Cardano’s Hard Fork Aftermath Creates Doubts for Investors

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Cardano’s investors had long awaited Vasil hard fork upgrade. The purpose of the upgrade was to make Cardano’s blockchain cheaper. This improvement was expected to cause a pump in the market price. Contrary to this expectation, there was a decline in the price of Ada.

The disappointment witnessed after Cardno’s upgrade has made investors double-minded about the new Cardano update which is the koios-go-client v2.0.0 update. The update ought to allow easy scalability.

Key Cardano Levels To Watch — October 3

Cardano had bounced back and forth within highly defended major zones. The supply level at $0.590 has hindered the bullish run on ADA. The demand zone at 0.420 has been tested multiple times without breaking.

Cardano’s Hard Fork Aftermath Creates Doubts for Investors
ADAUSD – Daily Chart on Coinbase. Source: Tradingview.

The downtrend was very weak on the 12th of July as signalled by the Average Directional Index. The Stochastic also indicated an oversold market as the demand level at $0.420 was tested on the 12th of July. This led to the rally back to the supply level.

The market has crashed once again to the demand level at $0.420. The downtrend is very weak as signalled by the Average Directional Index. The market is also oversold on the Stochastic. This is expected to prompt a bullish move back to $0.590.

Cardano Key Levels

Resistance Levels: $0.670, $0.590, $0.550
Support Levels: $0.470, $0.420, $0.390

Total Market Capitalization:$963.0B
Cardano Market Capitalization: $14.8B
Cardano Volume: $430.5M
Market Rank: #8

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.