Cardano Snaps Bullish Trend Following Latest Drop, Eyes Test of $0.45 Support
After dropping nearly 5.0% on Thursday following a key technical break below an uptrend that had been in play since mid-July, ADA, the native token that powers the Cardano blockchain, has collapsed a further 8.5% on Friday, the cryptocurrency having been hit hard amid a broader sharp sell-off in cryptocurrency markets.
ADA was last changing hands just under $0.46, having now slid below support in the form of its 21-Day Moving Average at $0.5250, recent lows in the $0.50 area and its 50DMA just under $0.4950 in the last two sessions. The cryptocurrency is now trading at fresh monthly lows and eyeing a test of late-July lows just above $0.45.
The recent sell-off has dealt a severe blow to bulls prior hopes that ADA might soon test late May/early June highs in the $0.67-0.69 area, with the cryptocurrency’s near-term technical bias now no longer positive. Indeed, ADA looks much more likely to test recent lows in the $0.40 area than return to recent highs near $0.60 any time soon.
Cardano’s Testnet is “Catastrophically Broken”, Says Cardano Dev Ahead of Vasil Upgrade
Cardano’s Testnet is “catastrophically broken” due to a bug in Cardano Node version 1.35.2, prominent Cardano developer Adam Dean explained in a concerning Twitter thread on Thursday. The bug was “creating incompatible forks and causing a decrease to chain density”, Dean explained, adding that Cardano node operators had “rushed to upgrade”.
“To say that this level of “rushing” gives me uneasy feelings is an understatement,” Dean continued, before calling on Cardano founder Charles Hoskinson and Input Output Global (IOG) to develop and deploy the tooling necessary for “Disaster Recovery”. However, Dean later added that “strategies for regenerating testnet are being worked on :)”.
🧵 (1/n) It’s important to point out today that the #Cardano #Testnet is **catastrophically** broken due to a bug in Cardano Node v 1.35.2. This was the version that we had previously been told was “Tested and Ready” for the Vasil Hardfork. This bug was only discovered…
— Adam Dean (@adamKDean) August 18, 2022
Cardano’s highly anticipated Vasil hard fork upgrade, which is set to deliver significant performance and scalability benefits to the network, has been delayed twice in the last two months amid technical problems. The upgrade is expected to go ahead later this month, but the latest update from Dean will do little to settle crypto investor nerves that there could be hiccups.