The Vasil Hard Fork seems to bring no change in the price action for Cardano (ADA) as Cardano is continuously facing rejection at $0.5. The price of Cardano has been trading below its resistance level throughout this month. However, some analysts mark this as a good entry point for a tremendous return on your investment.
Last Buying Zone for Cardano
The Vasil hard fork has caused some confusion for investors regarding the future price action of Cardano. However, leading crypto strategist and analyst, Michael van de Pope shared his thoughts on how to make an entry point into the price chart of ADA.
According to his analysis, a price range between $0.30 to $0.375 may turn out to be an excellent buying opportunity for investors. Investors should wait for a 14% to 31% drop from ADA’s current price to start buying the dip. Furthermore, Poppe also highlighted that investors are now in accumulation mode.
Van de Pope said, “It looks like we are making a deposit. The last area to buy is the $0.30-0.375 zone.” The analyst also noted that a pattern, in the long run, could attract investors to accumulate more assets. He advised users to look for breakouts by researching the previous downtrend that formed in June, and a breakout on the downside could give investors assurance of creating a long position.
Cardano To Start Bull Run
Cardano has failed to show any promising price movements; however, LunarCrush data shows a significant increase in social media mentions due to the Vasil fork. Last week, Santiment also pointed out an increase in social interest for ADA, Matic, XRP, ETH, and SHIB, while other assets, including Bitcoin, saw a decline. According to CoinMarketCap, Cardano is currently trading near $0.44, a drop of nearly 3% from yesterday.
The sellers of the Cardano network are now consolidating, and Cardano may form a fundamental support level at $0.42. If the support level is broken, Cardano could touch $0.36 by the beginning of October. On the upside, Cardano may break the $0.5 resistance level soon, and it could make an easy bull run to $1, following positive market sentiment.
The leading RSI is also above the 47 levels, hinting at a bullish momentum in the price graph. However, investors are advised to conduct a proper analysis of ADA before investing as ADA is not in a good mood now, and its price can fall anytime.