Cardano has recently implemented a long-awaited into its network innovation Vasil, which raises the question of possible future price growth of the ADA token. Many analysts are speculating on Cardano’s valuation and predicting the best time to buy. Where is it located according to a well-known expert ideal buying area?

A well-known cryptocurrency trader, Michaël van de Poppe in his recent tweet said that Cardano’s ideal buying area is $0.30 to $0.375. He described the current situation on the chart as accumulative, which is characterized by sideways movement of the price and finding support for a longer period of time.

Cardano: spot price. Source: TradingView

Cardano does not respond to Vasil

As we can see in the graph above, the spot price did not respond to the recent update Vasil dated September 22. Cardano continues in sideways structure in the formation of a descending triangle, which should close with a decline. Price is not responding despite what LunaCrush data shows a significant increase in social interactions of Cardano in the period before the Vasil innovation. At the time of writing, ADA is trading at around $0.45.

The purpose of Vasil’s innovation was improve the functionality and efficiency of smart contracts and unlock several features that will allow data to be shared on the chain and the link established. Meanwhile, the number of smart contracts increased already at the beginning of August and crossed the 3,000 mark. In the period from mid-July to mid-August, 5 new scripts were introduced per day.

It seems that despite continued innovation on the Cardano network, the demand still hasn’t materialized and risky assets in 2022 are not in the focus of investors. The decline in global real wages, hand in hand with inflation, is reflected in the outflow of capital from the cryptocurrency market.

What do you think about the future price development of Cardano? And what is the value of the project itself? You can share your opinion in the comments.

Author
Recent Posts

Margharet Tess

Editor, Developer at Cryptheory Labs

I have been active in the cryptocurrency world for over 6 years, during which I have written countless articles about this sector. What fascinates me most about cryptocurrencies is their technological aspect and the problems they aim to solve. In the past three years, I have ventured into app development and am currently working on a larger project called P2E Buzzer. Stay tuned for the surprise. 🙂 My previous experiences: Business2Community.com, TradingPlatforms.com

Latest posts by Margharet Tess (see all)