Cardano is the 8th largest cryptocurrency in the world according to Coinmarketcap with a $15.4 billion market cap at the time of asking.
It is set up to rival major blockchains like Ethereum and BNB Chain in the coming years.
There is an important update coming for the Cardano blockchain also considered to be the most important update in its history, which is expected to have a significant positive impact on the price.
Coupled with the current bearish cryptocurrency market, $ADA, the native token of the Cardano ecosystem has dropped more than the major coins and has been in a massive downtrend, it is down over 80% from its all-time high.
The Vasil Hard Fork should induce a surge in the price of the token $ADA up to the first major resistance at $0.79 region and/or the 2nd resistance at $1.2 region according to the technical analysis done. The current price of ADA is $0.45 (Major Support region).
However, it should be noted that we are in a Bear market and this pump might be short-lived but this is a good investment for the Coming Bull Market.
The future growth of Cardano is expected to be substantially accelerated by the impending Vasil Hardfork.
The upgrade will improve the network’s developer usability by enabling more ADA-capable projects.
It also aims to expand the Cardano protocol and greatly increase its transaction throughput, which is now 250 TPS (Transactions Per Second).
Since the block size was previously increased by 25% in 2022 so far, the HardFork will raise the block-size limit to accommodate more transactions per block.
The Vasil upgrade will now go live in the final week of July instead of the end of June as was originally anticipated, As per the IOHK update.
