Cardano testsnet effectively hard forked however here’s a place of concern – AMBCrypto News

Advertisements

Input Output Global (IOG) had earlier informed members of the Cardano ecosystem of the postponement of the deployment of the network’s Vasil Hard Fork to the testnet. Interestingly, in a Twitter thread on 3 July, IOG confirmed to the community members that it had successfully hard forked the Cardano testnet.

Speaking on the next steps, IOG stated that it had invited SPOs, developers building on Cardano, and exchanges to commence their final testing and integration processes. According to it, this testing phase would last four weeks as per the request from the Cardano community. A hard fork would then follow for the Cardano mainnet.

According to data from CoinMarketCap, the price of Cardano’s ADA had gathered momentum before the announcement. However, following the announcement and after the coin had touched a high of $0.458, the bears forced a correction, and the price embarked on a downward spiral. So what happened in the last 24 hours?

Harbinger of doom?

ADA started yesterday’s (3 July) trading session at an index price of $0.452. As trading progressed, the price per coin declined and marked a low of $0.445. Although, the bulls were able to force a correction that pushed the price back to the $0.45 level.

However, following the announcement by IOG, the price of ADA started to plummet. By press time, the coin had returned to the $0.44 level. Exchanging hands at $0.4485 per at the time of writing, a 0.36% decline was posted in the last 24 hours. Trading volume also registered an 8.33% decline in the last 24 hours.

Source: CoinMarketCap

With ADA price mainly represented by red candles in the last few days, the Relative Strength Index (RSI) of the coin lived beneath the 50 neutral region since the beginning of June.

Facing south, the RSI was caught at 39.80 while writing. Reaching for a position beneath the 50 neutral region, the Money Flow Index was spotted on a downward curve at 55 during press time

Source: TradingView

Not a single hoot was given

According to data from sanctuary, the ADA did not record any on-chain growth in the last 24 hours. For example, the count for the number of daily active addresses transacting ADA has logged an 81% decline in the last 24 hours.

Source: Santiment

Transaction volume for the coin in the last 24 hours also registered a 68% drawdown. At press time, this was 318 million. On July 3, it saw a high of over one billion. Valued in USD, the transaction volume declined from $847.13 million to $150.64 million.

Source: Santiment

Further, despite the announcement, data from Santiment revealed that the whales have also looked the other way. The count for whale transactions above $100,000 recorded an 82% drop in the last 24 hours. Within the same window period, the count for whale transactions above $1 million also saw an 80% decline.

Source: Santiment

Despite ADA’s reaction within the last 24 hours, the Vasil hard fork remains the most anticipated network upgrade in the cryptocurrency space in the last few months.


Share post on

Sonic BTC is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

PrivaCrip to Energy a Blockchain Community That Might Comply with Cardano & XRP – ZyCrypto Cardano

PrivaCrip to Energy a Blockchain Community That Might Comply with Cardano & XRP – ZyCrypto

Advertisement     When the first decentralized blockchain was popularized in 2008 by Satoshi...

By wpadminsonic164
Uniglo (GLO), Bitcoin (BTC), And Cardano (ADA) Holders Are Ready Anxiously For October.  What’s Going On?  – Crypto mode Cardano

Uniglo (GLO), Bitcoin (BTC), And Cardano (ADA) Holders Are Ready Anxiously For October. What’s Going On? – Crypto mode

The G20 will present a regulatory framework for cryptocurrencies in October this year. Regulations...

By wpadminsonic164
Cardano, Shiba Inu, Avalanche Put up Modest Beneficial properties as Bitcoin Retests $24K – U.As we speak Cardano

Cardano, Shiba Inu, Avalanche Put up Modest Beneficial properties as Bitcoin Retests $24K – U.As we speak

Cardano, Shiba Inu and Avalanche were recording gains at press time, posting a 24-hour...

By wpadminsonic164
Launch of Revuto app v3.0 – Cardano Feed Cardano

Launch of Revuto app v3.0 – Cardano Feed

Fasten your seatbelts and hold on tight; the time has finally come for the...

