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Cardano completed a "death cross" on its hourly chart as the crypto market faced fresh selling pressure early Monday, with $343 million in total liquidations.
Cryptocurrencies are under pressure as the rebound on Sunday faded, leaving traders awaiting direction from traditional markets.
Over $343 million in leveraged bets have been liquidated in the last 24 hours according to CoinGlass data, with long positions accounting for most of this $217 million. Cardano, alongside major cryptocurrencies fell, reaching a low of $0.269 before slightly rebounding.
This price action has produced a death cross on ADA hourly chart, with the MA 50 falling below the MA 200, indicating a crossover.
The crypto market has returned to the middle of a trading range that has continued since the start of February. Cardano is currently trading midway of its range, having traded sideways between $0.22 and $0.31 since February's start. A break above or below these key levels might suggest the next price direction.
On the economic data front, investors are looking ahead to several important releases on Friday, including February’s jobs report, retail sales figures for January and February’s unemployment figures.
Cardano advances hard fork preparation
According to a recent update provided by Intersect with respect to Cardano's intra-era hard fork to protocol 11, SanchoNet has been upgraded to the newly released Cardano node, allowing Protocol Version 11 features to be tested.
Updated Plutus cost models are being readied for rollout across networks. Cardano Node 10.7.0 release is targeted within one-to-two weeks. This release is the mainnet hard-fork-ready candidate release, which is the expected integration point for ecosystem tooling.
As part of the upgrade, all Plutus cost models will be updated. This is to add costing for new Plutus built-ins as well as to enable Plutus built-in consistency across all Plutus versions.
Intersect’s Parameters Committee is reviewing the final cost model values and these changes will be enacted, pending approval via governance actions across all networks.
Protocol Version 11 brings better error reporting for script data hash mismatches, known as PPVHashMismatch. In Protocol Version 11, expected hashes will be returned along with PPVHashMismatch errors.