The upgrade Cardano's Vasil was active at 21:45 UTC and early signs are that the price is continuing to move sideways despite this positive news.

The recent price movement of () is reduced and indicates that the crash will occur soon. Despite the 5% increase in the last 24 hours, this could be a boost around the Vasil upgrade, which has now occurred.

already activated Vasil upgrade on Thursday. The upgrade is named after Vasil St.Dabov, a member of the Cardano community who passed away in 2021.

However, while the upgrade is rolling out today, the new developer features will only be available on September 27, at the next epoch.

Vasil is part of Cardano as it enters the Basho era, one of the key stages of the platform's development roadmap. The upgrade is expected to reduce fees, increase transaction speed, and improve decentralized application development ().

Especially when has a market capitalization of more than 15 billion dollars, ranked 8th, it has only $ 78.80 in , significantly lower than the smaller like and .

ADA is in a long-term downtrend despite the Vasil upgrade

ADA has been falling along with a descending resistance line since September 2021, when it just hit an all-time high of $ 3.10. The drop led to a low of $ 0.40 in May 2022.

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The low was made just above the $ 0.36 horizontal support area, which acted as a top in May 2018.

Prices rose slightly after that. However, it has yet to reach the aforementioned descending resistance line. Also, the weekly RSI has yet to break above the bearish divergence (green). Until both of these happen, the trend cannot be considered bullish.

ADA chart/ weekly | Source: TradingView

Counting waves

Since the May bottom, it looks like ADA is trading inside a symmetrical triangle, possibly wave four (black) of a five-wave bearish impulse. The number of sub-waves is plotted in white.

If so, a break of the pattern will complete wave five, which is expected to take the price to one of the nearest supports at $ 0.32 or $ 0.22. The targets are given by the 1.27 and 1.61 external Fib retracement levels when measuring the height of the triangle.

A break below the $ 0.427 low (red line) will confirm this wave count while a rise above the $ 0.594 high (green line) will invalidate it. At the moment, the latter seems unlikely.

ADA chart/ Daily | Source: TradingView

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