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The Cardano platform is approaching the Vasil hard fork upgrade, while the remaining candidates have generated 94% of the blocks. Many experts think this hard fork is the second most anticipated event in the crypto industry. As a result, the ADA price is expected to rise in the next few weeks.
The Ethereum community has successfully launched the Merge upgrade on the main net. It will improve the underlying infrastructure of this network while reducing the negative impact on the environment.
The Vasil hard fork will be completed on September 22, so the Cardano community is also excited about this long-awaited change. It will result in higher efficiency and scalability of this network, and it will significantly increase the price of ADA as Merge has influenced the ETH price.
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Even after the Merge upgrade, the developers are trying to reduce the transaction costs and increase the performance of this network. Vasil hard fork also influences the network similarly by increasing the performance, which will attract more users.
Overall it will increase the market cap of the ADA cryptocurrency. If you are interested in investing in Cardano to benefit from this hard fork update, read our ADA forecast before investing.
At the time of writing this post, ADA was trading around $0.46, which is a support for the short term, but the coin has been consolidating within a range of $0.55 and $0.4, where $0.5 is an initial resistance level.
We think it is not a good time to invest for the short term. On the technical side, candlesticks are forming around the baseline of the Bollinger Band, RSI is at 45, and MACD is all set for a bearish crossover, making it unsuitable for short-term investment.
After hitting an all-time high of $3.1 in September 2021, Cardano has been in a downtrend for the last year. Will this Vasil hard fork make any changes to the price chart? On the weekly chart, ADA has formed three lower lows around $0.48, $0.44, and $0.42.
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However, it has formed a resistance of around $0.55. Though candlesticks are forming within a range, it is not an ideal time for long-term investment. You should not invest for the long-term until it crosses the crucial resistance level.
