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Cardano’s Vasil Update Goes Live Ahead of Mainnet Launch on July 3rd
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Whales Depositing Cryptocurrency Ahead of Hard Forks
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ADA price remains soft, but recent accumulation points to a potential spike
Cardano’s ADA/USD is a cryptocurrency that investors are highly anticipating for a return. The optimism is related to the expected mainnet hard fork, which increases the scalability of Cardano. Initially scheduled for June 29, the Cardano developers have rescheduled the date to address important issues. The price of ADA has been moving with the general crypto trends since then. Investors are hoarding tokens.
Sentiment indicates that ADA investors increased their holdings to around 80 million tokens in June. Investors hold between 10,000 and 100,000 tokens. Sentiment data also indicated that ADA sales have declined significantly since mid-June.
Investors are counting on the Vasil upgrade, which is expected to increase the price of ADA soon. The date of the last upgrade is yet to be confirmed. The Vasil update went live on the network testnet on July 3. With these developments in place, it’s worth figuring out when to buy ADA.
ADA slips to support amid bearish pressure
Source – TradingView
ADA is stuck between the $0.51 resistance and $0.44 support for a month. The moving average and MACD indicators are currently showing bearish signals. We see this area as a potential turnaround for ADA. Long term buyers should consider buying near the $0.44 low. If the resistance level of $0.51 is successfully surpassed, ADA will experience a sustained momentum. Investors should now watch for price action and a potential bullish reversal at $0.44.
summary
Cardano is experiencing an increase in whale activity despite the downturn in the market. ADA price is under pressure as technical indicators show bearish signs. However, the price remains supported at $0.44 and a bullish reversal is likely.
Moments after Cardano’s decision added another $37 million in June as whales first appeared on CoinJournal.