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Cardano Price Forecast: Can Vasil Hard Fork and Celebrity Addition Boost ADA?

Key Insights

  • The most anticipated Development for Cardano is its Vasil Hard Fork.

  • CIPs are coming with June’s Hard Fork on Cardano.

  • The American comedian and actor Martin Lawrence is coming to Cardano.

Cardano (ADA) is one of the largest Proof-of-Stake (PoS) blockchain platforms that undergoes numerous updates, developments, and implementations within numerous applications.

It is an open-source project that was originally founded in 2017, and over its time within the crypto sphere, it has managed to reach the number 6 spot in the top 10 list of cryptocurrencies based on its market capitalization.

Cardano has seen a lot of utility in the field of decentralized finance (DeFi), decentralized applications (dApps) as well as non-fungible tokens (NFTs), and things are getting a lot more interesting from month to month.

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Input-Output is the company responsible for the development of the Cardano blockchain.

The Vasil Hard fork and NFT Push on Cardano

The most highly anticipated upgrade throughout the Cardano (ADA) community is currently the launch of the Vasil hard fork. This upgrade was originally described on Emurgo’s official blog on April 28, 2022.

This hard fork is expected to have a much higher effect on the network, even more than its previous hard fork known as Alonzo, which was launched in September of 2021.

Specifically, the Vasil Hard fork will implement features such as pipelining, which is intended to contribute towards the enhancement of block diffusion, which can lead to better scaling. If you are curious about what a fork is, and how it actually works, you can learn about Bitcoin forks to get a better perspective.

There is also the introduction of CIPs (Cardano Improvement Proposals), which are a representation of new features on the Cardano network that are key to bettering the blockchain network.

The upcoming hard fork will introduce CIP-31: Reference Inputs, CIP-32: Inline Datums, CIP-33: Reference Scripts, and CIP-40: Collateral Outputs.

The upgrade is also intended to improve the overall experience for developers that will create new decentralized applications (dApps) on top of the blockchain, and the Cardano team has been working on fixing bugs that are found in the old protocol, which is ultimately tailored towards increasing its adoption.

Alongside all of this, an NFT-based application aimed at making NFTs accessible to everyone on Cardano, NFT-MAKER.IO, announced that Martin Lawrence would be coming to Cardano.

Specifically, Martin Lawrence and Charles Hoskinson, the founder of Cardano, will be holding a Twitter Space on June 7, 2022, at 2 PM (PST), which will be hosted by Patrick Tobler, the founder of NFT-MAKER.IO.

The Cardano Vasil hard fork upgrade will go live on June 29, 2022.

Technical Indicators

At the time of writing, on June 6, 2022, the Cardano (ADA) cryptocurrency was trading at $0.6366.

Within the span of the last 24 hours, the Cardano (ADA) cryptocurrency saw an increase in value by 13.97% and an increase in its overall trading volume by 122.29%.

This gives us an indication that there is a lot of interest surrounding the ADA cryptocurrency.

When we take a look at the all-time high of the token, ADA reached a value of $3.09 on September 2, 2021.

When we put all of this into perspective, it is clear that the ADA cryptocurrency is trading at $2.4534 under its all-time high value, or 79.4% under that price point.

Diving a bit deeper into the cryptocurrency, we can see that its 7-day low was at $0.5194, while its 7-day high was at $0.6722.

With all of this in mind, we can see that the next resistance level for ADA is at $0.7, and if it manages to break past it, we can see it climb up to even $1 by the end of June.

However, ADA needs to avoid dipping under $0.6 if it wants to retain this momentum long-term, as this could lead to a bearish outcome for the token.

At its current price point of $0.6366, ADA is at a solid entry point for both new and experienced investors due to the fact that the anticipated hard fork and its collaboration with celebrities in the NFT sphere are promising.

This article was originally posted on FX Empire

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