Cardano Trading Volume Spikes Ahead of Vasil Hard Fork

Updated:

After one of its worst weeks in history, the Cardano (ADA) community recorded some goodish momentum as a Cardano enthusiast on Twitter noted that the network recorded its highest weekly volume since the peak of the last bull market.

The Twitter user noted that Cardano also recorded its “largest wick since March 2020.” That said, some explained that this surge comes in anticipation of the Vasil Hard Fork event scheduled for next month.

Cardano CEO Charles Hoskinson recently reaffirmed that the Vasil update would proceed as scheduled on June 29. Already, there are expectations that a testnet should be launched by the end of this month.

Once launched, the Vasil Hard Fork will improve the network’s capabilities in handling smart contracts.

Meanwhile, Cardano recently launched an updated version of its Daedalus wallet, Daedalus 4.10.-. This update eliminates the pairing problem usually experienced with the Ledger Nano S on a Windows operating system and improves the display of unidentified tokens.

In other news, Cardano has added 84 new projects to its network, while the total number of NFT projects soared to 5,549. At press time, ADA trades at $0.558 after a mild decline in the past few hours, with a 24-hour trading volume of $1.37 million.

Key Cardano Levels to Watch — May 16

Cardano recorded another rejection from the $0.600 barrier in the Asian session on Monday, as a double-top pattern emerges. If the technicals still play any role in the market at this point, we could see a bearish continuation to the $0.500 in the near term. This decline, assuming the 0.500 support holds, could foster a bullish attempt towards the $0.700 level in the coming days.

ADAUSD – 4-Hour Chart on Binance. Source: TradingView.

It is worth noting that the developments around Terra still hold significant sway on the market and could cause the $0.500 support to fail at providing a ramp for buyers.

Meanwhile, our resistance levels are $0.600, $0.700, and $0.800, and our support levels are $0.500, $0.400, and $0.300.

Total Market Capitalization: $1.27 trillion

Cardano Market Capitalization: $18.8 billion

Cardano Dominance: 1.48%

Market Rank: #7

 

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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.