Cardano (ADA): Vasil will support the priceThere has been some positive news regarding Cardano network as of Friday, which highly supported the price of ADA. Namely, the Input Output development lab officially announced that the new fork called Vasil for Cardano network will be released on September 22nd, which will significantly reduce transaction costs. After this release, the price of ADA was pushed from the level of $0.44 up to $0.48.
After the news release, RSI made a move from level of 44 up to 51. This is indication that there is a potential for the market to push the price further up to the overbought side. Moving averages of 50 and 200 days still continue to move as two parallel lines, still not indicating that the convergence might start at any time soon.
Considering that news about a new fork hit the market at the start of the weekend, there is a probability for the price to continue its current move, at least to the level of the next resistance line at $0.50, which has not been tested during the previous period. Whether the price could go higher from the resistance, it will depend solely on the level of buying orders during the next week. On the opposite side, the $0.45 support line might be tested for one more time.
