Cardano Critic Mike Alfred A recent tweet may have inadvertently left a coded message at the cost of the ADA. In his usual approach to taunting blockchain, Alfred cited key support at $0.45, from where ADA has rebounded a couple of times since July. BTC Maxi has highlighted the potential for growth from this key level as long as ADA remains above this level.
Cardano has been bouncing around 45 cents for months. It appears to have found a permanent home at this level. The good news is that if it can hold on here for the next 15 years, it should give the protocol plenty of time to grow to its size valuation. May be a wish
— Mike Alfred (@mikealfred) September 17, 2022
In earlier instances, ADA rose 23% from a low of $0.45 on July 18 to a high of $0.548 on July 20. Another instance can be seen when Cardano gained 21% from a low of $0.45 on July 26 to a high of $0.555 in July. 30. This month, Cardano rallied 16% from its September 7 low to reach a low of $0.453 on September 10 to $0.524. Currently, Cardano is looking for a rebound continuation from the September 16 low of $0.454.
At the time of publication, Cardano was trading slightly lower at $0.476 with bears trying to take advantage. If the price slips and falls below $0.45, ADA price may find further support at $0.42.
The $0.45 support offers the same potential for further price growth as previously, with bulls needing to break through $0.524 and $0.594 to take the initiative.
However, the tightly correlated cryptocurrency markets are unlikely to do well in 2022, given the gloomy forecast for equity markets.
As reported by U.Today, Charles Hoskinson, the creator of Cardano, said that the cryptocurrency has “never been stronger”, but the reality is not always represented in the markets currently driven by “macro factors”.
Vasil’s mainnet proposal has been submitted
Tim HarrisonVP of Ecosystem and Community at IOG, tweeted about progress so far on Wasil as it approaches the final mile.
“The Vasil upgrade proposal was successfully submitted to the chain by the IOG and Cardano Foundation team this weekend: Cardano is primed and ready for Vasil on September 22,” he said.
According to the deployment timeline shared by IOG, the preproduction environment is scheduled to hard fork on September 19 for the Wassil/Babbage era. A mainnet hard fork event is scheduled for September 22nd and a new Plutus implementation is scheduled for September 24th. And the cost model will be made available in a preproduction environment and will hit the mainnet on September 27th.