Investors of Cardano anticipate the Vasil hard fork, which is thought to shift the game for the Ethereum-killer network. The upgrade of the altcoin may operate as a bullish catalyst for the price of ADA, giving traders the chance to profit from the rumor.
Cardano developers said that the development is on schedule for the Vasil hard fork after resolving difficulties found in the most recent test. The Cardano hard fork is anticipated to speed up network traffic and enhance the growth of dApps and smart contracts.
The Cardano creator Charles Hoskinson explained the delay in the Vasil hard fork as being caused by problems detected in the code and the time needed to adequately test the upgrade. Cardano gets closer to the event as stake pool operators update their nodes to version 1.35.3.
In a recent tweet, Cardano expert and trader Dan Gamberdello provided his opinion on the Vasil hard fork. The hard fork, according to him, is taking place during a bear market. Due to the fact that projects on the network would have a strong launchpad ready before the bull market, this may historically turn out to be the optimum timing for ADA.
What effects might the growing Cardano ecosystem have on the ADA Price
ADA experienced a bearish start to the day, dropping to a low of $0.458 early on. ADA reached a late high of $0.474, avoiding the First Major Support Level at $0.451. Before dropping down to $0.465, ADA breached the First Major Resistance Level at $0.467.
To reach the First Major Resistance Level at $0.473 and the Thursday high of $0.474, ADA must advance past the pivot point at $0.466. The First Major Support Level at $0.457 would become the next target for the bears if the pivot is not crossed.
The Vasil testnet is currently hosting Marlowe contracts, according to Cardano’s weekly development report. The Daedalus team revealed that 1065 applications are now being developed for the Cardano network and that 93 projects are already up and running on it. The team also published wallet versions for new testing settings. Total Value Locked, a measure like market capitalization for the Ethereum-killer, increased to $83 million.