Cardano (ADA) has been one of the best-performing altcoins in the past few weeks. The coin surged to $0.50 on February 28 and is currently trading at $0.58.
The upsurge in ADA prices can be attributed to the recent developments in the Cardano ecosystem. The Mary hard fork upgrade was successfully activated on March 1. The upgrade brought about changes to the network’s consensus algorithm, making it more secure and scalable.
One of the most popular YouTube in the crypto space, The Coin Bureau host, tells his 2.1 million YouTube followers that the seventh-largest cryptocurrency by market capitalization is poised to rise by around 20% from current levels ahead of the Vasil upgrade.
Vasil upgrade set to invite new Cardano Investors
According to the Youtuber, the Vasil fork set for September 22 will enable staking on the Cardano network. This will likely result in an influx of new investors and a rise in ADA prices.
“Then there’s Cardano, which is rallying for the same reasons as I discussed before, with confirmation of a date for the Vasil hard fork…
I am hoping ADA will rebound to the $0.60 level so that it can resume its medium-term uptrend. Given the renewed interest in Cardano, I believe this is a realistic goal” the Youtuber said.
According to coinmarketcap ADA is currently trading at $0.4629 with a trading volume of $865,791,619 and a market capitalization of $20,830,606,591. The total circulating ADA coins in the market is 34.18B ADA. At the time of writing, Cardano was down 2.43% in the last 24 hours. It is ranked seventh on CoinMarketCap’s list of digital assets.
Cardano’s price is currently trading below the $0.50 level, which is a key resistance area. The $0.60 level is the next key resistance area for the ADA bulls. If the price can breakout above this level, it could start a new uptrend that could lead to gains of around 20%.
The Vasil hard fork is a key event that could trigger a new wave of investment in Cardano. The fork is set to activate on September 22 and will enable staking on the network. This could result in an influx of new investors and a rise in ADA prices.