Cardano Hits Setback as Vasil Developers Postpone Network Update

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Report reports suggest that the launch date of the Cardano (ADA) hard fork has been shifted. Previously slated to launch at the end of July, the update has been postponed indefinitely.

This no doubt came as a disappointment to the Cardano community, who have been eagerly anticipating this update for months. The hard fork got postponed due to what Cardano developers call “further testing.” This delay is not surprising considering that Cardano adheres to a thorough peer-review product launch process.

Two executives of IOG broke the news about the postponement of the hard fork. Tim Harrison, VP of Community & Ecosystem at IOG, noted in a tweet: “This will ensure that API developers and exchanges are all ready for that.” Also, Kevin Hammond, Technical Manager at IOG, explained in Cardano 360:

“Obviously, from where we are, there could be a few more weeks before we go to the actual Vasil hard fork. This is incredibly important. All the users must be ready to progress through the hard fork to ensure a smooth process.”

That said, the Vasil hard fork should be launched when developers are satisfied with the product after adequate testing. When this would be is largely unknown and could take months.

Key Cardano Levels to Watch — July 29

Over the past few weeks, ADA has staged a deviation away from the long-lasting descending channel as broader market sentiment got a facelift. The smart contract cryptocurrency has refreshed previous monthly highs near $0.548, as $0.600 comes into focus.

ADAUSD – Daily Chart on Binance. Source: TradingView.

Sustenance of the momentum, as we head into the weekend, would put more distance between ADA and the descending trendline and help the cryptocurrency ease out of the bearish cycle.

Meanwhile, my resistance levels are $0.560, $0.700, and $0.800 and my support levels are $0.500, $0.400, and $0.300.

Total Market Capitalization: $1.09 trillion

Cardano Market Capitalization: $17.8 billion

Cardano Dominance: 1.63%

Market Rank: #6

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.