After months of delays, the Cardano Vasil upgrade and hard fork finally went live at 9:44 p.m. UTC on September 23.
>> Related: Cardano Vasil upgrade officially goes live
After the hard fork, the price of ADA surged more than 4% to close the September 22 trading session at $0.458 on the price chart.
ADA continued its bullish momentum at $0.4789 on September 23. Soon after, the bears in the market began to push the price down.
At press time, ADA is trading at $0.4572, which has fallen 5% since the high of 23 September.
Comparing the performance of ADA after the Cardano Vasil Hard Fork upgrade with ETH after the Merge, the price of the leading Alt quickly increased by 3%.
After that, the price of ETH immediately plummeted. In the 7 days after the Merge, the price of ETH fell 16% on the chart. With the bears gaining control of the ADA market, Altcoins also seem to move in the bearish direction of ETH.
ADA selling pressure increases
On the daily chart, after the Vasil Hard Fork, selling pressure on the ADA has increased.
Positioned in downtrends, the main indicators indicate low buy order volumes since the upgrade. At press time, the ADA’s CMF is -0.07. Headed towards the oversold zone, the ADA’s MFI is at 35.
Moreover, the DMI index shows that ADA sellers have control over the market. The strength (red) at 17.66 is firmly positioned above the buyer’ (green) at 13.58. Also, the RSI is at 46.32 at press time.
Vasil has led to a downtrend
Active addresses trading ADA since the Vasil Hard Fork upgrade have decreased by 14%. At press time, active addresses on the ADA network stand at 55,194. On the day of the upgrade, this number amounted to 64,919.
Above the MA30, ADA’s market-value-to-realized-value (MVRV) is negative, indicating that the average ADA holder has held at a loss over August. So far, the Vasil Hard Fork has not led to a reversal in this trend.
At press time, the ADA’s 30-day MVRV stands at -3%. Moreover, despite the upgrades, the overall market remains skeptical about the asset’s performance. At press time, the weighted sentiment is -0.168.
The price of the ADA has fallen by more than 150% since the year it began. With the last six months marked by dormancy on the ADA network, a significant increase in the price of crypto assets may be far-fetched.
