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Cardano tests key support amid bearish sentiments and testnet concerns

ADA dropped 3% in the last day. Reports about a bug in Cardano’s testnets that could delay Vasil upgrade. Technical indicators look bearish below $0. 56 resistance level. Cardano’s ADA/USD has dropped 3% in the past day, increasing weekly losses to 19%. Its market capitalization is down to $15,218,450,837 with lower trading volumes. ADA trading…

  • ADA dropped 3% in the last day.

  • Reports about a bug in Cardano’s testnets that could delay Vasil upgrade.

  • Technical indicators look bearish below $0. 56 resistance level.

Cardano’s ADA/USD has dropped 3% in the past day, increasing weekly losses to 19%. Its market capitalization is down to $15,218,450,837 with lower trading volumes. ADA trading volumes reduced by 8% to slightly above $650 million in the past day.

The ongoing correction in the crypto market is partially responsible for Cardano’s bearish momentum. The smart contract blockchain has been shaken by an important fundamental element. The Vasil hard fork could be delayed by a bug in the testnet.

Charles Hoskinson, founder of

Cardano, has denied the claims. He called the testnet ‘catastrophically broke’. Hoskinson stated that the bug was fixed in an earlier update and wasn’t a problem. Hoskinson maintains that these concerns could unnecessarily delay hard fork.

Major updates are expected for Cardano with the

Vasil update. There are some benefits such as increased throughput speed and lower latency for block transmission. There have been several delays, the most recent being July. As shown in the daily graph below, delays are causing a subdued performance of ADA.

ADA retests 0.4 support

Source: TradingView

According to the technical diagram above, ADA has retested $0. 43 support level. Since mid-May, the level has been tested several times. The token’s price has remained below $0. 56 for the past three months.

The technical indicators do not look bullish. The MACD histograms have turned red with the trend following lines close to the neutral point. The Stochastic Oscillator is at the lowest point since July 13.

At 11, the momentum indicator is at the oversold zone and could be due for a bounce back. The momentum is bearish so the token must flip $0. 56 to welcome any bullish sentiment.

Concluding thoughts

ADA retested a key level of support. Technical and fundamental indicators point to increased bearish pressure. Bullish momentum cannot be achieved beyond the $0. 56 resistance.

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