Cardano is among those assets which manifest a diverse trend, not much impacted by the current market trend. Regardless of the volatility & volume, the ADA price is swinging within a very narrow range, which has further squeezed nowadays. Therefore, significant volatility is expected to kick off irrespective of the direction of the rally, shortly.
While the entire crypto space is excited for the upcoming Ethereum Merger, the Cardano community still awaits the announcement of the Vasil hard fork. In the meantime, IOHK, recently shared a mid-week Vasil Upgrade update, highlighting the recent developments. Therefore, according to the founder, Charles Hoskinson, the Vasil Hard Fork is set for September.
Will these updates lead to a fine upswing for the ADA price ahead?
The ADA price in the short-term has broken down from an ascending triangle, but very quickly regained the bullish momentum and surged beyond $0.45. Currently, the price is hovering around these levels but primed to drop back towards the lower support initially at $0.451. If the asset rebounds successfully, then it may further reach the apex of consolidation and finally break above to head towards $0.5.
On the contrary, if the asset fails to rebound at $0.45, then it may further lead to a notable drop towards the last point of defense above $0.4 at $0.417. However, this appears pretty unlikely, as the ADA bulls may defend the support at $0.45 and only in case of extreme bearish action, the price may slide down heavily.
Collectively, the Cardano (ADA) price may remain above $0.4, despite the bearish pressure and rebound finely soon. Moreover, the upcoming Vasil Hard Fork is expected to turn the tables for the asset as it happens ahead of the Alonzo Hard Fork in September 2021.