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.
Source: Read Full Article