Cardano price has been in a slow bullish trend in the past few days as investors wait for the upcoming Vasil hard fork. ADA rose to a high of $0.5103, which was the highest level since August 18. It has jumped by more than 17% from its lowest level in August of this year.
Vasil upgrade and sluggish ecosystem growth
ADA price has been in an upward trend recently as focus shifts to the Vasil hard fork and upgrade. In a recent statement, Input Output developers said that the hard fork will happen on September 22. This will happen a week after Ethereum merge happens.
In a statement, the developers said that the Vasil upgrade will be the most significant in the platform’s history. Its goal will be to increase its network capacity and lower cost transactions for the network. It wll also aims to expand and scale the network to incentivise developers to build Web3 products.
However, it seems like Cardano is too far behind other smart contract projects like Ethereum and Solana. For example, while thousands of developers are building, it has no major Web3 applications to show. Its DeFi ecosystem has a total value locked (TVL) of less than $80 million. Similarly, a quick look at CryptoSlam shows that Cardano has an extremely tiny market share in the NFT industry.
Cardano price prediction
The 4H chart reveals that ADA price has formed an extremely bullish pattern recently. The coin has managed to move above the 25-day and 50-day moving averages. It rose and crossed the important resistance level at $0.4823 on September 4. It then did a break and retest pattern, which tends to be a bullish sign. Also, it has formed an inverted head and shoulders pattern.
Therefore, the coin will likely keep rising in September as buyers target the next key resistance level at $0.55. A drop below the support at $0.48 will invalidate the bearish view.