This Is Why Cardano (ADA) Will Fall After Upgrade

• The crypto community thinks the awaited Vasil upgrade is a “sell-the-news-buy-the-rumor event” and ADA is headed for the deep after the upgrade.
• Citing information from previous hardforks which include Shelley, Mary, and Alonzo, ADA’s price has always dropped.

The anticipated Vasil Upgrade is just hours from taking place. As disclosed by  Cardano’s co-founder Charles Hoskinson, the upgrade will be going live on September 22 at 21:44 UTC. This is when both the IOG and Cardano foundation team will trigger the Vasil Hardfork using the Hardfork Combinator (HFC) technology.

This winter season has seen ADA’s price hovering around the $0.42-$0.55 scope since May. Therefore traders are pessimistic that Cardano’s price will surge after the upgrade. The crypto community expects ADA’s price to plummet after the upgrade much the same as ETH after the merge due to the “buy the rumor, sell the news”

ADA at Risk of Plummeting Due to “Sell the News Buy the Rumor Event

Citing Ethereum’s price pattern after a successful transition from PoW to PoS, one week after the Merge, ETH’s price was down by a whole 25% as traders used the long-awaited event to liquidate their ETH assets. Analysts and experts believed the merge was a sell-the-news event.

Correspondingly, the crypto community supposes the upgrade is a “sell-the-news-buy-the-rumor event”. Notably, Citing information from previous hardforks which include Shelley, Mary, and Alonzo, ADA’s price has always dropped.

Pricewise, ADA experienced higher price rallies just before hardforks. Contrary to this, since May, ADA has been trading between the $0.42-$0.55 range which is a relatively grey area that is dissimilar to previous events. Despite the big breakthrough of surpassing 50 million transactions and the fed rate hike, Cardano has declined to show any movement. Critics say that ADA looks weak and is headed for the deep after the upgrade.

Moreover, Peter Brandt, a widely followed veteran trader warned that Cardano might be looking at a downward movement for ADA. Peter compared Bitcoin’s 2018  descending triangle pattern and the current Cardano descending triangle pattern. He further added that Cardano’s price should fall not must.

Looking at both sides of the coin was Dan Gambardello, the founder of Crypto Capital Venture, who was both optimistic and at the same time pessimistic. Dan stated that investors must be prepared for anything as Cardano’s price formed a “descending triangle”.The Cardano price could bifurcate and break below reaching down to $0.33, and if optimistically the price breaks upwards, Cardano will be seeing the ADA price can rally to $1.

Currently, Cardano’s native token ADA is going through the green at $0.456, a 1.02% increase in the last 24 hours.

Do you think ADA will be able to uphold this upward trend even after the Vasil Upgrade?

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