ADA probes resistance at $0.55, eye breakout towards $0.69

Cardano’s Vasil hard fork delayed again

In a YouTube update published on Thursday, Cardano’s developer Input Output Global (IOG) said that the blockchain’s Vasil hard fork upgrade was delayed again. IOG Technical Manager Kevin Hammond explained that the delay was due to exchanges and API developers being “ready” while IOG was also focused on fixing some testnet issues. “It might be a few more weeks before we move on to the actual Vasil hard fork… All users must be willing to go through the hard fork to ensure a smooth process,” Hammond said.

According to IOG co-founder and CEO Charles Hoskinson, the Vasil hard fork project is “code complete” and “you could probably flip the switch and get away with it.” However, Hoskinson said that Cardano’s development team wants to make sure everything runs smoothly after Terra collapses.

Recall that the Vasil hard fork was originally scheduled for late June but was delayed, resulting in a downtrend in the price of ADA at the time. Analysts believe that a successful upgrade could be a big potential upside for ADA in the coming months.

Cardano developers say the upcoming upgrade is the most complex development and integration program on Cardano since its Alonzo hard fork added smart contract functionality to the blockchain in September 2021, increasing the network’s throughput while reducing transaction fees on the network be lowered.

Experts responding to a recent poll were divided on how the upcoming Vasil hard fork will affect Cardano. 20% said it would have a positive impact on the price of ADA, 18% said it would have a negative impact, while 50% said it would increase the functionality of the Cardano blockchain.

CoinMarketCap users are bullish on ADA price over the next few weeks

Out of the 14,741 users who submitted an ADA price prediction on CoinMarketCap, the median view is that ADA will be just above $0.72 by the end of August. The middle view is that the cryptocurrency will rally to $0.63. Retailers are clearly optimistic, likely hoping that the Vasil hard fork upgrade will be complete by the end of next month.

CoinMarketCap users are less optimistic about the outlook for the rest of 2022. By the end of September, the median of 9,221 votes forecast the price of ADA at $0.70. The median of 7,092 votes then sees the price of ADA drop to $0.6250 by the end of October, while the median of 2,400 votes sees ADA at $0.47 by the end of December.

Crypto hardware wallet provider Ledged is expanding support for native Cardano tokens

Popular crypto hardware wallet provider Ledger has added support for another 100 native Cardano crypto tokens, including ADAX, DANA, DRIP, FIRE, and CLAP. Ledger said it selected these tokens to add support based on the number of transactions made in a given time period, as opposed to based on their market cap.

Cardano’s blockchain, similar to Ethereum, allows developers to create and distribute their own tokens. Including non-fungible tokens, over 5 million tokens have already been issued by developers on the Cardano blockchain. Ledger’s move to add support for 100 native Cardano tokens comes a month after the hardware wallet provider added support for Cardano’s token ADA.

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