Trading expert predicted that Cardano's current downward trend will trigger long-term gains. The price action came as a result of the recent vasil upgrade on the Cardano network.
According to prominent crypto trading expert Michal van de Poppe, the ideal moment to buy Cardano is when its price moves into the range of $0.30 to $0.375.
Furthermore, Van de Poppe also noted that the token's chart appears to be accumulating.
At the same time, the trading expert predicted that “Cardano's current downward trend will trigger long-term gains. However, will we see that people are already stacking up in front of it? In such a case, a downtrend break is your long trigger.”
ADA price movements
The price of Cardano did not see a price explosion. However, data indicated a significant increase in Cardano's social mentions in the run-up to the Vasil upgrade.
According to CoinGabbar statistics, the Cardano price was trading at $0.4462 at the time of writing, down 2.9% in the last 24hrs.
Vasil upgrade and smart contract activities
According to Input Output (IOHK), the Vasil upgrade was designed to improve the platform's smart contract functionality and efficiency. Furthermore, the update enables numerous functions that enable on-chain data exchange and introduce diffusion pipelining.
Meanwhile, the network's smart contract count had already surpassed 3,000 in early August. As CoinGabbar reported that the network added five new Plutus Scripts every day between mid-July and mid-August.
Read also: Binance Returning To Japan Amid Crumbling Crypto Market
