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Cardano investors should know this reason behind ADA’s 14% freefall

20 Aug, 20222 min readAltcoins
Cardano investors should know this reason behind ADA’s 14% freefall

Cardano [ADA] developer Adam Dean recently took to Twitter to voice his grievances related to certain development issues that the altcoin is facing.

As per his tweet dated 18 August, the developer blames a “bug” that “catastrophically” broke the Cardano network.

The network version that was supposed to be “tested and ready” for the hard fork was affected.

Adam further pointed out developers rushing to upgrade on the mainnet as one of the reasons for the network crash.

🧵 (1/n) It's important to point out today that the #Cardano #Testnet is **catastrophically** broken due to a bug in Cardano Node v 1.35.2. This was the version that we had previously been told was "Tested and Ready" for the Vasil Hardfork. This bug was only discovered…— Adam Dean (@adamKDean) August 18, 2022

Where is ADA now?

The testnet remains dysfunctional despite the detection of the issue in the chain. And the chain is dysfunctional since most operators updated to v1.35.2 in order to mimic the Vasil hardfork combinator (HFC) event.

Furthermore, the current version (v1.35.3) is now incompatible and incapable of syncing with the chain. This issue could result in another delay in the Vasil hardfork announcement.

However, this may not be the only major red flag for the Cardano community as metrics too paint a gloomy picture for the altcoin.

It’s time to move on?

In addition to the aforementioned information, ADA’s market cap seems to be a major red flag at the moment. As of 18 August, ADA’s market cap stood at $18.3 billion.

However, in the last 24 hours, its market cap dropped significantly and stood at $15.73 billion at press time.

Furthermore, at the time of writing, ADA stood at $0.46 and was approximately 14% down in the last 24 hours.

The Relative Strength Index (RSI) too appeared to be in freefall. And, it stood near the 40 mark indicating a movement towards the oversold zone. The Awesome Oscillator (AO), although above the zero line, flashed red bars at the time of writing.

The information presented in the Tweet could be one to damage the hype around Cardano.

Despite past assurances from Charles Hoskinson surrounding the Vasil Fork, things seem far from reversal for the altcoin in the near future.

The already-existing confusion around the hardfork has reached new heights in light of the recent events leaving investors and traders in a position of uncertainty.

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