ADA suffers from the common evil that cryptocurrencies experience in a bear market, but there are those who still hope for an improvement in its evolution. All due to the hard fork or Vasil hard fork that is expected by the end of this month.
Launched on the Cardano testnet on July 3, the Vasil hard fork is taking shape, while its move to the mainnet is expected to take place, still with no fixed date at the end of this month of July or, as crypto pundits point out, it may even be pushed back to August.
Now therefore completed on the Cardano testnet, Vasil is very significant for ADA, especially as it will raise performance standards. For now, project developers are encouraged to kick off their work on the testnet to ensure that there are no issues when deploying to the mainnet.
When it does, it will enable faster block creation and greater scalability for DApps, the decentralized ones running on Cardano, just as IOHK, the organization that produces Cardano, has promised. Other benefits go through the greater efficiency in your scripts and, above all, because it will help to reduce costs to a greater extent.
ADA Evolution in the Market
As for its evolution as a currency in the market, ADA continues to be immersed, like the rest of the cryptocurrencies, in great volatility and significant declines so far this year. In the last five sessions, it barely cut 0.56%, the monthly losses are large and reach 21.22%, in the three preceding months it yields 51.68% of its price, while in the semester the cut reaches 62.6%. So far this year, the fall is 65.2%.
In addition, the so-called sharks that own between 10,000 and 100,000 Cardanos have added the figure of 79.1 billion tokens, at the exchange rate in dollars of about 37.7 million, to their existing reserves in the last month, according to the data that Santiment implements and collects. An accumulation that is undoubtedly taking place due to the fall in the cost of ADA in the market, since it is trading at 88% of its historical maximum, which was registered last September, at 3.16 dollars per asset.
Such accumulation is not only produced as a mere business, but also as power. And the reason is that, the stronger they are, the more likely they are to mark the next trends of the token, in the face of conflicts such as the increase in volatility that occurs in the market, and even if liquidity is reduced.
This also indicates that they expect a revival of its price, despite the fact that experts expect the downward trend to continue. From Wallet Investor, they consider that the erratic movements in Cardano will continue to occur, and they expect a sharp drop to less than half of its current price, at the end of the year, to recover in 2023.
An Expert Predicts
Crypto analyst Michaël van de Poppe sees a change from resistance to support in the region of $0.46 per asset. He highlights that, if it exceeds the level of 0.47 dollars, its price could accelerate to 0.55 dollars as a new region to take into account. The break of its immediate resistance, according to van de Poppe, would be very favorable for ADA in the market.
By Audy Castaneda
