Cardano is one of those crypto projects that crashed and never managed to make any comeback. Its ADA price has been consolidating since mid-May with no sign of a breakout. This is true however for most cryptocurrencies, as the general crypto sentiment is bearish. Cardano recently deployed its Vasil upgrade, but ADA prices did not seem to have reacted positively yet. Why is Cardano down despite Vasil update?
What is Cardano ADA?
The blockchain network Cardano (ADA) is regarded as one of Ethereum’s main rivals. Because Cardano is one of the most adaptable and, more importantly, a technically great blockchain network on the market, combining security, decentralization, and scalability. The ADA, the network currency for Cardano, may be used for fee payment and staking.
Cardano is distinguished primarily by its commitment to the scientific advancement of the blockchain. The Cardano Foundation utilizes scientists and research-based techniques to advance Cardano.
What is Cardano Vasil Hard Fork?
What is a Hard Fork in Crypto?
A hard fork in the context of blockchain technology is an update to the consensus guidelines. In certain circumstances, this occurrence can result in the network forking, or splitting into several blockchains with different nodes, as a result of disagreements among the validator and developer communities. This occurred with Bitcoin and Bitcoin Cash, among other well-known examples, as a result of disagreements about raising the block size.
How many Hard forks did Cardano have?
So far, Cardano managed to run four successful hard forks to-date:
- Shelley in July 2020
- Allegra in December 2020
- Mary in March 2021
- Alonzo in September 2021
What is Cardano Vasil Update?
The Vasil hard fork is an upgrade to the Cardano network that is set to further improve scalability, some security loopholes and other minor enhancements in the blockchain. Because the Cardano hard fork is planned to apply enhancements guided by the developer firm IOG, the blockchain won’t divide as in a typical hard fork.
The Vasil hard fork will be the most challenging update in Cardano’s history, according to its founder. Changes to their smart contract language and new primitives will be part of the most recent upgrade, which will further improve the blockchain.
Cardano Price Prediction – Will ADA go up after Vasil?
The cryptocurrency community has high hopes for the update and anticipates a rise in Cardano’s price from now until the end of September. It is evident that hard forks have previously driven the price of ADA higher. The costs of the past two upgrades have increased by more than ten times, and the most recent Alonzo hard fork in 2021 caused Cardano’s price to increase by more than three times in less than three months.
In addition, if viable DApps start to arise on Cardano, the blockchain is poised to become a developer’s paradise, which might eventually lead to an increased usage of the blockchain. Investors should take note of this as some may decide to purchase ADA. This is especially true because of ADA’s technical formation. Prices are currently in consolidation mode and have a big possibility of moving higher. Of course, this is all tied up to the overall crypto market’s price action.
Is Cardano Good to Buy now?
If you’re looking to invest in ADA and buy its current consolidation price, you’ll be able to purchase around $0.46. Your targets would be the following:
- First Target: $0.55
- Second Target: $0.60
- Third Target: $0.75
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Source: https://cryptoticker.io/en/why-is-cardano-down-despite-vasil-update/