Cardano Network Welcomes Alonzo Testnet Upgrade

Cardano Network Welcomes Alonzo Testnet Upgrade

The long-awaited Alonzo testnet (termed Alonzo White) went through on the Cardano (ADA) network on Wednesday. IOHK, Cardano’s host company, announced via Twitter yesterday. The announcement noted that:

“We’ll monitor the new network closely over the next 24 hours while continuing to do further QA work on the node tonight. We’ll then review any feedback/results tomorrow and start addressing any required fixes. We expect several updates as we add features to Alonzo White.”

Analysts assume that everything is running smoothly, considering that there have been no additional updates or information since the initial release.

Meanwhile, the Cardano team previously announced the rollout strategy for Alonzo. The rollout, which came in phases, consisted of a color-coded series of testnets; Alonzo Blue to Alonzo Black.

The first phase of the rollout, Alonzo Blue, occurred at the end of May. Alonzo White is the second phase, which commenced on Wednesday with a successful hard fork. The next in line for rollout is Alonzo Purple.

Speculations draw that the Alonzo Purple rollout could occur in August. This upgrade will launch the network into the Goguen era.

Emurgo, a founding entity of the Cardano protocol, asserted that the Alonzo upgrade brings several benefits to the ecosystem, including Smart Contract compatibility integration.

Key Cardano Levels to Watch — July 16

ADA has come under intense bearish pressure in the early hours of Friday, as the cryptocurrency market remains under the control of bears. The fifth-largest cryptocurrency currently trades below the critical $1.2 pivot line, bringing the $1.15 support into view.

ADAUSD – 4-Hour Chart

The cryptocurrency needs to climb back into the $1.2 – $1.4 pivot area over the coming hours or risk falling below the $1.15 support.

Nonetheless, the current market bias is overwhelmingly bearish at the moment, making subsequent declines in the short-term very likely.

Meanwhile, our resistance levels are $1.2000, $1.3000, and $1.4000, and our support levels are $1.1500, $1.1300, and $1.1100.

Total Market Capitalization: $1.28 trillion

Cardano Market Capitalization: $37.6 billion

Cardano Dominance: 2.95%

Market Rank: #5

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.