergo the Vasil upgrade later in the month

  • Crypto analyst Michaël van de Poppe sees the upgrade as a bull trigger

  • The analyst thinks ADA price is yet to incorporate the upgrade 

Cardano ADA/USD remains in a defiantly bearish mode. The bearish momentum contradicts the much-expected benefits of the upcoming Vasil hard fork. The upgrade is expected around September 22.

Michaël van de Poppe, a popular crypto analyst, is optimistic on ADA amid the Vasil upgrade. He cites “massive performance improvements” as a bull trigger for the token. Poppe expects a run towards $1.00 ADA price if a successful upgrade occurs. 

Is the lack of momentum on ADA a concern?

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ADA trades at a $0.45 support zone, and a bear market remains in place. That has left the market speculating that more significant drops are possible. 

Poppe has refuted the idea, saying that the most critical levels are not getting hit. The analyst further says that ADA is yet to get boosts by the hype around the Vasil upgrade. He says the low momentum is beneficial for the cryptocurrency. The analysts recommend investors keep watch on technical levels at $0.32 and $0.40.

Source – TradingView

On the technical side, ADA is at or slightly above key support of $0.44 in a bearish market. Despite the expected Merge, ADA has moved with the market sentiment. A break below the $0.44 will depend on the expected rate decision by the Federal Reserve.

Concluding thoughts

ADA is bearish, and bulls need to arrest a drop below $0.44 quickly. A hawkish Fed decision could force a further decline. However, a successful Vasil upgrade could be a game changer for ADA. The upgrade, together with the Fed decision, will be momentous for ADA.