- Cardano price has been in a strong bullish momentum lately.
- Cardano is preparing for the upcoming Vasil hard fork.
Cardano price is leading the cryptocurrency comeback as demand for digital coins rose. ADA rose to a high of $0.6350, which is the highest level since May 31st. It has risen by more than 63% above the lowest level in May, bringing its total market cap to over $21.56 billion.
ADA rebound continues
Cardano is a leading blockchain project that enables developers to build decentralized applications (dApps).
It is a platform that was started by Charles Hoskinson, a former co-founder of Ethereum, the second-biggest smart contract platform in the world.
Cardano, like all other altcoins, had a mixed performance in May as investors feared about contagion in the cryptocurrency industry following Terra’s collapse.
It also declined as investors reflected on the falling total value locked (TVL) in Cardano’s ecosystem. According to DeFi Llama, the TVL of the network has dropped from an all-time high of $326 million in March to shout $146 million.
A closer look shows that most DeFi projects in the network have seen their TVL decline. This includes the biggest platforms like MinSwap, SundaeSwap, and WingRiders. The only one that has seen inflows recently is MuseliSwap, whose TVL has jumped by over 319% in the past 30 days.
Learn more about how to buy Cardano.
Cardano price is bouncing back as investors wait for the Vasil hard fork. It is still unclear when the most important hard fork since Alonzo upgrade that happened in 2021. Analysts expect that the Cardano Vasil hard fork upgrade will happen in the mainnet on July 29th this year.
The upgrade will include tweaks on Plutus, Cardano’s smart contract platform. It will make it possible for developers to build faster NFTs, dApps, and other native assets. The end result is a platform that is substantially faster than other platforms.
Cardano price prediction
The four-hour chart shows that the ADA price has made a steady recovery in the past few months. The coin has managed to move above the important resistance level at $0.6142, which was the highest level since May 16th. It has moved above the 25-day and 50-day moving averages while the MACD has moved above the neutral point.
Cardano is slightly below the important resistance level at $0.6910, which was the highest point on May 31st. Therefore, the coin will likely continue rising as bulls target the resistance point at $0.6910. This forecast is in line with my previous Cardano forecast.
