March 24, 2023

Cardano [ADA]Price action is negative as the 7-day chart is mostly painted in red. After the recent price crash, ADA Resistance is shown at $0.4694.

However, recent developments regarding the long-awaited Vasil hard fork have changed that somewhat. As of Aug. 26, these developments helped ADA break through resistance. However, at press time, ADA is trading at $0.437. This comes after an 8.5% drop in 24 hours to a market cap of $14,788,618,150.

Source: CoinGecko

What’s new on the table?

Despite all the major hard fork-related updates recently mentioned by Input Output Global, ADA is still in the red.

The Twitter post hinted that the date for the Vasil hard fork could be imminent after a delay of several months. Additionally, SPOs running node 1.35.3 will now account for over 40% of mainnet block production. This can be considered some nice improvements compared to previous weeks.

The IOG’s goal is to push that number to 75% before the hard fork, and new data suggests they may be on the way soon. Additionally, IOG mentioned that no additional bugs were found in recent tests, suggesting that the Vasil hard fork is imminent.

Additionally, IOG revealed that Binance is also updating its Cardano node, which will ensure a smooth hard fork rollout in the near future. Interestingly, Cardano was also included in the “Top Brand Intimacy of 2022” list at No. 26, further enhancing the value of the company.

ADA price action

ADA’s price action reflects these developments, and after a week of declines, ADA Shares rose as of Aug. 26. However, as of August 27, ADA has seen a decline. While the price of ADA has dropped, development activity has increased significantly.

Source: Santiment

On August 26, an ascending triangle pattern formed on the four-hour chart of ADA. This could indicate a possible uptrend in the coming days. The exponential moving average (EMA) ribbon also suggests that the market’s bearish dominance is coming to an end. This can be said that the 20-day EMA is steadily approaching the 55-day EMA.

Furthermore, Bollinger Bands state that, ADAprices are in contractionary territory. Therefore, considering all the developments and the current price of alt, ADA can choose to be short or long in the coming days.

Source: TradingView

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