Cardano’s Vasil Hard Fork, which is scheduled to go live on September 22, aims to improve the functionality, performance, and scalability of the network. Currently, the ADA price also appears to have risen a bit, which may be due to the rising sentiments ahead of the fork which is just a couple of days away.
The fork is all set to bring out new features & capabilities like Plutus V2 Scripts, Diffusion Pipelining, Script Collateral adjustment, Reference inputs, Inline datums, Reference scripts, Datums & redeemers, etc.
As the event is fast approaching, the ADA price received significant boosts that assisted the price to rebound as it had reached the bottom close to $0.45.
Presently, the ADA price is swinging within a symmetrical triangle and has just risen above the lower support. Woefully, the bulls appear to be exhausted to a large extent and hence, the price is heavily consolidating within narrow ranges. If the price manages to rise beyond the crucial 50-day MA levels, then the chances of the price breaking out from the triangle & surging could be high.
On the contrary, if the Cardano (ADA) price drops back towards the support, it may rebound again to reach the apex of the triangle. Here, if the bulls gain momentum, the price could eventually break above the triangle. Else, the price may continue extending the apex of the symmetrical triangle by consolidating within parallel ranges.