Will Vasil Hard Fork Trigger Cardano (ADA) Bull Run?

Cardano has been looking towards its most recent hard fork titled Vasil Hard Fork. This will improve not only the efficiency of the network, but also make the network more developer-friendly as a whole. The countdown to the hard fork has been a source of hope for many. Since the price of Cardano’s native cryptocurrency ADA has been struggling so much, the hope is that the launch of the hard fork will give it a push towards recovery.

Why is the Vasil hard fork important?

For a network like Cardano, which is experiencing rapid growth, it becomes imperative that the network perform even better than it already does. This includes better network speed and of course higher performance and scalability to handle all the activity.

With over 1,000 projects in development on the network, Cardano is also looking to make the network more developer-friendly. More projects are expected to be incorporated given its better performance compared to Ethereum and the network plans to accommodate all of these with ease.

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The Vasil hard fork is still over two weeks away on the mainnet, but there is already a lot of talk and hope surrounding it. He currently runs on the Cardano testnet, which improves the efficiency of smart contracts. After the launch on June 29, smart contracts on the Cardano network will be cheaper and faster to work with.

Cardano (ADA) Price Chart from TradingView.com

ADA downtrend continues | Source: ADAUSD on TradingView.com

Vasil follows the biggest hard fork yet on the Cardano network; the Alonso hard fork. Alonzo had brought smart contract capabilities to the network. However, Vasil will build and improve on this foundation to make it a more efficient network.

Cardano (ADA) on the charts

Cardano (ADA) price movements over the past six months have been brutal. The digital asset that had peaked at $3.10 simply lost all of its holdings, causing it to plunge over 80% from this all-time high. This has put the cryptocurrency in the hands of sellers and they continue to drag the price lower.

However, ADA has seen some significant rallies that have brought it closer to its 50-day moving average. But as long as the trend below this line continues, the outlook remains bearish for ADA. It is also significantly below its year-to-date moving average and this also paints a bearish picture for the altcoin.

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However, investor outlook towards the digital asset has improved. This is mainly due to the anticipation around the Vasil hard fork. The growth of the Cardano DeFi sector has also played a significant role in this improvement in positive sentiment. If this continues, the ADA may see the $1 mark before the month is out.

Featured image from Bitcoinist, chart from TradingView.com

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