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Cardano Expects Network Upgrade on Sept 22
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The network has seen an increase in asset inflows over the past week
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ADA recovering after fall in inflation figures
Cardano’s much awaited Vassil upgrade for ADA/USD is drawing to a close. The development team has set September 22 as the date for the hard fork to go live. With the excitement surrounding the hard fork, it is highly likely that there will be buying pressure on the coin.
Well, there is no sufficient proof as to how Cardano will behave when a hard fork occurs. Nonetheless, a digital asset fund flow report has highlighted the growing interest. Over the past week, Cardano has seen an inflow of $400,000. This rate is 4 times the last week’s $100,000 inflow. By comparison, bitcoin products saw an outflow of around $13 million over the past week. Amidst the expected move to the proof-of-stake blockchain was an outflow of $62 million into Ethereum.
The increased inflow into ADA is expected to weigh on the cryptocurrency in the market. A successful hard fork could allow Cardano to outperform the market.
ADA Price Movement and Prediction Before Vasil Upgrade
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Cardano is recovering after continuing losses following Tuesday’s inflation data. While most of the cryptocurrency remains in the red, Cardano is up almost 2% in the past 24 hours. Trading volume is still down 17%, highlighting the mixed reaction.
Source – TradingView
On the technical front, ADA slipped below the 50-day MA. It is trending higher above the 20-day EMA, although the price is still trading below the crucial $0.52 resistance level. At current levels, ADA lacks clear directional movement. If ADA crosses the $0.52 resistance level, a bullish move will be confirmed. The Vasil upgrade could be the next trigger for the bullish momentum.
summary
ADA is recovering after fresh slips. The influx of Cardano products is increasing, which could lead to a surge. Currently, we cannot confirm a bullish bias as the price is trapped above resistance and the 50-day SMA.