Cardano’s Vasil Upgrade Promises To Be ADA’s Boom, But That’s Fast Changing

Cardano’s Vasil Upgrade Promises To Be ADA’s Boom, But That’s Fast Changing
Reviews & LongReads
Like? Do Rank It! Likes

Although ADA has seen consecutive price slides with most of the market in the past few weeks, the Cardano ecosystem had not been hit with any unique negative sentiments that could further affect its price action. However, that appears to be changing as the ADA community doesn’t seem to react positively to the Vasil Hard Fork delay news.

Cardano at $0.5

Amidst the selloffs that have plagued the markets in the past days, the value of ADA decreased by 7% in just two days, having tumbled from its $0.54 high seen on July 31. The month of August has just begun, but it has already seen ADA hit $0.4902 – a level the asset had not touched in 7 days as it had been consolidating on the $0.50 zone.

Although the value quickly retraced above the $0.49 region, a further drop back is not farfetched, taking into account the bearish reality of the lack of support at the $0.50 level. If the sharp slip the markets are envisioning persists for a few more days, ADA could drop back to its $0.45 support.

Nonetheless, with improved sentiments and the worst of the macroeconomic conditions slowly getting behind the crypto community, the recent declines are likely to come to a hiatus since the markets are likely to see an extended period of consolidation. At this stage, a rally to new highs from ADA might not be expected soon, but the asset is likely to hold on to the $0.50 level.

The Vasil Hard Fork delay does not particularly bode well for ADA’s future

The Cardano community had been free of negative sentiments until recently when the technical manager at Input Output Hong Kong (IOHK), Kevin Hammond, disclosed the discouraging news of the Vasil HardFork deferment in a YouTube video 5 days ago.

Hammond noted that the upgrade could be finalised in the coming weeks, stating that the postponement was to make sure everything ran smoothly. The news was received with mixed reactions, and some market analysts have forecasted a negative effect on ADA’s price movements in the coming days.

Cardano’s founder, Charles Hoskinson, taking to his YouTube Channel on August 1, spoke on the matter. According to Hoskinson, bugs were being fixed, and the number of things that could go wrong had become relatively minimal. Hoskinson mentioned that he does not expect any further delays.

At the time of writing, ADA is still looking good despite news of the upgrade delay and the recent retracement in the market. The asset currently trades at $0.513 after bouncing back from the $0.4932 value it reached earlier yesterday. ADA still retains gains of 10.28% in seven days.

Crypto Daily - Crypto And Financial News 11/08/2022 Ripple Buying Celsius?
japan eu eth/usd
4 hours ago

In Todays Headline TV CryptoDaily News: BitPay partners Cardlytics for cash back rewards. BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, added a reward program to its BitPay Prepaid Card. Cardlytics, a cash-back rewards platform, is managing the rewards where the BitPay cardholder automatically receives cash back on purchases. Hackers have stolen $1.4 billion this year using crypto bridges. Crypto bridges, which link blockchain networks together, have become major targets for cybercriminals. A total of around $1.4 billion has been lost to breaches on cross-chain bridges this year, according to figures from blockchain analytics firm Chainalysis. Ripple Labs 'interested' in bankrupt crypto lender Celsius' assets. San Francisco-based blockchain payments company Ripple Labs Inc is interested in potentially purchasing assets of bankrupt crypto lender Celsius Network, according to a company spokesperson. BTC/USD exploded 2.9% in the last session. The Bitcoin-Dollar pair exploded 2.9% in the last session. The Stochastic indicator is giving a negative signal. Support is at 22289.6667 and resistance at 24337.6667. The Stochastic indicator is giving a negative signal. ETH/USD skyrocketed 7.5% in the last session. The Ethereum-Dollar pair skyrocketed 7.5% in the last session. According to the CCI, we are in an overbought market. Support is at 1599.2733 and resistance at 1841.3733. The CCI points to an overbought market. XRP/USD skyrocketed 2.6% in the last session. The Ripple-Dollar pair skyrocketed 2.6% in the last session. The MACD is giving a negative signal. Support is at 0.3499 and resistance at 0.3887. The MACD is currently in negative territory. LTC/USD skyrocketed 4.3% in the last session. The Litecoin-Dollar pair gained 4.3% in the last session after rising as much as 5.2% during the session. The Stochastic-RSI is giving a negative signal. Support is at 55.5833 and resistance at 64.6433. The Stochastic-RSI is currently in negative territory. Daily Economic Calendar: IE Consumer Price Index The Consumer Price Index is a measure of price movements made by comparing the retail prices of a representative shopping basket of goods and services. The Irish Consumer Price Index will be released at 10:00 GMT, Japan's Foreign Investment in Japan Stocks at 23:50 GMT, the US Continuing Jobless Claims at 12:30 GMT. JP Foreign Investment in Japanese Stocks Securities investment referrers to bonds issued in a domestic market by a foreign entity in the domestic market’s currency. US Continuing Jobless Claims The Counting Jobless Claims measure the number of individuals who are unemployed and are currently receiving unemployment benefits. JP Foreign Bond Investment The Foreign Bond Investment refers to bonds issued in a domestic market by a foreign entity in the domestic market’s currency. Japan's Foreign Bond Investment will be released at 23:50 GMT, the US Initial Jobless Claims at 12:30 GMT, the Irish HICP at 10:00 GMT. US Initial Jobless Claims The Initial Jobless Claims is a measure of the number of people filing first-time claims for state unemployment insurance. IE HICP The HICP is a measure of price movements or inflation harmonized across EU Member States. It is similar to the national Consumer Price Indices (CPI). Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

BlackRock announces the launch of a new private spot Bitcoin trust
18 hours ago

The move comes one week after its partnership with Coinbase to provide institutional clients with crypto trading access.