Kelvin Maina believes ADA is undergoing an aggressive bearish momentum but may start another bullish trend. Meanwhile, Peter Brandt highlighted that it shows a bearish continuation pattern resembling BTC before its 50% crash in 2018.
The long-awaited upgrade on Cardano, the Vasil hard fork, scheduled for September 22nd, is approaching. This upgrade is the most important for the network, as it will bring it more capacity and cheaper transactions.
In addition, the hard fork will help developers create more powerful and efficient blockchain-based apps with improvements to Plutus.
The Vasil Upgrade Might Influence the Price of ADA
However, many expect the upgrade to influence the price of ADA, the eighth-largest cryptocurrency by market capitalization.
ADA has struggled for months to rebound to the USD 1 level it reached in March. Many experts believe the Vasil hard fork will drive the price higher. However, this will depend on factors regarding the successful implementation of the upgrade.
It is relevant to remember that Ethereum successfully implemented the Merge upgrade but that the price of Ether (ETH) has not risen yet.
ADA is trading at around USD 0.447081 and has accumulated a 1.1% gain over the last 24 hours. While its daily trading volume is above USD 474.14 million, its market capitalization is about USD 11.41 billion, according to CoinGecko.
The Vasil Hard Fork Might Drive the ADA Price Higher
Analyst Kelvin Maina believes the price of ADA is undergoing an aggressive bearish momentum. However, he noted that it would probably start another bullish trend, moving beyond USD 1 due to the Vasil upgrade.
The expert said the price of ADA would very probably break above USD 1, outperforming the Ethereum Merge. Despite user traction, the latter has not affected the trend in the price of Ether significantly.
However, Maina said that ADA might pull back below USD 0.4 if the Vasil hard fork does not succeed. In that case, it would invalidate the upward trend.
The cryptocurrency analyst said the reports indicate that the Vasil upgrade has undergone testing for months and may continue without issue.
There Might Be Further Drops in the Price of ADA
Peter Brandt, an experienced trader, highlighted that ADA shows a bearish continuation pattern mimicking Bitcoin (BTC) before its 50% crash in 2018. In other words, he forecasts a 50% decline in the price in the next few days. If the ADA falls by 50%, as Brandt assumed, it could reach levels of around USD 0.22.
If that descending triangle continues, the price of ADA should suffer another significant drop. That would allow it to bottom out before resuming the bullish trend.
Cryptocurrency investors should research ADA before buying it to know its all-time high, behavior, and possible future price. That will help them find the most convenient investment opportunity to avoid the risk of losing money. It is only a matter of time before seeing where its value will head after the Vasil hard fork.
By Alexander Salazar