Cardano (ADA) eyes 15% rally despite Charles Hoskinson's fear of 'macro factors'
Cardano's Vasil update should be a bullish event, but macro fears strongly counteract the bullish bias.
Altcoin Watch
Cardano (ADA) will undergo a major network update called “Vasil” on September 22, potentially making its blockchain more scalable and cheaper. Nevertheless, the news failed to trigger decisive bullish momentum in the ADA market.
Macro Factors Weigh on ADA's Bullish Best-ScenarioIn detail, the price of ADA has risen ~3.5% to $0.51 since Vasil was announced, including a ~14% rally followed by an almost clearout perfect. In other words, traders initially bought the Vasil hype but quickly exited the markets, as the price action below illustrates.
Four Hourly ADA/USD price chart . Source: TradingViewCardano founder Charles Hoskinson blamed 'macro factors' for ADA's underperformance despite Vasil's euphoria, noting that markets in the cryptography, on the whole, are "out of touch with reality". He added:
"Cardano has never been stronger and frankly, many other projects are also strong in the industry, but you don't see that reflected - just a sea of red."
Returns emerged as riskier assets primed for another deep fall in the days leading up to the September 20-21 Federal Open Market Committee (FOMC) meeting.
The markets believe
Cardano's Vasil update should be a bullish event, but macro fears strongly counteract the bullish bias.
Altcoin Watch
Cardano (ADA) will undergo a major network update called “Vasil” on September 22, potentially making its blockchain more scalable and cheaper. Nevertheless, the news failed to trigger decisive bullish momentum in the ADA market.
Macro Factors Weigh on ADA's Bullish Best-ScenarioIn detail, the price of ADA has risen ~3.5% to $0.51 since Vasil was announced, including a ~14% rally followed by an almost clearout perfect. In other words, traders initially bought the Vasil hype but quickly exited the markets, as the price action below illustrates.
Four Hourly ADA/USD price chart . Source: TradingViewCardano founder Charles Hoskinson blamed 'macro factors' for ADA's underperformance despite Vasil's euphoria, noting that markets in the cryptography, on the whole, are "out of touch with reality". He added:
"Cardano has never been stronger and frankly, many other projects are also strong in the industry, but you don't see that reflected - just a sea of red."
Returns emerged as riskier assets primed for another deep fall in the days leading up to the September 20-21 Federal Open Market Committee (FOMC) meeting.
The markets believe
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