Cardano Price Prediction: Is ADA All-Set to Explode?
The long-awaited Cardano Vasil update has been launched today since all three essential indicators required to trigger it have been completed. It was planned to be launched in June, but due to a glitch in the node version, it has been postponed to September 22.
This upgrade improves the smart contacts and network bandwidth. It is a major update after last year’s Alonzo’s rugged fork. Vasil update leads to quicker block invention and fast verification. It is named after a genius Bulgarian mathematician Late Vasil Stoyanov Dabov, a representative and diplomat of the Cardano community.
Cardano runs more than a thousand decentralized projects all over the world, with a total market valuation of $15.7 billion. We do not notice any significant price movement after the Vasil update; maybe it is not a hyped event like Ethereum’s Merge upgrade. That is why the chance of an ADA price fall is negligible at this time. However, if the update runs well, then we can find a potential rally for the long term.
Are you interested in long-term investment? Read our technical analysis and prediction to know the Cardano future.
At the time of writing, ADA was trading around $0.46. In the short term, it has been consolidating between $0.65 and $0.42. During May-July, we saw a sidewise movement, but in July-August, there was an uptrend. Cardano’s price changed the momentum in August and is now consolidating between $0.42 and $0.5.
Based on the technical side, RSI is over 40, and candlesticks are forming around the baseline of the Bollinger Bands. We think ADA will not break the support of $0.4. That is why it is an ideal time to buy for the short term.
On the weekly chart, candlesticks are consolidating within the lower Bollinger Bands. We can find strong resistance around $0.55, but Cardano has been forming lower lows around $0.47, $0.44, and $0.42, so we can expect another lower low around $0.40 which could be a support of this coin for the long-term.
It is not a good time to invest for the long term in ADA until it starts an upward rally breaking the resistance level of $0.7. If you are interested in long-term investment, Cardano is a good coin that can be treated as an asset. You can accumulate some coins for the long term, but it would be better to add ADA to your watch list and start investing when it confirms an uptrend.