By wpadminsonic164
ADA Deal with Companions with Cexplorer – Cardano Feed Cardano

ADA Deal with Companions with Cexplorer – Cardano Feed

We are beyond thrilled to announce our newest partner, Cexplorer!Cexplorer is a data analytics...

By wpadminsonic164
Bitcoin Races In the direction of $25,000 As Merchants Stay Tremendous Bullish On Cardano, Polkadot, Solana – ZyCrypto Cardano

Bitcoin Races In the direction of $25,000 As Merchants Stay Tremendous Bullish On Cardano, Polkadot, Solana – ZyCrypto

advertisement     After a solid monthly close in July, Bitcoin bulls seem to...

By wpadminsonic164
With Cardano (ADA) Supporting 3.5 Million Wallets and Gucci Accepting ApeCoin (APE), What Is The Future For – Bitcoinist Cardano

With Cardano (ADA) Supporting 3.5 Million Wallets and Gucci Accepting ApeCoin (APE), What Is The Future For – Bitcoinist

Altcoins have been gaining significant ground and recognition in recent years, as the crypto...

By wpadminsonic164
Cardano Value Strikes Above $0.50, Is The Value Prepared For Breakout?  – NewsBTC Cardano

Cardano Value Strikes Above $0.50, Is The Value Prepared For Breakout? – NewsBTC

Cardano price is currently trading slightly above $0.50, price of the asset has been...

By wpadminsonic164

Latest Posts

PrivaCrip to Energy a Blockchain Community That Might Comply with Cardano & XRP – ZyCrypto Cardano

PrivaCrip to Energy a Blockchain Community That Might Comply with Cardano & XRP – ZyCrypto

Advertisement     When the first decentralized blockchain was popularized in 2008 by Satoshi...

By wpadminsonic164
Crypto information immediately | Shiba inu coin information immediately | Crypto market crash immediately | luna crypto coin information Videos

Crypto information immediately | Shiba inu coin information immediately | Crypto market crash immediately | luna crypto coin information

19/07/2022| Cryptocurrency news today | Crypto news today | Crypto market crash today |...

By wpadminsonic164
Rachel Stevens rocks Kate Middleton-style gown and we adore it – HELLO! Polkadot

Rachel Stevens rocks Kate Middleton-style gown and we adore it – HELLO!

August 09, 2022 - 11:50 BST Sophia Bates Rachel Stevens wowed her followers in...

By wpadminsonic164
Stellar XLM’s worth lags behind whereas Chronoly.io golden run continues – TechCabal Stellar

Stellar XLM’s worth lags behind whereas Chronoly.io golden run continues – TechCabal

The last few months have been nightmarish for cryptocurrency markets as investors went on...

By wpadminsonic164
Binance

With Tegro, WazirX founder is making it straightforward to purchase and promote blockchain sport belongings – YourStory

In 2021, as the crypto market boomed, millions of retail investors made their first...

By wpadminsonic164
Cryptocurrencies Value Prediction: Tezos, Ripple and Dogecoin – European Wrap 9 August – FXStreet Dogecoin

Cryptocurrencies Value Prediction: Tezos, Ripple and Dogecoin – European Wrap 9 August – FXStreet

Tezos (XTZ) price action is printing a staggering performance in just a slim two...

By wpadminsonic164
Uniglo (GLO), Bitcoin (BTC), And Cardano (ADA) Holders Are Ready Anxiously For October.  What’s Going On?  – Crypto mode Cardano

Uniglo (GLO), Bitcoin (BTC), And Cardano (ADA) Holders Are Ready Anxiously For October. What’s Going On? – Crypto mode

The G20 will present a regulatory framework for cryptocurrencies in October this year. Regulations...

By wpadminsonic164
FED Deploys The WORST CRYPTO Regulatory Ban YET Videos

FED Deploys The WORST CRYPTO Regulatory Ban YET

In your nightly crypto news wrap-up, we bring you the top crypto stories. A...

By wpadminsonic164