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Cardano bulls were exhausted after the Vasil hard-car-40%collapse of the ADA price in the

Most of the Cardano hard-hards preceded the collapses of prices on the ADA, and Vasil does not look like an exception.

The long -awaited Vasil update from Cardano (ADA) was released on September 22 and promised to make a blockchain more scalable and cheap than before. However, this did not bring a bull impulse to the ADA market.

News sales interfere with Cardano

since the update release ADA, the price of the ADA fell by about 9.5% and was sold for $ 0.43 on September 26. The fall of the ADA/USD pair was accompanied by a candle in the daily price schedule, confirmed by a short -term rally up to $ 0.48 per day of fork and a sharp correction after it.

Day Graph of ADA/USD price. Source: TradingView The restrained reaction of the ADA bulls to the successful renewal of Vasily is similar to what was happening on the Ether (ETH) market after the merger of Ethereum. In other words, buy rumors, sell the news, which resembles the majority of the previous Khardsov Cardano, which preceded the collapses of prices for ADA, as shown below.

three -day price schedule ADA/USD. Source: TradingView In addition, macroris, led by a very hawk position of the US Federal Reserve, also weakened the bull -fingering ADA after the events in Vasil. The decision of the Central Bank of the United States to increase the base rate by another 0.75% was made 48 hours before the release of Cardano update. In response to this, ADA fell along with risky assets, given its constant positive correlation with shares over 2022. As of September 26, the correlation coefficient between the Cardano and Nasdaq Composite token was 0.83. Source: TradingView The price of ADA is awaiting a 40 percent collapse Meanwhile, the technical indicators of the ADA draw the figure of a descending triangle, which indicates a bear's forecast in the near future. Similar: Charles Hoskinson and ETH developer enter the verbal war after increasing the rating of VASIL Theoretically, the descending triangle in the descending trend is a bearish continuation signal, that is, it is allowed after a decisive breakthrough of the price below the support trend line. In this case, the price falls by a size equal to the maximum height of the triangle.

a three -day price of ADA/USD, which shows a breakdown of a descending triangle. Source: TradingView Thus, a breakdown below the support level of the ADA triangle in $ 0.41 can lead to a drop in price to $ 0.25. In other words, the drop in the price of 40% by the end of 2022.

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9/26/2022