Investing.com – There are only a few hours left before another milestone is reached with the long-planned Vasil hardfork.
Fundamental changes to blockchain protocols should allow the network to become more scalable in the future. This adaptation is urgent, because in the field of decentralized finance (DeFi) in particular, the number of transactions processed per second and the speed of transactions cannot be high enough.
The special thing about the Vasil hardfork is that the developed Hard Fork Combinator (HFC) technology continues to support old blockchain protocols. For node operators, this has the advantage that an upgrade is not immediately necessary.
It remains to be seen to what extent new features such as Plutus v2 scripts and broadcast pipelining actually help improve blockchain performance.
The Vasil hardfork was already scheduled to take place at the end of July, but it had to be postponed indefinitely due to various difficulties. We will see in a few hours if the developers have really managed to foresee all the imponderables.
Cardano’s technical price benchmarks
The yesterday recorded a daily close just below the 78.6% Fibo retracement of $0.4451. The negative momentum, however, did not extend towards the cycle low of $0.4044, but was followed by a recovery.
Should the bulls manage to reach a daily close above the 78.6% Fibo retracement, the upside move may be extended towards the resistance of the 61.8% Fibo retracement at $0.4771.
Beyond that, the room for further gains towards the 50 percent Fibo retracement at $0.4995 would increase. This resistance is reinforced by the psychological threshold of $0.5000.
By Marco Oehrl