In an interview, Cardano founder Charles Hoskinson recently made a statement because he is generally blamed for repeated delays in Cardona updates. Here Cardano community is different from Ethereum because the Ethereum community does not blame Vitalink Buterin for the repeated delay in Ethereum updates. In the interview, Hoskinson said Cardano is a decentralized network, and he has no significant role to play in the delay.
He added that a lot of testing must be done before releasing an update for the safety and security of the developers and users. It is not an easy process, but the upcoming Vasil hard fork is delayed due to some bugs in the system. Developers are working on the retest code.
After the update, ADA price will see a massive jump; developers and users will get new features on the platform for the decentralized applications. The update is important because the Cardano ecosystem has been growing in the last two years. Moreover, after any event announcement, many outsiders flood in to raise the price of ADA coin.
Vasil upgrade is a tribute to Bulgarian scientist Vasil Dabov who supported the Cardano network. It not only improves the app development process but also enhances the users’ general experience on the network. It is interesting to see how this upgrade will influence the ADA price in the short and long term. Check out our ADA price prediction to know the effect of this upgrade on the token’s price.
At the time of writing this post, ADA was trading around $0.45, which is a support level now. It had been forming higher highs, but last week ADA changed the momentum and turned bearish.
On the daily chart of Cardano, technical indicators such as MACD and RSI are bearish, and candlesticks are forming in the lower half of the Bollinger Bands, which is not a good sign for the short-term investment. So, you should not invest for the short term until it continues the previous higher high momentum.
The weekly chart shows that ADA has been consolidating between $0.40 and $0.57. Now it is at a support level, but it will go to the level of $0.57 or break the support following this downtrend. The RSI is below 40, but MACD is still bullish. If you are bullish on Cardano, you can invest for the long term as the fundamentals of this coin are quite strong.