ADA Price Analysis: Cardano Price Sustains Amid the Postponement of Vasil Hard Fork, Here Are the Key Levels To Watch

• Cardano (ADA) price held steady around the $0.50 mark
• At the time of publication, ADA was trading 3% at $0.45
• Cardano Vasil Hard Fork has been postponed till late July

Cardano‘s (ADA) price held steady around the $0.50 mark despite the dull news of the postponement of the Cardano Vasil Hard Fork till late July. At the time of publication, ADA was trading 3% at $0.45. “This is the most tested release in the history of Cardano, the most complex release in the history of Cardano; and the most interconnected in the history of Cardano.” And yet when the hard fork combinator event occurs, it’ll just work, that’s the magic of all of it” Charles Hoskinson stated in a livestream in his Colorado home.” The IOG engineering team says it is extremely close to finalizing the core work, with only seven bugs remaining to complete the hard fork work. In a recent blog post, IOG stated that the deployment of the Vasil Hard Fork on the mainnet, which was meant for the end of June, had been postponed by nearly four weeks.

Key Levels
Resistance Levels: $0.830, $0.700, $0.550
Support Levels: $0.480, $0.421, $0.384

ADA/USD Daily Chart: Bearish

ADA/USD Daily Chart

The emergence of fresh selling on Cardano, in turn, was considered one of the primary factors that limited the ADA/USD pair’s upward potential beneath the daily moving average (MA 50). However, the fall was eased by a lower horizontal support level at $0.421. A drop from the $0.50 level might be considered another phase of the corrective pattern from the earlier rebound.

The trend remains bearish due to the rejection by the moving average daily (MA 50). However, if the price approaches the critical support level of $0.384, an increase in downward momentum is possible. To imply a price rebound, a firm break of the $0.50 resistance level is required on the upside. Otherwise, the tendency to consolidate further remain.

ADA/USD 4-Hour Chart: Ranging

ADA/USD 4-Hour Chart

As the retracement from the short-term high of $0.669 continues, the ADA/USD intraday bias remains bearish. A break below the 4-hour moving average (MA 50) at $0.480 would, on the other hand, target the $0.421 low level. After the breach, the stronger slide from to the $0.381 level might resume.

Meanwhile a break over the 4-hour moving average (MA 200) at $0.535, on the other hand, might extend the consolidation pattern from $0.421 and usher in a new phase of expansion. Rather, the intraday bias might be upwards, towards the $0.669 level. Furthermore, the possibility of a short-term trading stop being activated above $0.50 should contribute to its rise.

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