2022-9-15 23:26 |
Cardano is expected to undergo a network upgrade on September 22
The network has witnessed increased asset inflows in the past week
ADA is recovering after falling due to inflation data
Cardano’s ADA/USD highly expected Vasil upgrade is getting close. The development team has earmarked September 22 as the date the hard fork will go live. With enthusiasm around the hard fork, it is highly probable the token will experience buying pressure.
Well, there is no adequate proof of how Cardano will behave as the hard fork occurs. Nonetheless, a Digital Asset Fund Flows report has highlighted growing interest. For the past week, Cardano has witnessed inflows of $400,000. The rate is 4 times the inflows of $100,000 the previous week. Comparatively, Bitcoin products saw about $13 million in outflows in the past week. Ethereum had $62 million in outflows amid the expected move to a proof-of-stake blockchain.
The increased inflows into ADA suggest expectations that the market has on cryptocurrency. A successful hard fork could allow Cardano to outperform the market.
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Cardano is recovering after sustained losses following Tuesday’s inflation data. While most cryptocurrencies remain in the red, Cardano has surged by nearly 2% in the last 24 hours. Trading volumes are still down by 17%, highlighting a mixed reaction.
Source – TradingView
On the technical front, ADA slipped below the 50-day MA. It is recovering above the 20-day MA, although the price remains below an important $0.52 resistance. At the current level, ADA lacks a clear directional movement. A bullish momentum will be confirmed if ADA overcomes the $0.52 resistance. The Vasil upgrade could be the next trigger for bullish momentum.
SummaryADA is recovering after the latest slip. Inflows on Cardano products are growing, which could trigger a surge. Currently, we cannot confirm a bullish bias as the price remains trapped by resistance and 50-day MA.
The post How bullish is Cardano ahead of the Vasil upgrade? appeared first on CoinJournal.
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