The much-awaited Vasil hard fork has been rescheduled on the Cardano network. The hard fork was expected to carry forward the work done on the network over the years. Due to this, the news of the June 29 launch caused much excitement for the network and saw the price of its native token, ADA, rise. Now, with the delay, investors have had to reevaluate their stance and strategy in the case of Cardano.
When is Vassil Hard Fork launching?
According to a blog post by IOG, the developer of Cardano, the Vasil hard fork’s launch date was moved back four weeks. So, instead of launching next week, as announced earlier, users will have to wait until the last week of July for the hard fork to complete.
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Such delays are nothing new in the crypto space. Ethereum’s move to the consensus layer has been in the works for some time and is currently subject to several delays. Cardano explained in a blog post that the reason for the delay is a bug found to date. Specifically, there are seven bugs that the developers are working to address. However, none of these are particularly ‘serious’.
ADA price declines to $0.49 | Source: ADAUSD on TradingView.com
The post also mentions that the developer is 95% done with the Plutus V2 test script. Having said that the Vasil hard fork has been the most complex development and integration on the network to date and as such, has been a challenging process.
Time to buy Cardano?
Like anything, significant upgrades like the Vasil hard fork can have various implications for the price of the digital asset itself. This is why investors are always trying to buy over the times when there will be the most hype.
Since the upgrade has been pushed forward another four weeks, this has pushed the buying opportunity far back. If the digital asset price falls below its 20-day moving average in the next three weeks, it will provide a good opportunity to enter the cryptocurrency to catch the hype high.
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Mostly, when “buy rumor and sell news” comes into play, it is always best to buy cryptocurrency just before the rumor starts. And then there will be a good amount of dumping seen around the time of launch which happens at the time of price drop. This is exactly what happened before and after the launch of smart contract capability on the Cardano network.
At the time of writing this, the digital asset price is currently trading at $0.504. The next major resistance point is at $0.55, while support is available at $0.43.
Featured image from Zipmex, chart from TradingView.com
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