Cardano developers prepare for Vasil hard fork while Hoskinson condemns bull markets
- Charles Hoskinson, the creator of Cardano, argues that bear markets bring out the best projects in DeFi and promote development.
- Cardano developers prepare for Vasil hard fork, node, ledger and consensus teams share progress updates.
- Analysts argue Cardano price is approaching the buy zone, and the altcoin could witness a massive breakout soon.
Cardano developers Input Output HongKong shared a new development update on the progress made towards the Vasil hard fork and Hydra upgrade. Analysts continue to have a bearish outlook on the altcoin.
Cardano developers released a new development update
Input Output HongKong (IOHK), the developers of Cardano, released a new development update on June 10, 2022. The developers commented on the progress made towards Hydra and the Vasil hard fork.
The node, ledger and consensus teams continued to prepare for the Vasil hard fork and all teams operational focus remained on delivering the combinator event efficiently and seamlessly. They started working on the integration programs to ensure that nodes and other components are Vasil-compatible. The teams will continue addressing the remaining issues that were identified in the extensive ongoing testing program.
The networking team is currently working on the design phase and addressing other issues regarding the progress of the Vasil hard fork. The Hydra team has worked on issues related to validators.
Charles Hoskinson argues bear markets are better for DeFi project growth
Hoskinson, the creator of Cardano and the CEO of IOHK, recently told the community that bear markets are better for developing DeFi. Hoskinson was quoted as saying:
I personally have been through, I think, like six bear markets now. And every time you’ve seen major advancements. That’s where the smart contract revolution came from. That’s where a lot of DeFi revolution came from.
Hoskinson argued that there is a higher focus on interoperability improvements in the current bear market. He said,
... bear markets are the perfect time for [governance and improvements in interoperability protocols] to happen because everyone is much more focused on work, and they tend to be much more cooperative.
Cardano price could go lower
Christopher Lewis, a crypto analyst, evaluated the Cardano price trend and revealed that the 50-day EMA offers significant downward pressure on the altcoin, so ADA is struggling to recover. Once Cardano price breaks above the 50-day EMA, it could witness a short-lived breakout.
If Cardano's price breaks below the $0.60 level, it could be as low as $0.40. Given that the 50-day and the 200-day EMA are spread out, there is downside momentum in the Cardano price chart, and the altcoin is currently slow-moving, and remains in a bearish trend.
ADA-USD price chart
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
