Despite the current downturn in the cryptocurrency market, experts predict a bullish trend for Cardano (ADA) due to the upcoming Vasil hard fork. The price of ADA is expected to increase by as much as 50% in September. But analysts also said the ADA has not seen any price increases related to the upcoming upgrade
Moreover, cryptocurrency experts are also predicting a profitable trend for Ethereum as it will be merged with PoS in September. Previously, the price prediction algorithm predicted the price of ADA on August 31 at $2.26, but this did not happen, as the coin was trading at or even below $0.46.
As you can see from the chart, there is a bullish zone between $0.435 and $0.4324 on August 19, which means people bought more ADA coins. Similarly, a bearish zone is forecast between the $0.4745 and $0.4661 areas. This indicates that there were more sellers on August 29.
The day before, ADA touched the 200 EMA moving average and started trading below the range. When the currency trades against this moving average, the price becomes turbulent and then moves down.
ADA is also down more than 80% from its September 2021 peak. Also, the coin has been in a downtrend since August 17 and is currently down about 20% from this short-term downtrend. At press time, ADA is down 2.23% in the last 24 hours to $0.44. In the last 7 days, the currency traded at the level of 3.8%. On the cryptocurrency front, crypto analyst Lark Davis expects the price of Bitcoin to remain in its usual “downtrend” since September. A drop in the price of the coin will affect the entire cryptocurrency market, and the ADA will oppose the positive prediction.
