Cardano Loses $1 Foothold Despite Upgrade Announcement
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Free Crypto Signals Channel
Free Telegram Channel
On the innovation front, Cardano continues to prove itself a strong competitor in the DeFi and smart contract space as it announced an upcoming network upgrade. The IOHK and Cardano development team are reportedly working on a hard fork termed “Vasil.”
In a video session on YouTube earlier this week, Cardano CEO Charles Hoskinson revealed that the upgrade would introduce a wealth of features and improvements to the network, especially regarding DeFi apps, smart contracts, and DEXs.
The comments from Hoskinson ignited an excited reaction from the ADA community, which could be good for the price in the near term.
Apart from network performance enhancement, the Vasil hard fork will reportedly foment catalyze mass adoption of ADA. This further bolsters the near-term possibility of a bullish row. Many analysts have postulated that the price is set for a surge to $20 over the medium term. However, this forecast is based on the performance of the network in the future.
Key Cardano Levels to Watch — April 15
As trading momentum and volume continue to prove elusive, ADA planted a leg down to $0.900 on Monday amid a reversal from the multi-month channel top. However, the cryptocurrency appears to have regained a grip on price action, as a move below $0.900 seems unlikely in the near term.
That said, ADA needs a push above the $1.000 barrier to further stall the bearish momentum. Regardless, a bullish sentiment will only return to this crypto after it reclaims the $1.050 line, where my 100 EMA resides.
With the weekend, which is typically volatile for the cryptocurrency market, at our doorstep, Cardano could encounter a make or break moment, as bulls aim for the $0.700 midpoint while bulls the $1.100 in the near term.
Meanwhile, our resistance levels are $1.000, $1.050, and $1.100, and our support levels are $0.900, $0.800, and $0.700.
Total Market Capitalization: $1.86 trillion
Cardano Market Capitalization: $31.7 billion
Cardano Dominance: 1.7%
Market Rank: #8
You can purchase Lucky Block here. Buy LBlock
