The market was taken aback by ADA’s remarkable performance, which saw the token jump by more than 50% in the last three days. ADA price has undergone significant recoveries in the past during weak markets, with several of them proving to be bull traps. 

Cardano will also receive a major update in the form of the Vasil hard fork, which will include four Cardano Improvement Proposals (CIPs). CIP-31 (Reference Inputs), CIP-32 (Inline Datums), CIP-33 (Reference Scripts), and CIP-40 (Reference Scripts) are among the CIPs (Collateral Outputs). CIP-31, in particular, intends to reduce Cardano’s transaction costs dramatically. It’s an upgrade aimed at increasing network throughput and improving smart contract capabilities.

Cardano’s hard fork update is set to go live later this month. It proponents believe it has boosted the price recently. On Monday, the network’s TVL fell to $118 million, its lowest level in over two months. This, however, would be short-lived. Over the last 24 hours, Cardano’s Total Value Locked (TVL) climbed by 30.56 percent, indicating increasing DeFi activity. ADA is still down 78 percent from its all-time high of $3.10 set in September 2021. Let us review the ADA price

ADA Price Prediction

ADA Price

The coin’s trading volume has also increased dramatically on major cryptocurrency platforms. Over the last 24 hours, its trading volume has been around $2.4 billion. ADA established a new local low on May 28th at roughly $0.419, and it has only gone up since then. The current resistance level is $0.778 and the current support level is $0.419. Following such a substantial change, ADA may undergo a consolidation stage.

Given the current signs and market momentum, a challenge of the crucial resistance at $0.778 is more likely. If ADA manages to break through the $0.778 price level, the $1.0 price level could be the next likely barrier to overcome.

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