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.
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
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