Historically, we have seen Cardano’s (ADA) price explode into a bullish rally during hard fork events. With the Vasil Hard Fork around the corner, ADA may be gearing up for a 30% move.
As things stand, Cardano (ADA) is number 6 on CoinMarketCap’s list of the biggest crypto projects, with a market cap of $22.05 billion. This ranks ADA below Binance Coin (BNB), with a market cap of $47.18 billion, and above Ripple (XRP), with a market cap of $19.38 billion.
Looking at the 24-hour performance, ADA is up by 1.85% in the last 24 hours. This takes its price to $0.6511. ADA’s price is also up in the past seven days by 13.37%. This makes it the only coin that has posted double-digit gains in the last week on CoinMarketCap’s top 10 list.
The main reason for Cardano’s weekly price performance is the build-up to the next major hard fork event, called the Vasil Hard Fork. Historically, hard fork events have seen the price of ADA pump, and it looks like this time will be no different.
The weekly chart for ADA shows that its price posted a positive week last week, and seems to be on track to close this week off positively too. Should the price of ADA break above the 9 MA line, the next target will be the 20 MA line which is currently at $0.8532. This will be a move of just more than 30%.
An optimistic bullish indication is the current RSI position relative to the RSI SMA line. The RSI line has just crossed above the RSI SMA line on the weekly chart and is still sloped positively. This signals that ADA is prime for a bullish move on the weekly chart.