Cardano (ADA/USD) eyes a breakout

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• Cardano developers announce the release of the last node for Vasil hard fork.

• The blockchain has been witnessing increased whale activity.

• Technical indicators show Cardano at a potential breakout zone.

The Vasil hard fork has been one of the most anticipated events on the Cardano (ADA/USD) blockchain. The hard fork event is expected to improve the scalability and performance of the network. The upgrade also introduces the CIP-33 mechanism that lowers the cost of transactions. Cardano is expected to experience exponential growth and adoption alongside.

After a series of delays, Cardano’s Vasil hard fork is expected to go live at the end of July. The team behind the upgrade is also taking measures to facilitate the launch. Over the weekend, they confirmed that the final code for the Vasil hard fork was released. The release of node 1.35.0 paves the way for the final Vasil hard fork on the Cardano testnet.

Something spectacular has been happening to Cardano ahead of the Vasil hard fork. Whales have been circling the token ahead of the crucial upgrade. Santiment data indicates that at the start of the month, whales were adding positions. The addition has been ongoing this year, fueled by the anticipated upgrade.

ADA price chart shows a short-term uptrend

Source – TradingView

Technically, ADA is moving on an uptrend on the 4-hour chart. Price has hit resistance at $0.5. We believe short-term focused investors should monitor price behavior at $0.5. A potential breakout would open buy trades above $0.5. The next potential resistance is at $0.54. However, we expect some consolidation meanwhile at the current level.

Summary

Cardano announced the release of the last node in preparation for the Vasil hard fork. ADA eyes a breakout above $0.5. Investors should watch the price for a potential buy on a break above $0.5.

The post ADA eyes a breakout as developers release the final node for the Vasil hard fork appeared first on CoinJournal.

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