Cardano: Vasil’s success talk and what investors should expect now
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22 September at 21:44 UTC, Cardano Vasil’s hard fork update was released. Input Output Hong Kong (IOHK) tweeted on Thursday (September 22) that the Cardano mainnet hard fork was successful.
Input Output Global (IOG), the company behind the Cardano blockchain, had delayed this for several months. The fork was delayed due to software issues and the need to prioritize quality and security, but it has now happened.
Cardano’s developers claim that the blockchain fork will result in “significant performance and feature improvements.”
More than 27,000 people tuned in after that Charles Hoskinson tweeted a link to a livestream of the fork, showing widespread curiosity about the phenomenon.
In fact, the fork was so popular that it is Luna Crush it received nearly 52,000 social mentions. One of the many positive reactions that have followed the fork is Bill Barhydt tweetedfounder of cryptocurrency trading site Abra, called the update a “huge success for developers.”
Post fork price changes
The coin gained more than 4% at the close of trading on September 22, which was quite impressive. It started at $0.438 and ended at $0.458.
An upward trend can be seen when looking at the 4-hour time period, where the price has moved upwards and the relative strength index is above the neutral line.
An upward trend in the 4-hour timeframe is also indicated by the Directional Movement Index, which also showed a signal and plus DI line above the 20 line. However, the signal line and plus-DI lines are very close to the 20 line, indicating that the uptrend is not particularly strong.
Does Deja Vu work?
However, comparing the signals to the daily time frame reveals a different picture. Although the RSI was close to the neutral line, it was below it.
A signal line and a plus DI line were also visible on the DMI indicator below the 20 line. Despite the progress made in the last 24 hours, the RSI and DMI are showing a bearish trend.
However, the signs showed that the downtrend was weak and may soon turn into an uptrend. ADA’s price movement was on the rise the day after the fork, while ETH started to collapse. This is where fork and converging price movements differ. So far, ADA’s price movements appear to be bullish.
Positive signs were also seen in the MVRV (market to realized value) sought by Santimenti, as the price increase reduced the loss of ADA holders over the previous 30 days.
A fork event on the Cardano network marks the start of the update process. In addition to reducing the barriers to deploying and using decentralized applications, improvements to Plutus smart contracts increase their efficiency.
Well, on September 27th, after one epoch, which currently lasts about five days, developers will have access to the web and the new features provided by the Plutus script updates.