Cardano

Input Output Global (IOG), the lab behind the Cardano blockchain, released a YouTube update this week informing followers that its Vasil hard fork upgrade has been delayed yet again.

According to the update, more testing is required to ensure “inevitable issues” are ironed out:

Input Output July YouTube update.

All Users Need to be ‘Ready to Progress’

Cardano’s (ADA) long-awaited Vasil hard fork has been delayed by several more weeks, amid some significant price volatility (including a 7.7 percent gain on July 29).

Kevin Hammond, IOG’s technical manager, says the hard fork had to be postponed one more time to ensure that all parties, including exchanges and API developers, were fully ready for the transition to take place.

All users have to be ready to progress through the hard fork to make sure the process is smooth, both for them and end users of the Cardano blockchain.
Kevin Hammond, technical manager, IOG

The upgrade, entitled Vasil, is designed to increase Cardano’s scaling capabilities and is set to be the largest upgrade to the Cardano blockchain since the Alonzo hard fork. Put simply, this hard fork is a backward-incompatible change to the software used to validate and produce new blocks.

The upgrade is expected to be game-changing, offering improved speed and scalability, making it more appropriate for DApps and smart contracts. This is not the first delay Vasil has seen, with the project originally scheduled for release in late June:

No big deal, since our credo is to do things right instead of fast, and I for one am supporting this 100%.

Vasil will be a major milestone that catapults us forward even closer to being the most advanced smart contract chain out there.

LFG!https://t.co/FMco1zbfer

🏁
— Nils Codes (HAZEL) 😺⭕✨ (@NilsCodes) July 21, 2022

The network’s DApp development community has the final decision on the Cardano testnet upgrade, meaning that developers must ensure the testing is void of critical issues before the hard fork can be implemented. A release date is yet to be announced.

Previous Cardano Delay

IOG originally postponed the Vasil upgrade by one month due to alleged bugs “that needed eliminating”, requiring further testing. At the time, Nigel Hemsley, head of delivery and projects at IOG, stated his project was “very close” to completion and a June 20 deployment. However, a minimum of seven non-severe bugs required attention before this could go ahead.

Welcome to this weekly series from the TradeRoom. My name is Dave and I’m the founder of The Crypto Den, an Australian-based crypto trading and education community aiming to give you the knowledge to take your trading game to the next level.

Crypto Market Outlook

The TOTAL market cap lost US$100 billion over the weekend and is currently having a small retrace of that loss. I suspect this will be pretty short-lived, which would bring us to a very important last line of defence. If the TOTAL drops below US$1.58 trillion, there’s huge potential for a US$400 billion loss. This will undoubtedly hurt a lot of people, so please investigate stop losses and make sure you’re prepared for the worst-case scenario!

The BTC monthly closed just below that monthly support and has a window of opportunity to keep us in a ranging situation. Failing that, we get another bearish month and it’s anyone’s guess how low we could drop from here. If you zoom right out and take a good look at the monthly chart, you will see there’s really no structure between US$34,000 and US$14,000.

I’m putting forward some very bearish cases here and that does not mean it’s game over. There’s still opportunity for BTC to bounce, but it must happen above US$30,000! If that level breaks, then it will be a long winter in my opinion.

BTC is currently sitting on a weekly 100 EMA and some daily support. My bias is still that we see a bear flag that I wrote about last week play out over the next month or two. If so, ALTS will bleed hard.

Last Week’s Performance

ADA/USDT

ADA, like many others, is also at its last line of defence. I entered short last week and am now currently sitting at around 120% ROI. I’d like to see this trade reach approximately 800% in 10x.

DOGE/USDT

This entry was partially TA and partially luck! Last week I wrote about my thoughts on DOGE dropping 70%, then Elon decided to buy Twitter (as you do) and DOGE pumped. The luck part was that I didn’t enter right away and instead got in a short on the pump. I’m currently sitting at 170% ROI.

This Week’s Trades

TORN/USDT

I’ve been watching TORN since last week and have just entered a short trade today. Candlestick analysis is showing a lot of indecision at a crucial level of daily resistance. R:R looks good enough for me to enter.

TORN/USDT

TRX/USDT

A 2017 fan favourite, TRX, looks like it could be setting up for a short trade. It’s currently sitting at both daily 200 EMA and daily resistance. If we see BTC drop, this could present a prime entry for short trades.

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