Cardano Price Prediction: ADA Probes $0.55 Resistance, Eyes Breakout Towards $0.69 Despite Vasil Delay
- Cardano tested but was unable to break above its recent highs in the $0.55 area on Friday.
- ADA seemed unfazed by the news that the Vasil hard fork upgrade has been delayed for a few more weeks.
- Most ADA proponents on Twitter were not phased by the delay, saying it is better to do the upgrade properly.
Despite the somewhat disappointing news that Cardano’s Vasil hard fork upgrade will not take place for another few weeks, the native token that powers its blockchain ADA is performing well, in tandem with a positive tone to trade across cryptocurrency markets. ADA/USD was last changing hands around $0.52, having tested monthly highs near $0.55 earlier in the session.
If sentiment in the crypto space continues to improve in the coming sessions, helped by further upside on Wall Street, then ADA is in with a decent shot of breaking above $0.55 resistance. Analysts think this could open the door to a run higher towards late-May highs near $0.69.
Cardano’s Vasil Hard Fork Delayed Again
In a YouTube update released on Thursday, Cardano’s developer Input Output Global (IOG) said that the blockchain’s Vasil hard fork upgrade has been delayed once again. IOG’s technical manager Kevin Hammond explained that the delay is so that exchanges and API developers are “ready”, while IOG has also been focused on fixing a few testnet issues. “There could be a few more weeks before we go to the actual Vasil hard fork… All the users must be ready to progress through the hard fork to ensure a smooth process,” Hammond said.
Recall that the Vasil hard fork was initially scheduled to go ahead in late-June, but was delayed, resulting in downside in ADA’s price at the time. Analysts think a successful upgrade could be a big potential bullish driver for ADA in the months ahead.
This seems to be the view of users of the popular cryptocurrency intel website CoinMarketCap. According to the website’s “Price Estimate” feature that allows users to submit their views on where a cryptocurrency will be trading at some specified time in the future, Cardano is seen rallying between now and the end of August.
Out of 14,607 votes cast, the average forecast is for ADA to reach $0.7249 per token, over 40% higher than current levels, by the end of August. The median forecast was for a rise to $0.6347, a more than 20% gain from current levels.
Twitter Reacts to Hard Fork Delay
“Kinda depressed by confirmed delays for Vasil,” said one Twitter user. “With all the dapps awaiting Vasil functionalities to drop, this is like declaring that Christmas is delayed. #Cardano is the worst Santa. I want my presents damn it.”
Kinda depressed by confirmed delays for Vasil. With all the dapps awaiting Vasil functionalities to drop, this is like declaring that Christmas is delayed. #Cardano is the worst Santa. I want my presents damn it.
— Allen Wu (@AllenWu29331265) July 29, 2022
Crypto enthusiast and founder of Crypto Capital Venture CEO Dan Gambardello encouraged those irked by Cardano hard fork delay to “relax” and “let it take place”.
— Dan Gambardello (@cryptorecruitr) July 29, 2022
Elsewhere, Twitter user @Bitboy_Crypto opined that “There have been numerous delays in crypto recently… ETH 2.0, difficulty bomb, Cardano hard fork, Spot ETF applications, #Ripple lawsuit, etc… You need to realize these are GOOD things due to current market conditions. You want these things to sort out closer to next bull run.”
There have been numerous delays in crypto recently.
ETH 2.0, difficulty bomb, Cardano hard fork, Spot ETF applications, #Ripple lawsuit, etc.
You need to realize these are GOOD things due to current market conditions. You want these things to sort out closer to next bull run
— Ben Armstrong (@Bitboy_Crypto) July 3, 2022
Meanwhile, according to @ADA_King_, “delay is nothing in the grand scheme of things” and “I want things done right…done the #Cardano way”.
This is what makes us the best blockchain. We learn from others mistakes…we double check. We do it right the first time. When money is on the line, this is the way.
— ₳DA 👑 (@ADA_King_) July 29, 2022