- Charles Hoskinson, the founder of Cardano, recently revealed that the collapse of LUNA has prompted a change in the upcoming Vasil hard fork of the altcoin.
- According to a recent survey, Cardano is the most widely held cryptocurrency in the ongoing bear market.
- Analysts are predicting a further correction in Cardano’s price, as the altcoin tumbles under selling pressure.
Charles Hoskinson, the creator of Cardano has announced changes in IOHK’s plans for the Vasil hard fork in response to the LUNA crash. Hoskinson told the Cardano community that the detachment and decline of Terraform Lab’s sister tokens, LUNC (formerly known as LUNA) and TerraUSD (UST), has prompted developers to be more careful in implementing the future upgrades.
Also read: There is still hope for Cardano price after 88% drop from its all-time high
Charles Hoskinson takes note of LUNA crash
In a recent YouTube video, Charles Hoskinson, co-founder of Input Output HongKong (IOHK), Cardano developers shared a key update with the ADA community. Hoskinson said that the developers took note of the colossal crash of sister tokens LUNC (formerly LUNA) and UST and implemented some changes in the upcoming Vasil hard fork.
The developers are more cautious than before, in implementing the hard fork combinator to the Cardano chain. Hoskinson was quoted as saying:
Our engineers are in the weeds right now and working very hard on Vasil. Huge amount to do, huge amount of testing to do. After LUNA collapsed, we decided to add an additional test harness to what we do and think about some things very carefully. It takes a bit longer, but we figured the abundance of caution is well rewarded these days.
The Vasil hard fork is a key milestone for the Cardano blockchain, the event is expected to strengthen the scalability of the Cardano network and increase the functionality of Plutus, the smart contract platform.
Cardano is the most popular altcoin in the bear market
According to data from a recent survey by LondonRealTV, Ethereum-killer ADA is the most widely held cryptocurrency in the recent bear market. 80% of survey participants chose Cardano’s native ADA coin to hold, in a bear market. Bitcoin and Ethereum received 11% and 5% of the votes respectively.
Proponents believe Cardano has outperformed its peers as the community looks forward to two key events – the Vasil hard fork and the Hydra upgrade. Upcoming updates should enhance the usefulness and scalability of the Cardano blockchain. Cardano is therefore considered an altcoin that has the potential to offer gains in a bear market.
Analysts reveal bearish outlook on Cardano price
CFDtrading crypto analysts have assessed the price trend of Cardano and identified a strong trend on the daily chart, over a 100-day period. The moving averages reveal a downtrend as the 20, 50, 100, and 200-day MAs are in a bearish alignment.
There is a divergence between the Cardano price and the RSI, implying the possibility of a trend reversal and a rally in the altcoin.
Cardano RSI over time
The 4-hour price chart shows a correction and traders continue to dominate Cardano. The altcoin’s price range has traveled below the middle midline of the volatility indicators at $0.628.
The SMA 20 curve is constantly above the SMA 50 and the trend was bullish before the correction. With rising volatility and falling RSI, analysts are predicting a further drop in the price of Cardano.
ADA-USD Price Chart
Netcost-Security analysts claim that Cardano price is heading towards the buy zone, for more information watch this video:
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Cardano’s Charles Hoskinson Approaches Vasil’s Hard Fork With Caution Following Collapse of Terra’s LUNA and UST | Cryptocurrency
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