Just-In: Cardano (ADA) Price May Fall After The Vasil Hard Fork, Here’s Why

Varinder Singh
September 22, 2022 Updated August 14, 2024
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Can Cardano Price Hit $5 If Bitcoin Hits $300,000?

Cardano (ADA) price continues to trade between the $0.42-$0.55 range since May and fails to show any significant price movement. Traders anticipate the ADA price to fall after the Vasil hard fork due to the “buy the rumor, sell the news”, similar to the ETH price after Ethereum Merge. Historically, the Cardano price has always plummeted after every hard fork.

Advertisement
Advertisement

Cardano (ADA) Price Risks Falling Due to “Sell the News”

Ethereum successfully completed its most anticipated Merge upgrade and transitioned to the energy-efficient proof-of-stake (PoS) consensus. However, the ETH price fell over 25% after the Merge as traders used the most anticipated event to liquidate their ETH positions. Traders believed the Merge was a “sell the news” event.

Similarly, traders consider the Vasil hard fork as a “sell the news” event. Moreover, Cardano price has always jumped before the hard fork and fell after previous hard forks including Shelley, Mary, and Alonzo.

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

Moreover, popular analyst Peter Brandt warned the Cardano (ADA) price has formed a “descending triangle” pattern on the chart. It indicates the ADA price may fall as the technical chart becomes weak. He also said the ADA price should fall, not must.

According to Dan Gambardello, founder of Crypto Capital Venture, investors must prepare for both scenarios as Cardano’s price forms a “descending triangle”. If the Cardano price breaks below, it could fall to $0.33. Also, if the price breaks above the trendline, the ADA price can rally to $1.

Advertisement
Advertisement

The Vasil Hard Fork Readiness

IOG has announced that SPOs, crypto exchanges, and DApp developers have confirmed their preparedness for the Vasil hard fork. Also, all three critical mass indicators have been achieved.

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

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.