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The Cardano Vasil hard fork has been in the works for quite some time now. The hype for this hard fork had been overshadowed by that of the Ethereum merger, but now that the merger is complete and out of the way, the focus has now fallen back to the Cardano network once again. Given this, there has been a lot of optimism about where ADA’s price will go from here, but the digital asset has given no indication of positive movement.

ADA fails to move

As the Cardano Vasil hard fork draws closer, investors expected the kind of market surge that preceded the Ethereum merger. However, the price of ADA has not reacted the same as it continues to decline.

The digital asset suffered various declines during this period, which brought it down to $0.44 during this period. Even with the news of the hard fork and a specific date for the upgrade, there was no significant increase in the price of the digital asset. Instead, ADA succumbed to the general market trend and remained in the red during this period.

In the past 24 hours, the price of ADA has gone down. It has already lost 10.76% on the last day and is down 14.41% on the longer 7-day period. The bearish outlook for the digital asset continues to strengthen, preventing the digital asset from reaching 0.5 points.

Cardano (ADA) price chart from TradingView.com chart

Cardano is currently experiencing significant resistance at $0.47. Support levels for digital assets are not as strong as expected, making them easy picks for bears. Currently, the chances of ADA reaching $0.5 are decreasing every day.

Upcoming Cardano Hard Fork

The Vasil hard fork is scheduled for September 22 and Cardano founder Charles Hoskinson assured the community that everything is going according to plan. The founder said it in a live broadcast which drew over 44,000 viewers, where he explained that the hard fork had in fact been triggered.

This shows that the conditions required for the merger to begin have been met and the hard fork is ready to go. The developer behind the Cardano network, IOG, has also released statements indicating that the network is ready for the upgrade.

IOG Explain that completing the upgrade would make the network more developer-friendly. Higher functionality, performance, and scalability are expected after the upgrade. The Vasil hard fork is now the most anticipated upgrade in the crypto space.

As for the price of ADA, the selling pressure is still mounting in the market. Demand has waned, leading to token valuations lower than a year ago. Nonetheless, Cardano remains a dominant cryptocurrency, ranked as the 8th largest cryptocurrency with a market capitalization of $14.94 billion.

Featured image from CNBCTV18, chart from TradingView.com

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