Latest Vasil Upgrade Milestone Has Little Effect on ADA’s Price

This crypto bear market has seen some of the top crypto projects, such as Cardano (ADA), ramping up their development efforts. Now, the parent company of Cardano, Input Output Hong Kong (IOHK), has announced a new developmental milestone.

IOHK recently announced the successful rollout of node 1.35.0. This is a major milestone leading up to its mainnet Vasil upgrade, which is a highly-anticipated event that Cardano has been preparing for. The Vasil upgrade should strengthen Cardano’s capacity and performance.

In addition, IOHK has confirmed that Cardano has completed all of the core aspects of its software and that testing on the Plutus v2 code has produced favorable results. Lastly, IOHK reiterated the team’s focus on safety and security for all stakeholders of the Cardano ecosystem.

The announcement by IOHK has had little to no effect on the price of Cardano’s native token, ADA. Currently, ADA is trading around $0.5063 after dropping 1.88% in the last 24 hours. This is according to the crypto market tracker, CoinMarketCap.

ADA’s latest move up followed after a retest of a structural support level near the $0.44 level.

ADA/USD daily chart (Source: TradingView)

ADA’s latest bullish performance highlights the lack of enough selling pressure to subdue the price below the latest support. As a result, investor confidence has started to pick up again as can be seen by the Binance Funding rate. On the other hand, bullish volumes have been relatively weak.

The weak volumes, especially when looking at the last 24 hours, suggest low accumulation at recent levels.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.