Cardano prepares for a breakout
Cardano is set for the Vasil hard fork on September 22
ADA has surged by more than 12% in the past one week
The token faces immediate resistance, but the hard fork is a major bull trigger
Cardano ADA/USD blockchain will undergo the long-awaited hard fork upgrade on September 22. A tweet by the development team on September 2 pointed out that testing all core components was successful. The Vasil upgrade will grow Cardano’s network capacity and reduce transaction costs.
Cardano hard fork comes after several delays, which developers attributed to software bugs. With these issues now ironed out, investors could be looking at Vasil as a critical event. That would be bullish for the native token, which has largely been dented by the market sentiment.
Cardano faces immediate resistance at $0.5 amid weekly gains.
Source – TradingView
From a technical perspective, Cardano is bullish after settling at the $0.44 support. The token has turned bullish ahead of the Vasil upgrade. However, market sentiment remains subdued, adding some breaks to ADA.
$0.5 is the level to watch as ADA turns bullish. The MACD indicator has turned bullish in line with the price surge. Already, the level of activity on Cardano is rising ahead of the hard fork. In August, the number of on-chain transactions on the network rose 4.49% to 49.1 million. It suggests that investors are finding Cardano attractive, a milestone that will boost ADA price.
Cardano is witnessing a surge in activity ahead of the Vasil upgrade. The upgrade, expected on September 22, is a potential price trigger. ADA price could face resistance at $0.5 even as the overall crypto sentiment remains weak. Investors can buy after a breakout or take advantage of a potential retracement. ADA is a hold for investors looking to lock value.