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Cardano Price Plunge Hard, What Next For ADA Price?

Written by: Elena R

August 19, 2022

At the time of publication, along with other major cryptocurrencies, Cardano has plunged by 13.97% in the last 24hrs and is now trading at $0.465. ADA, Cardano Blockchain’s native currency, is now selling at freshly formed monthly lows, just above the July lows of $0.45. 

This massive pullback has caused panic in the Cardano community as such high volatility is not common in ADA. The reason for such a price movement could be the network’s technical issue.

Cardano’s current movement indicates that the currency has slipped back towards its July 26th price point. Cardano is now extremely unappealing from a technical analysis perspective because of the intensity of the decline, which caused the coin to break below the local uptrend support and move toward the local bottom.

Along with such high volatility, ADA is also trading below its 50-day moving average. This suggests that cardano will continue its bearish momentum.

Delay In Cardano Vasil Hardfork

The main reason for the delay in the Hardfork is the issue with Cardano node v.1.35.2.

However, as per Cardano developers, the new update required for Vasil hard fork is ready and it has also been tested successfully.

According to developers, operators hurried to bring the upgrade into effect on the mainnet, despite the fact that this resulted in inconsistent forks and a decline in chain frequency.

A large percentage of operators upgraded to the controversial node to replicate the Vasil hard fork, so even after finding the glitch, the testnet is still non – operational.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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