Cardano: The Reason Behind ADA’s Freefall

Cardano’s developer Adam Dean recently twitted about his grievances associated with some development issues facing the alternative token.

The August 18 tweet had the developer blaming a bug that broke the ADA network. That affected the platform version that waited for testing for hardfork preparation. Meanwhile, Adam believed the creators’ rush to update the mainnet contributed to the network fall.

Where’s ADA Now?

The testnet stays dysfunctional regardless of the detected issue in the blockchain. Meanwhile, the chain remains dysfunctional as most developers upgraded to version 1.25.2 to mimic the Vasil HFC (hardfork combinatory) event.

Moreover, the present version 1.35.3 is incompatible and can’t sync with the network. That might lead to another postponement of the Vasil fork announcement. Nevertheless, this might be among the massive red flag the ADA community faces as metrics also paint an ugly picture for the alt.

What Next?

Besides the highlighted facets, Cardano’s market capitalization appears to be a massive red flag during this publication. The alternative token had its market cap at $18.3 billion on August 18.

However, bearish actions lowered the metric, changing hands at nearly $15.58 billion during this publication. Also, ADA witnessed a freefall to the $0.46 market during this writing.

Moreover, the RSI (Relative Strength Index) appears on freefalls. The indicator confirmed moves towards the oversold territory, reading at 40. Though the AO (Awesome Oscillator) stayed beyond zero, it displayed red bars during this publication.

The tweeted information might deteriorate the hype surrounding the Merge. ADA seems prepared to struggle in the coming sessions despite Charles Hoskinson’s past assurances on the Vasil upgrade. The ongoing confusion about the hardfork has hit new highs as the latest events leave traders and investors uncertain.

Cardano’s downside journey emerges as the overall crypto met declines over the past few days. For instance, Bitcoin has seen continued declines since the failure to surpass the $25K hurdle.

While writing these lines, the bellwether crypto changes hands at $21,240.77. Bears appear to control the market after bulls weathered following the recent upside assault. The digital trading industry will likely fall further in the coming hours.