Jun 01, 2022 04:00AM ET
By: AnalysisWatch
Cardano (ADA) has fallen 7.13% in the past 24 hours, according to CoinMarketCap, which tracks cryptocurrency markets.
ADA is currently priced at $0.6049, which puts the coin in sixth place on CoinMarketCap's list of largest crypto projects by market capitalization - below Binance Coin (BNB) and above Ripple (XRP).
This slight drop in ADA's price over the last day follows a more than 20% rise in the coin's price the day before.
The recent ADA price movement is a recurring trend seen in the coin's history in the run-up to hard fork events. There have been three such moments in the coin's history, and it looks like the upcoming Vasil hard-fork event could have a similar effect on the ADA price.
However, it should be noted that the three previous hard forks occurred during a bull market, while the current hard fork will occur in a downtrend. This could mean that the ADA price will not enter an uptrend, as in the case of the previous three hard forks, but will form a solid bottom from which to pull back.
On the daily chart, the ADA price rose above the moving average (MA) 20 line and attempted to test the MA 50 line. The attempt to test the MA 50 line was met with a slight decline in price.
However, a pullback could be helpful at this point if ADA stays above the MA 20 line, allowing it to establish a solid base from which to advance ahead of the upcoming Vasil hardfork. Investors should be cautious as the ADA price could fall to $0.52 and then rise agai
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