Cardano (ADA) Price May Fall After The Vasil Hard Fork, Here’s Why latest News

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Cardano (ADA) price continues to trade between $0.42- $0.55 since May and fails to show any significant price movement. Traders expect ADA price to drop after Vasil hard fork due to “buy rumor, sell news”, similar to ETH price after Ethereum merge. Historically, the price of Cardano has always been falling after every hard fork.

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Cardano (ADA) Price Is Falling Due to Risk “Sell News”

Ethereum successfully completed its most anticipated merge upgrade and transitioned to an energy-efficient Proof-of-Stake (PoS) consensus. However, the ETH price dropped by more than 25% following the merge as traders used the most anticipated event to liquidate their ETH positions. Merchants believed the merge was a “sell the news” phenomenon.

Similarly, trader Vasil treats the hard fork as a “sell the news” event. Furthermore, the price of Cardano has always jumped before hard forks and fell after previous hard forks including Shelley, Marie, and Alonzo.

Cardano (ADA) price has been trading in the $0.42-$0.55 range since May and lacks the rally seen before the last hard fork. In fact, the price of ADA continues to move sideways in anticipation of the Vasil hard fork. Despite whale buying and Fed rate hikes, ADA price has failed to show any significant movement. Traders believe that Cardano looks weak and is likely to dive down after the Vasil hard fork.

In addition, the popular analyst Peter Brandt Be warned that Cardano (ADA) price has formed a “descending triangle” pattern on the chart. This indicates that ADA price may decline due to weakening technical charts. He also said that the price of ADA should fall, no.

According to Dan Gambardello, founder of Crypto Capital Ventures, investors should be prepared for both scenarios as the price of Cardano forms a “descending triangle”. If Cardano price declines, it could drop to $0.33. Moreover, if the price breaks above the trendline, the price of ADA is likely to rise to $1.

Vasil Hard Fork Readiness

IOG has announced that SPO, crypto exchange and dApp developers have confirmed their preparations for the Vasil hard fork. Simultaneously, all three important mass indicators have been achieved.

The joint IOG/Cardano Foundation team will trigger the Vasil hard fork using Hard Fork Combinator (HFC) technology on 22 September at 21:44 UTC.

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Influenced by disruptive technologies, he has shared his knowledge of Blockchain, Cryptocurrencies, Artificial Intelligence and Internet of Things. He has been associated with the Blockchain and Cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.

Cardano ADA Price May Fall After The Vasil Hard Fork CryptomarketBagCardano ADA Price May Fall After The Vasil Hard Fork CryptomarketBag

The material presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for your personal financial loss.

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