On September 22, at 21:44 UTC, the cardano Vasil hard fork upgrade went live. Input Output Hong Kong (IOHK) tweeted Thursday (September 22) that Cardano’s mainnet hard fork had been 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 safety, but it has now happened.

The Cardano developers claim that the fork of the blockchain will result in “significant performance and capability” improvements.

More than 27,000 people voted in favor of Charles Hoskinson tweeted a link to a live stream of the fork, indicating widespread curiosity about the phenomenon.

In fact, the fork was so popular that on Luna Crush it received nearly 52,000 social mentions. One of the many favorable comments that have followed the fork is Tweet from Bill Barhydtfounder of cryptocurrency trading site Abra, calling the upgrade a “huge success for developers.”

Price movements after fork

The coin gained more than 4% at the close of the trading session on September 22, which was quite impressive. It started at $0.438 and ended at $0.458.

A bullish trend is evident when looking at the 4 hour time frame where the price is moving in an upward direction and the Relative Strength Index is above the neutral line.

A bullish trend in the 4 hour time frame is also indicated by the Directional Movement Index which also showed the signal and the plus DI line above the 20 line. However, the signal line and the plus DI lines are extremely close to the 20 line, indicating that the bullish trend is not particularly strong.

Source: TradingView

Merging Déjà Vu?

However, when we compare the signs with the daily time frame, we see a different picture. Despite being close to the neutral line, the RSI was below it.

The signal line and the plus DI line were also visible on the DMI indicator below the 20 line. Despite the progress over the past 24 hours, the RSI and DMI are trending bearish.

However, the signs showed that the bearish trend was weak and it could turn into a bullish trend soon. ADA’s price movement moved a day after the fork, while ETH began to plummet. This is where the fork and merging price movements diverge. For the time being, the price movement of ADA seems to be increasing.

Source: TradingView

Positive indications were also seen in the MVRV (Market Value to Realized Value) raised by Santiment, as price growth has reduced the loss suffered by ADA holders over the past 30 days.

The Cardano network fork event marks the beginning of the upgrade process. In addition to lowering the barrier to entry for deploying and operating decentralized applications, improvements to Plutus smart contracts will increase their efficiency.

Well, on September 27, after one epoch, which currently lasts about five days, developers will be able to access the mainnet and the new features offered by the Plutus script upgrades.

This post Cardano: Vasil’s Success Talk and What Investors Can Expect Now

was published first on https://ambcrypto.com/cardano-vasils-success-talk-and-what-investors-should-expect-now/


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