The highly anticipated Vasil Hard Fork on the Cardano network has been rescheduled. The hard fork was expected to push forward work that had been done on the network over the last couple of years. Due to this, the news of the June 29th launch had sparked a lot of enthusiasm for the network and had seen the price of its native token, ADA, surge. Now, with the delay, investors have had to reassess their stance and strategy when it comes to Cardano.
When Is Vasil Hard Fork Launching?
According to a blog post from IOG, the developer behind Cardano, the launch date for the Vasil Hard Fork had been moved back by another four weeks. So instead of launching next week as was previously announced, users will have to wait until the last week of July for the hard fork to be completed.
Related Reading | Bitcoin Recovery Wades Off Celsius Liquidation, But For How Long?
Delays like these are not new in the crypto space. Ethereum’s move to the consensus layer has been in the works for a while now and has been subject to many delays over this time. Cardano notes in the blog post that the reasons for the delay have been the bugs that have been found to date. In particular, there are seven bugs that the developers are working to figure out. Although none of them are particularly ‘severe’.
ADA price declines to $0.49 | Source: ADAUSD on TradingView.com
The post also notes that the developer is 95% done with the Plutus V2 test scripts. Adding that the Vasil hard fork had been the most complex development and integration on the network to date and as such, has been a challenging process.
Time To Buy Cardano?
Like with anything, an important upgrade such as the Vasil Hard Fork can carry various implications for the price of the digital assets themselves. This is why investors are always trying to time and buy along with times when there will be the most hype.
Since the upgrade has been pushed further by another four weeks, it has pushed the buying opportunity far back. If the price of the digital asset were to fall below its 20-day moving average in the next three weeks, it would present a good opportunity to enter the cryptocurrency in a bid to catch the height of the hype.
Related Reading | Over $250 Million In Liquidations As Bitcoin Recovers Above $20,000
Mostly, when “buy the rumor and sell the news” comes into play, it is best to always purchase the cryptocurrency right before the rumors begin. And then around the time of the launch will see a good amount of dumping which is when the price declines. This was the same thing that occurred prior to and after the launch of smart contracts capability on the Cardano network.
The price of the digital asset is currently trading at $0.504 at the time of this writing. The next major resistance point lies at $0.55 while support is available at $0.43.
Featured image from Zipmex, chart from TradingView.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
Cardano Vasil Hard Fork Postponed To Allow For More Testing
A The Input-Output Global (IOG) team has said it will postpone sending the Vasil hard fork update proposal because it still needs to solve seven outstanding bugs that are currently ranked as non-severe. While acknowledging that the news will likely be disappointing for some, the IOG team insisted it was “taking an abundance of caution to ensure that we do this deployment correctly.”
More Time Needed
The core Input-Output Global (IOG) team working to facilitate a Cardano Testnet upgrade announced recently that it had “agreed” to delay sending the Vasil hard fork update proposal as previously stated. The team hinted that some seven outstanding bugs, none of which have been ranked as severe, necessitated the delay.
According to a June 20 blog post, the decision to postpone the hard fork followed the core team’s end-of-the-week evaluation call. While noting that the team had managed to get through 95% of the Plutus V2 test scripts, the post said the core team still needed to run a few outstanding items to ensure everything is working as expected. The post added:
We have determined we’ll need a few more days for this. This puts us behind schedule on our previously communicated target date of June 29 for a mainnet hard fork.
Meanwhile, in the blog post, the IOG team describes the work on the Vasil hard fork as the “most complex program of development and integration” it has worked on to date, which has also required close coordination across the ecosystem.
Mainnet Upgrade Pushed Back
According to the blog post, the final decision to hard fork the Cardano Testnet will be made in consultation with “members of the SPO and DApp development community.”
The post notes:
Today, IOG and the Cardano Foundation have agreed a new target date to hard fork the testnet at the end of June. Once completed, we will then allow four weeks for exchanges and SPOs to carry out any required integration and testing work. This is only reasonable and should not be rushed. The working assumption should therefore now be a Cardano mainnet hard fork occurring during the last week of July.
While acknowledging that the news of the hard fork delay is likely to disappoint some, the IOG team insisted the decision had been made to ensure that deployment was done correctly. As previously reported by Bitcoin.com News, Cardano supporters anticipated the hard fork would help the ADA token breach the $1 mark by the end of June. However, since the announcement, the token has ranged between $0.51 and $0.46.
The IOG team in meantime warned that “no timelines can be absolute in software development.” If more time is still needed the developers will be fully comfortable with this, the core team explained.
What are your thoughts on this story? Let us know what you think in the comments section below.
Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Cardano (ADA) Moved Upwards After Consolidation, What To Expect Next?
Cardano showed an uptrend after it was trading laterally, the coin has now settled above the $0.47 support mark. Over the past week, the coin gained 7.2% but over the last 24 hours ADA lost 1% of its market value. After the consolidation, the coin targeted its immediate resistance mark.
If the coin continues to remain at the current price level then bulls can be back in the market for a longer time period. The buyers also seem to be back in the market which has pushed ADA to show signs of relief.
If buying strength loses its vigour then, the coin can move to $0.45, post which the coin can trade as low as $0.40.
Even now the coin seems to be trading within a tight range, but the push above the $0.49 mark has displayed itself as a sign of bullishness. With consistent buying strength, Cardano can move past the $0.50 price mark.
