Cardano (ADA) Price Plunges 6%, Investors Eye For Vasil Hard Fork Upgrade

Cardano (ADA) Price Plunges 6%, Investors Eye For Vasil Hard Fork Upgrade
  • The Bollinger Bands indicated a possible reduction in volatility.
  • ADA is down 6.12% in the last 24 hours as per CMC.

On the heels of a week in which the majority of digital assets saw outflows, Cardano was one of the exceptions as per CoinShares’ latest digital asset fund flows weekly report.

The report stated:

“Minor inflows were seen across a broad selection of altcoins, most notable were Cardano and Polkadot with inflows totalling US$1m each.”

Bulls Eager to Turn the Table 

Price and flow alone do not tell the whole story of an asset’s performance. Since the beginning of May, Cardano’s development activity has decreased, according to data from Santiment. Despite a little uptick in the middle of the month, the measure is still down significantly from its late-2021 peak.

ADA/USDT: Source: TradingView

Cardano’s price indications, on the other hand, offered a more positive picture. The Bollinger Bands indicated a possible reduction in volatility by showing narrower bands. ADA’s price might rise more if the Relative Volatility Index (RVI) shows a value over 50 in the future. ADA is now trading at $0.5097 and is down 6.12% in the last 24 hours as per CMC. Even though ADA’s price was decreasing at the time of this writing, this may be good news for bulls. According to CoinShares’ research, the general opinion is pessimistic.

The research noted:

“Digital asset investment products saw outflows totalling US$141m last week. The ongoing volatility has led to fickle investors with some seeing this as an opportunity while the aggregate sentiment is predominantly bearish.”

Finally, a new perspective on ADA’s progress may emerge in June. Key measures, including price, weighted sentiment, and development activity, might shift significantly as the Cardano community eagerly awaits the Vasil hard fork expected for June 2022. The shipment of Alonzo is a good indicator of how media coverage of Cardano updates may affect ADA’s value.

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