Sell the news? ADA price drops 10% following Cardano’s long-awaited smart contracts rollout By Cointelegraph

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Sell the news? ADA price drops 10% following Cardano’s long-awaited smart contracts rollout

The price of (ADA) fell on Monday in line with the other top cryptocurrencies despite the completion of its hard fork upgrade dubbed “Alonzo,” which introduced smart contract functionality.

The exchange rate dropped 10.67% to reach its intraday low of $2.30, partly due to profit-taking sentiment among traders following the pair’s 1,200%-plus price rally this year. Additionally, the intraday sell-off also surfaced in the period of an overall crypto market decline, with top tokens (BTC) and Ether (ETH) falling 4% and 6.97%, respectively.

Top 10 cryptocurrency tokens and their performance in the last 24 hours. Source: Messari
ADA/USD daily price chart featuring Bull Flag formation. Source: TradingView
ADA/USD daily price chart featuring Bull Flag target. Source: TradingView