Cardano is one of the few cryptocurrencies that is defying the current negative trend. While bitcoin, the industry’s flagship, dropped 8% of its value, Cardano gained more than 12% in the meantime.
The coming Vasil hardfork is one of the reasons the ADA pulled off this accomplishment. This should allow for the first stone to be laid at the end of the month, allowing the blockchain to become scalable and therefore better equipped to fulfill the future requirements of DeFi initiatives.
In the past, the price of the ADA has always risen dramatically when a fundamental upgrade is approaching. Founder Charles Hoskinson confirmed that the network was undergoing “exponential growth” in the context of the current hardfork.
However, Input Output Global (IOG), the company behind Cardano, has already made a few additional capabilities available to its users. Among them is the Lace wallet, which is predicted to become the next lightweight blockchain wallet due to its better functionalities and user-friendliness.
An EVM tool has been added to make it easier for Ethereum developers to transition to Cardano. They may now construct Solidity-based applications natively or transfer them from Ethereum to the ADA platform.
Cardano Technical Course Evaluations
Cardano managed to keep its price above the cycle low of $0.4029. Following the recent low of $0.4376, there was a comeback and a spectacular recovery.
This has nearly approached the 23.6 percent Fibo retracement of $0.5214, where resistance exists. If it is passed at the close of the day, the positive trend might extend towards the 38.2 percent Fibo retracement of $0.5947.
If that doesn’t happen, the recent low will be tested for support.