Cardano Vasil Upgrade Fails to Impress as ADA Remains in a Downbeat
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The hard fork went live on the mainnet as scheduled on September 22 and was received by massive fanfare and excitement. The upgrade will make the network more efficient and conducive for developers and has been said to be the most important upgrade yet for Cardano.
Despite the numerous benefits it presents to the network, the upgrade has not had the desired effect on the price of the native token, ADA. close to 24 hours since the upgrade and the price of the cryptocurrency remains in a downbeat mood.
That said, some analysts assert that the price action recorded over the past hours comes as no surprise, given the price dynamics recorded over the past few months. A report from on-chain analytics provider Messari shows that the Vasil upgrade event had already been priced in the last month. This suggests that there might be no real chance of the cryptocurrency recording any price reaction to the event.
The Vasil upgrade, which is named after related mathematician Vasil St. Dabov who was a key member of the Cardano community, has been postponed several times before finally launching. This likely caused the hype around the event to die down, casting a gloomy outlook on ADA.
Key Cardano Levels to Watch — September 23
Cardano continues to trade on a downbeat market bias, maintaining a sideways pattern between $0.520 and $0.430 for the past few weeks.
With the Vasil upgrade failing to lend any supporting factor to the token, we could see a continuation of this pattern in the short to medium term, with a possible breakout towards the downside.
Meanwhile, my resistance levels are $0.500, $0.520, and $0.540 and my support levels are $0.440, $0.400, and $0.350.
Total Market Capitalization: $930.8 billion
Cardano Market Capitalization: $15.6 billion
Cardano Dominance: 1.68%
Market Rank: #8
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