Cardano buy opportunity before the Vasil hard fork kicks in
- Charles Hoskinson affirms that Cardano supply will remain capped at 45 million, opposing the idea of burning ADA tokens.
- Crypto Michaël set a bullish target for the Ethereum-killer, above ADA’s all-time high of $3.01.
- Cardano price is likely to face resistance at $0.54, after sustaining a retest of the $0.47 level, argue analysts.
Vasil hard fork is scheduled for September 22. Analysts evaluated Cardano’s potential to climb above all-time highs of $3.01 ahead of the massive event.
Is it the right time to scoop up Cardano?
Ethereum’s Merge and Cardano’s Vasil hard fork are two of the most highly anticipated events in crypto history. Both are lined up for September 2022. Cardano’s Vasil hard fork is considered a milestone event for the Ethereum-killer project.
Michäel van de Poppe, CEO and cofounder of Eight Global evaluated Cardano’s price trend and identified bullish potential in the altcoin. The analyst believes that the successful completion of core components and community readiness are indicators of the bullish narrative surrounding the Vasil hard fork.
Cardano’s developers at Input Output Global (IOG) are positive that the Vasil hard fork is on track. Michäel commented on the Vasil hard fork in his recent YouTube video. The analyst identified three key reasons for a rally in Cardano price. Vasil hard fork has the potential to be a bullish catalyst for Cardano since developers will find it easier to build effective projects on the altcoin’s blockchain.
While transaction fees continue to be a roadblock for developers and users of the Ethereum blockchain, Vasil hard fork and the improvement it brings to Plutus means lower transaction fees, boosted smart contract capabilities and wider adoption, all of which could fuel a rally in Cardano’s price.
Michäel argues that Cardano price has the potential to hit $3.01, or exceed the previous all-time high in the current cycle.
ADA-USDT price chart
Analysts at FXStreet retain a bullish outlook on Cardano. Akash Girimath, leading technical analyst argues that Cardano’s price fractal indicates an opportunity to capitalize on a move to $0.50. Michäel has marked the next resistance for Cardano at the $0.54 level.