Cardano Price Prediction Vasil upgrade lifts ADA above $0.50

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The Cardano bull flag appears despite a gloomy outlook on the broader cryptocurrency market. Over the past week, ADA has gained more than 10%, with the gains attributed to Vasil’s upcoming hard fork upgrade and the token’s listing on Robinhood.

Vasil’s Upgrade Trigger 12% ADA gains

The Cardano community was eagerly awaiting Vasil’s hard fork update. After several delays, Input Output Global (IOG) announced that the Vasil upgrade will go live on September 22, exactly one week after the Ethereum merger on September 15.

The Vasil upgrade was originally scheduled to take place in June 2022, but has been rescheduled twice. IOG said the three critical mass indicators needed to achieve the upgrade were not met.

Cardano developers expect the upgrade to improve network scalability and reduce hard fork fees. This is Cardano’s first major update since Alonzo’s hard fork in September last year. Cardano founder Charles Hoskinson said this is only part of his roadmap and further developments will occur in 2023.

News of Vasil’s upgrade appears to revive investor confidence in Cardano. The token has seen a 12% gain over the past week, according to data from CoinGecko.

Before the Cardano developers confirmed September 22 as the deadline for this upgrade, ADA was trading at around $0.43. However, it has since recorded a steady upward trend, and at the time of writing, ADA was trading at $0.486.

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The Cardano Relative Strength Index (RSI) for ADA is currently in neutral zones, showing that despite the bullish flag created over the past week, ADA has yet to reach overbought levels.

The news surrounding the Vasil upgrade inspires more people to buy Cardano. ADA generally tends to win whenever there is a crucial upgrade on the network, which could soon reach $1. For example, on September 2 last year, shortly after the Vasil hard fork upgrade, ADA hit a new all-time high of $3.09.

The same trend could be replicated after Vasil went live. However, before buying ADA, one should be careful due to the overall volatility in the crypto market. Over the past 24 hours, the global crypto market capitalization has fallen slightly. Therefore, ADA may not rebound to expected highs due to the broader market pullback.

Cardano goes live on Robinhood

Vasil’s upgrade isn’t the only good news about Cardano. On August 31, ADA listed on the Robinhood Stock Exchange. Robinhood is a very popular platform with crypto day trading, and news of the listing sparked a buzz around the token.

ADA’s gains over the past week could also be a reaction to the listing. Like Coinbase, Robinhood is a publicly traded company in the United States, and this listing has added credibility to the token.

The other good news about Cardano is the release of the first DeFi lending and borrowing protocol on the network. Aada Finance will be the first DeFi lending and borrowing platform on Cardano, and it will help build the total value locked (TVL) of Cardano.

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