Cardano‘s price after encountering a couple of bearish closes has risen above the consolidation and appears to be poised to maintain a significant upswing. However, the possibility of a sharp pullback also hovers the crypto markets and ADA price may not keep itself away from it.
Mainly due to the fact that the much-awaited ‘Vasil hard fork’ has been delayed to fix a recently discovered problem.
Therefore, the bugs will be fixed and the entire pipeline will be executed again which may adversely impact the ADA price. The price that recently fell below $0.5 during the previous day’s trade marked its lows at around $0.48.
Although the asset bounced back and regained positions above $0.5, fears of a significant downside remain a victim of a rally.
The ADA price despite the bearish trend held the lower support at the 50-day MA levels firmly. Therefore, one can expect a notable rebound shortly that may elevate the price close to $0.6 initially. However, the asset may still not surge above the crucial resistance at $0.65 as the bears may become active at $0.607.
Nevertheless, the asset could be in safe haven if it clears the crucial resistance at the 200-days MA level at $0.783.
Collectively, the delay in the Cardano’s Vasil hard fork may be one of the reasons for the asset failing to gain bullish momentum. However, a delay was mainly to set up a smooth lauch and to keep up the record of 1760+ days without any network outage.
Therefore, as soon as the hard fork goes live, the price of ADA is $1. expected to climb
