Cardano (ADA) has been one of the best performing altcoins in the past few weeks. The coin rose to $0.50 on February 28 and is currently trading at $0.58.
The increase in ADA price can be attributed to recent developments in the Cardano ecosystem. The Mary Hard Fork upgrade was successfully activated on March 1. The upgrade brought changes to the network’s consensus algorithm, making it more secure and scalable.
The Coin Bureau host, one of the most popular YouTubers in the crypto space, tells its 2.1 million YouTube followers that Vasil, the seventh-largest cryptocurrency by market capitalization, is on the way to rise about 20% from current levels before the upgrade.
Vasil Upgrade Set to Invite New Cardano Investors
According to the Youtuber, the Vasil fork scheduled for September 22 will be able to place bets on the Cardano network. This is likely to lead to an influx of new investors and an increase in ADA prices.
“Then there is Cardano, which is rallying for the same reason as I discussed earlier, with the confirmation of the date of the Vasil hard fork…
I expect ADA to rally towards the $0.60 level so that it can resume its medium-term uptrend. Given the renewed interest in Cardano, I believe this is a real target,” said the Youtuber.
According to Coinmarketcap, ADA is currently trading at $0.4629 with a trading volume of $865,791,619 and a market capitalization of $20,830,606,591. The total circulating ADA coins in the market is 34.18B ADA. At the time of writing, Cardano is down 2.43% over the past 24 hours. It is ranked seventh on CoinMarketCap’s list of digital assets.
Cardano price is currently trading below the $0.50 level, which is a major resistance area. The $0.60 level is the next major resistance area for ADA bulls. If the price can break above this level, it could start a new uptrend with gains of around 20%.
The Vasil hard fork is a significant event that could trigger a new wave of investments in Cardano. The fork is set to be activated on September 22 and will enable bets on the network. This could result in an influx of new investors and increase the price of ADA.