Cardano braces for a big move in readiness for the hard fork

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The Cardano community is preparing for a hard fork that is scheduled to occur on September 22. The hard fork will enable several upgrades to the Cardano protocol, including the activation of smart contracts. Here are some points to note:

  • On September 22, the Vasil hard fork will take place in Cardano.
  • In the past week, ADA has increased by more than 12%.
  • Although the token may struggle at first, the hard fork will be a major catalyst for growth.

On September 22, the Cardano ADA/USD blockchain long-awaited hard fork upgrade will take place. On September 2, the development team announced via tweet that they had completed testing all core components successfully.

The Vasil upgrade could help Cardano’s network handle more transactions and reduce the cost of each transaction.

After several delays due to software bugs, Cardano is set to have a hard fork. This event could be critical for the native token, which has been suffering in the market. If everything goes well, this could be bullish for the token and help it recover some ground.

This hard fork is significant because it will mark the first time that Cardano will be able to support natively-executable; smart contracts.

This will open up a whole range of new possibilities for the Cardano platform. And could potentially make it one of the most powerful decentralized application platforms in the world.

In preparation for the hard fork, the Cardano team has been working hard to ensure that the network is ready. And able to handle the increased traffic and activity that is expected.

They have also been engaged in many community initiatives to raise awareness about the event and its significance.

With everything now in place, it looks like Cardano is primed and ready for a big move. The hard fork is scheduled to occur on the 22nd of September. And it is expected to be a defining moment for the platform.

Cardano is having trouble staying above $0.5 amid weekly gains

Data Source: Tradingview

Cardano is presently in a strong upswing, with prices stabilized at the $0.44 support level. The currency has changed from bearish to bullish ahead of the Vasil upgrade. Market sentiment, on the other hand, remains gloomy, which might result in significant drops for ADA.

The ADA price is rising, and the MACD indicator has moved on the upswing. This suggests that the price may continue to rise. The level of Cardano’s activity has increased.

In August, there were 49.1 million on-chain transactions. This implies that investors are discovering Cardano appealing, which will raise the value of ADA.

Cardano’s price is up 3.2% in the last 24 hours, and it is testing the $0.46 resistance. A breakout above this level could see Cardano resume the uptrend to $0.5.

On the other hand, a move below the $0.44 support could invalidate the bullish thesis and send Cardano back to the lows. However, with the hard fork on the horizon, buyers will likely step in to defend key support levels.

The hard fork is expected to improve the network’s efficiency and enable more use cases. Therefore, ADA holders are optimistic that the upgrade will push the price higher in the long run.

Cardano is currently the seventh-largest cryptocurrency with a market cap of $13.4 billion.

Final thoughts

Cardano is seeing an increase in activity as the Vasil upgrade approaches. The update, set for September 22, could cause a price rise. Even though the general crypto market is down, ADA could face trouble breaking past $0.5.

The best course of action for investors would be to wait for a breakout or take advantage of a potential dip in price. For those looking for stability, ADA is a good option to consider.