Cardano (ADA) values have not shown any significant gains or movement and was swinging between $0.42-$0.55 range since May. Experts now are predicting that ADA prices will fall after the Vasil hard fork. The Ethereum prices have tanked following the Merge update and experts are predicting a similar fate for ADA post the Vasil Hard Fork. If one looks at the history Cardano price has always plummeted after every hard fork.
Cardano (ADA) Price Could Tank Courtesy “Sell the News”
Ethereum has managed to successfully accomplish the Merge upgrade which has transitioned it from the more energy efficient proof-of-stake (PoS) consensus from the earlier energy guzzling proof of work module. However, the values of the crypto asset has tanked by 25% during the Merge process and traders used the event to liquidate their ETH positions. Traders believed the Merge was a “sell the news” event.
Traders are labelling the Vasil hard fork as another “sell the news” event. Cardano (ADA) Price have always risen before any hard fork and post the hard fork always tanks and this precedent was seen after Shelley, Mary, and Alonzo hard fork.
Cardano (ADA) Price is vacillating between $0.42-$0.55 range since May and lacked any rally. The ADA prices continue to move sideways probably in anticipation of the Vasil Hard Fork. The frenzied buying by whales and interest hikes by Fed has failed to have any impact on the ADA prices. Traders believe Cardano looks weak and most likely to dive below after the Vasil hard fork.
Crypto expert Peter Brandt warned the Cardano (ADA) price is entering a “descending triangle” pattern on the chart. It corresponds to the fact that the ADA price may fall as the technical chart becomes weak. He added that ADA price should fall, not must.
Founder of Crypto Capital Venture, Dan Gambardello has warned investors to remain prepared for both conditions Cardano values are forming a “descending triangle.” If Cardano price tanks below this point then it could sink to $0.33 and if the price breaks above this point, it can rally and even touch $1.