Cardano critic Mike Alfred might have unknowingly left a coded message on ADA's price per a recent tweet. In his usual manner of taunting the blockchain, Alfred referred to the key support at $0.45, from where ADA has rebounded a couple of times since July. The BTC maxi highlighted the potential for growth from this key level as long as ADA holds up above this point.
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 up here for the next 15 years, it should give the protocol enough time to grow in to its outsized valuation. May be wishful thinking— Mike Alfred (@mikealfred) September 17, 2022
In previous instances, ADA rose 23%, from July 18 lows of near $0.45 to reach highs of $0.548 on July 20. Another instance is seen when Cardano gained 21% when it rose from July 26 lows of $0.45 to reach highs of $0.555 on July 30. This month, Cardano rallied 16% from Sept. 7 lows of $0.453 to reach highs of $0.524 on Sept. 10. Currently, Cardano seeks a continuation of its rebound from Sept. 16 lows of $0.454.
At the time of publication, Cardano was trading marginally down at $0.476 with bears attempting to build upon their advantage. If the price slips and sustains below $0.45, the ADA price might seek support next at $0.42.
While the $0.45 support offers the same potential for further price growth as in the past, bulls must break through $0.524 and $0.594 to take the initiative.
However, the cryptocurrency markets, which have been tightly correlated in 2022, are not likely to fare well given the gloomy forecast for the 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, which are currently driven by "macro factors."
Vasil's mainnet proposal submitted
Tim Harrison, VP of Ecosystem and Community at IOG, tweeted about the progress made so far on Vasil as it approaches the final mile.
"Vasil upgrade proposal successfully submitted to the chain by IOG and Cardano foundation team this weekend: Cardano is primed and ready for Vasil on September 22," he stated.
According to the deployment timeline shared by IOG, the preproduction environment is scheduled to hard fork to the Vasil/Babbage Era on Sept. 19. The mainnet hard fork event is scheduled for Sept. 22, and on Sept. 24, the new Plutus functionality and cost model will be made available in the preproduction environment and on the mainnet come Sept. 27.