Cardano Price Analysis: Four Hour Chart
ADA was trading at $0.51 on the four hour chart after it broke past its consolidation phase. The closest support level of the altcoin stood at $0.47 but slight push from sellers can drag prices to $0.40. There was bullish signals on the four hour chart.
An ascending trendline points at bullishness (yellow). Push from buyers can help Cardano to rise to $0.52 and then to $0.56. To invalidate bearish thesis completely the coin has trade above the $0.56 for substantially long.
The volume of Cardano traded also shot up indicating that buyers were active in the market. The volume bar was green signifying bullish price action.
Buying strength painted consistent upward movement over the past few days. The Relative Strength Index painted the same picture, the indicator was well above the half-line. This reading is tied to bullishness as buyers have taken over the market.
Other technical also indicated buyers taking over. The price of ADA was above the 20-SMA line. A reading above which signifies that buyers were in control of the price momentum as they were responsible for driving it forward.
Related Reading | Cardano Resists Downward Pressure, Can ADA’s Price Push Bears Away?
ADA’s buying momentum showed positiveness on the four hour chart. Moving Average Convergence Divergence depicts price momentum and a trend reversal too. MACD underwent a bullish crossover and flashed green signal bars.
These green bars are buy signals for the coin, this meant that bullishness was present in the market. Other indicators too have shown strength in buyers.
Bollinger Bands indicate price volatility and they were parallel on the chart. Parallel Bollinger Bands means that price of the asset will hover around the same price range and that further indicates continued relief for the coin.
Related Reading | Will The Vasil Hard Fork Trigger A Cardano (ADA) Bull Run?
Featured image from UnSplash, chart from TradingView.com
Cardano: The ‘Tout est prêt’ of Vasil and will rescheduling affect ADA
The ongoing state of the cryptocurrency market is bad news in itself. However, members of the Cardano ecosystem received another disappointing news on 20 June following the postponement of the Network’s Vasil Hard Fork.
In an announcement blog published on 20 June, the Input Output Global (IOG) confirmed the decision of the developer team “NOT to send the hard fork update proposal to the testnet today to allow more time for testing.”
According to the team, although the “engineering team is extremely close to finalizing the core work,” there are “seven bugs still outstanding to complete the hard fork work.”
The team had earlier announced 29 June as the date for the mainnet hard fork. However, with these delays, the “working assumption should therefore now be a Cardano mainnet hard fork occurring during the last week of July.” Also, the end of June was set as a new target date for the hard fork of the testnet.
As the rest of the crypto market continues to register gains in the last 24 hours, has the news of this postponement spelled doom for the ADA coin? Let’s take a look.
Bullish despite the delay?
ADA token exchanged hands at $0.5013 per coin with a 5% uptick in the last 24 hours. Trading volume on the network also saw a 7.44% growth indicating a growth in the trading activity of the coin within the same window period. Although 83% off its all-time high of $3.10, the ADA token appeared to have latched on to the ongoing bullish correction in the general crypto market.
On a four-hour chart, significant bullish activity was spotted. The coin was in the overbought territory as per the the Money Flow Index (MFI) which stood at 79.20 region at press time. The Relative Strength Index (RSI) was also positioned above the 50 neutral region in an uptrend at 56.
The coast is not clear yet
On-chain data revealed that in the last 24 hours, the price of ADA coins was significantly volatile. According to data from LunarCrush, the volatility rate of this coin saw a 66% uptick over the last day.
Additionally, bearish sentiment grew by 29.38%. Bullish sentiment, on the other hand, trailed behind with a 15% growth within the previous 24 hours.
Furthermore, as per data from Santiment, network activity decreased in the last 24 hours. At 316.37 million at press time, the transaction volume saw a 78% drop.
Although registering a high of 77,218 as an index for the daily active addresses that transacted the ADA coin, at press time, this stood at 15,900 active addresses.
It’s worth the wait…
Despite the delay in the Vasil hard fork, news of the postponement was met with a positive attitude. Members of the Cardano ecosystem took to Twitter to express their views.
1 month Vasil delay is bullish for #Cardano $ADA. More time to “buy the rumor” and then DApps will be actually ready to to go which means less to no “sell the news.”
— Card₳no Dan 🐂 ADA (@CardanoDan) June 20, 2022
1. Vasil hardfork 95% complete. Going to be delayed by about 30 days while final testing takes place. New date very realistic, measurable and achievable. Glad to see care being taken to perfect everything rather than a “just ship it and patch it live” approach. #cardano $ADA
— ADAape 🌍 “APE” (Single Pool) (@TheADAApe) June 20, 2022
Bachelors Scholarship7 days ago
Stanford University Scholarships In USA 2022-2023 | Fully Funded
Fully Funded Scholarships7 days ago
McGill University Scholarships In Canada 2022-2023 (Fully Funded)
Bitcoin6 days ago
What to know about Bitcoin’s pricing model and whether BTC will be ‘part of it’
Binance6 days ago
Binance Suspends Direct Deposits And Withdrawals In Brazil
Altcoins6 days ago
The many reasons why DOGE believers aren’t done yet
1600 blocks7 days ago
Bitcoin’s Sinking Price Pushes Hashrate Below 200 Exahash, Mining Difficulty Expected To Slide 2.8% Lower
ada6 days ago
Cardano [ADA]: Plotting the path to a 125% rally after 1 August
2:1 ratio of sellers6 days ago
Cumberland Sees Massive OTC Moves During Crypto Market Rout — ‘Most Volume We’ve Seen This Year’