Cardano: Vasil’s success story and what investors should expect now

Cardano: Vasil’s success story and what investors should expect now

22 September at 21:44 UTC, Cardano Vasil Hard Fork the upgrade went live. Input Output Hong Kong (IOHK) tweeted on Thursday (September 22) that the hard fork of Cardano’s mainnet had been successful.

Input Output Global (IOG), the company behind the Cardano blockchain, had delayed this for months. The fork was delayed due to software issues and the need to prioritize quality and security, but it has now happened.

The Cardano developers claim that the blockchain’s fork will result in “significant performance and capacity” improvements.

Over 27,000 people tuned in Charles Hoskinson tweeted a link to a live stream of the fork, indicating widespread curiosity about the phenomenon.

In fact, the fork was so popular that on Luna Crush it received close to 52,000 social mentions. One of the many positive reactions that have followed the fork is Bill Barhydt tweetsfounder of cryptocurrency trading site Abra, calls the upgrade a “huge success for developers.”

The postfork price is moving

The coin rose more than 4% at the end of the trading session on September 22, which was quite impressive. It started at $0.438 and ended at $0.458.

A bullish trend is evident when looking at the 4-hour time frame, where the price has moved in an upward direction and the relative strength index is above the neutral line.

A bullish trend in the 4-hour time frame is also indicated by the Directional Movement Index, which also showed the signal and the plus DI line above the 20 line. However, the signal line and plus DI lines are extremely close to the 20 line, indicating that the bullish trend is not particularly strong.

Source: TradingView

Merge Deja Vu?

However, comparing the signs to the daily time frame reveals a different picture. Despite being close to the neutral line, the RSI was below it.

The signal line and the plus DI line were also visible on the DMI indicator below the 20 line. Despite the progress seen in the last 24 hours, the RSI and DMI are showing a bearish trend.

However, the signs showed that the bearish trend was weak and it may soon change to a bullish one. The price movement of ADA went up a day after the fork, while ETH started to plunge. This is where the fork and consolidating price movements diverge. Currently, the price movement of ADA appears to be increasing.

Source: TradingView

Positive indications were also seen in MVRV (market value-to-realized value) obtained by Santiment, as price growth reduced the loss experienced by ADA holders over the last 30 days.

The Cardano network’s fork event marks the beginning of the upgrade process. In addition to lowering the barrier to entry for the deployment and operation of decentralized applications, improvements to Plutus’ smart contracts will increase their efficiency.

Well, on September 27th, after an epoch, which currently lasts about five days, developers will have access to the mainnet and the new features provided by the Plutus script upgrades.

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