Cardano bulls run out of steam after Vasil hard fork — 40% ADA price crash in play

Cardano’s (ADA) long-awaited Vasil update went live on Sept. 22, which promises to make its blockchain more scalable and cheaper than before. However, this has failed to bring bullish momentum to the ADA market.

ADA’s price has dropped by approximately 9.5% since the update and was changing hands for $0.43 on Sept. 26. The pair’s drop was accompanied by a rejection candlestick on its daily price chart, confirmed by a brief rally to $0.48 on the day of the fork and a sharp correction thereafter.

ADA/USD daily price chart. Source: TradingViewADA/USD three-day price chart. Source: TradingViewADA/USD and Nasdaq daily correlation coefficient. Source: TradingViewADA/USD three-day price chart featuring descending triangle breakdown setup. Source: TradingView

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