Analysts analyzed altcoin projects in the market and drew attention to an altcoin on Binance. Accordingly, developments in the Cardano network pave the way for a rise in the ADA price. Charles Hoskinson and the developers on the Cardano network listed assurances. On top of that, the ADA owners were convinced that the Vasil hard fork was on the right track.
Investors of altcoin project ADA are in profit
Crypto data firm Santiment has revealed that profits are peaking in Cardano. Accordingly, the rate of profits from ADA investments is at its highest point in four months. In March 2022, Cardano price was sitting at the $1 level, which served as support for a long time. Profit taking peaked at $0.55, which is about 50% below the $1 bullish target. The sentiment among traders is quite positive, with the altcoin price rising 22% in the last three weeks. Profit in on-chain transactions take-for-profit ratios peaked for the first time in four weeks.
Cardano founder Charles Hoskinson assured
Charles Hoskinson assured the crypto community that the Vasil hard fork will proceed smoothly. In his statement, he pointed out that there were no new bugs in the fork’s recent tests. In the first two weeks of August, Hoskinson said that the Cardano testnet was hard forked to run version 1.35 of the Vasil upgrade. Accordingly, internal testing had revealed three major errors. Engineering and quality assurance firms stated that there was no need for significant changes in version 1.35.
Now Hoskinson tells ADA holders that the chances of something going wrong are really small. Thus, it triggers a bullish sentiment for the altcoin in the community. Cardano is a cryptocurrency notorious for its low profitability. However, ADA has recently released its smart contract technology. Analysts are bullish on Cardano. Accordingly, they anticipate a rally in the altcoin that has declared itself the “Ethereum Killer”.
“ADA prepares for a wild rally”
Gert van Lagen, a prominent crypto analyst, says the bull season structure at ADA is solid. On the weekly Cardano price chart, high timeframe support is at $0.40 to $1. The lower timeframe resistance is between $1.40 and $2. However, any dip below $0.17 has the potential to invalidate the bullish argument for Cardano price.
Gert van Lagen believes his long targets for waves 4 and 5 are $6, $8, $12 and $27. At the time of writing, the altcoin has fallen in the last 24 hours. Accordingly, it is trading at $0.54, down 2.36%. ADA’s trading volume is on the rise. Transaction volume has increased by 26.79% in the last 24 hours, reaching $956.2 million.
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