Hoskinson Gives Latest Vasil Updates; ADA Price Keeps Dipping

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  • Hoskinson held a livestream today where he gave an update regarding the highly anticipated hard fork event.
  • Apparently, ADA’s price seems to have taken a dip since the update.
  • Currently, the price of ADA is trading near the lower level of the latest ascending price channel.

The price of Cardano’s native token, ADA, is approaching a key support level after the founder and CEO of Cardano, Charles Hoskinson, gave an update regarding the Vasil Hard Fork.

After promising the crypto community that there would be no further delays in the launch of the Vasil Hard Fork, Hoskinson gave an update regarding the highly anticipated network upgrade in a livestream held on August 15.

Hoskinson stated that “Vasil is looking good,” adding that he was “pretty happy with v.1.35.3,” which is the node that he believes could be the final version of the hard fork. This node follows after trying out nodes v.1.35.1 and v.1.35.2.

Furthermore, the Cardano founder added that the “testers are pretty happy with it as well,” as no major issues that would derail the process were discovered.

4 hour chart for ADA (Source: CoinMarketCap)

However, after this livestream, Cardano’s price saw a dip, as can be seen from the latest price movement on the 4-hour chart from CoinMarketCap.

The price entered into an ascending price channel, posting higher highs and higher lows. After that the price dropped to its current level near the bottom of the ascending price channel.

Furthermore, the MACD line has dropped below the MACD signal line – a bearish flag that investors need to take note of. Lastly, the RSI also shows the bearish sentiment around ADA as the RSI line has crossed below the RSI SMA line in a dramatic fashion.

Should the price of ADA drop below the lower level of the price channel, then ADA’s price could drop as low as $0.5222, which is the next support level in this price channel.

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