Less than 24 hours are left for Cardano (ADA)’s most ambitious upgrade. All three metrics needed to start the Vasil hard fork have been met. The Cardano Vasil upgrade will take place on September 22 in less than 24 hours. The Cardano team noted that the three “critical indicators” required to trigger the upgrade are now met. Here are the details…
IOHK announces they are ready for Cardano Vasil hard fork
A September 21 update on Twitter by Input Output Hong Kong (IOHK), behind Cardano, is ready for a hard fork of 13 cryptocurrency exchanges in the last 48 hours, representing over 87% of Cardano’s (ADA) liquidity. confirmed that they are. Only Coinbase, one of the best exchanges for ADA liquidity, does not seem to have completed the integration. However, a recent tweet by Coinbase implied that it will support the fork, saying that ADA transactions will be halted for maintenance “for Cardano Vasil hard fork.”
Vasil launch, originally intended for June, was delayed due to a bug that caused incompatibility issues in the latest node version. cryptocoin.com As we have also reported, the launch day has changed twice. Currently, there does not appear to be a problem with the latest versions. In addition, more than 98 percent of mainnet blocks are created by updated nodes. Finally, the dApps have also confirmed that they are ready. This confirmed all three metrics required for the upgrade.
ADA started to be talked about on social media: What will the hard fork bring to the network?
Due to the news of the upgrade, the shares about ADA on social media in the last seven days increased by 35.16 percent. This data was provided by Santiment. When the update happens, it will be one of the most important developments since the Alonzo hard fork that brought functionality for smart contracts for the first time.
This upgrade; smart contract developments aim to provide lower costs and increased efficiency in the network. IOHK said one of the most significant upgrades the fork brings is faster block generation. The Vasil upgrade is named after the late artist Vasil Stoyanov Dabov, a member of the Cardano community.
20 percent rise expectation for ADA
Meanwhile, Cardano price is showing a repeating pattern before triggering an explosive rise, according to one analyst. Cardano price dropped 13% on Sept. 21 to drop below the $0.435 support level. This move was followed by a rapid recovery. According to analyst Akash Girimath, this showed a willingness to go higher and the presence of buyers who stepped aside. According to the analyst, this indicates the formation of a liquidity fractal, which signals the beginning of a rally.
Looking forward, traders can expect Cardano price to surge towards $0.472 and retest the $0.055 hurdle. This move will create a 14% rise, but that’s not where the upside will be limited. Depending on the market conditions, participants can expect a reversal at the $0.055 resistance level. In total, this increase will constitute a 20 percent gain. However, the analyst says the upside for ADA will be limited.
On the other hand, if Cardano price fails to stay above $0.435, it will signal a weakness in buyers. The bullish thesis will be invalidated if ADA produces a daily candlestick near $0.435 without a quick recovery. In such a case, investors should be ready for a 12 percent drop in Cardano price to $0.380, according to the analyst.
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