Canto Spikes by 30% Today Following Initial Outage

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As a seasoned crypto investor with battle-scarred fingers from navigating the rollercoaster ride that is the cryptocurrency market, I’ve learned to keep a cool head and maintain an objective perspective during turbulent times like these. The recent outage of Canto, despite causing initial panic, seems to have been handled gracefully by the developers, who promptly communicated the issue and provided a plan for resolution.

As a researcher, I’ve encountered an unfortunate incident where the operation of the blockchain network, specifically Canto, came to a halt following its Callisto upgrade on a Saturday.

On August 11, Canto developers revealed on their main platform that there was a problem with the consensus within the chain, causing disruptions in its functioning. They managed to restore calm by stating that they would perform an update to resolve the issue on Monday, August 12, at noon (UTC).

To ease any concerns about safety or accessibility of funds due to the temporary halt in operations, the developers reassured their users that their money was secure and ready for use once the system became active again.

Canto Price Action Remains Positive Short-Term, Sees Double-Digit Increase

On Sunday, the value of the CANTO token dropped by 11%, likely in response to recent news. Prior to this, the token had been fluctuating horizontally since August 6. Interestingly, today it has surged over 30%, possibly indicating a positive outlook regarding the developers’ promises about fund safety and upgrade plans for Canto.

Canto Spikes by 30% Today Following Initial Outage

Photo: TradingView

As a researcher analyzing the current market trends, I’ve noticed that despite Canto experiencing a recovery and price surge today, it appears to be maintaining a strong downtrend when viewed from a broader perspective. This is suggested by three distinct price action metrics, which indicate that the current bullish move might merely be a retracement (a corrective move), rather than a complete shift in trend.

Moreover, the cost is currently moving below a downward sloping triangle pattern, which has served as both support and resistance since March. Lately, there’s been a period of narrowing price movements occurring near the bottom of this setup.

In simpler terms, we might expect a brief surge towards the channel’s peak over the next few days, followed by another drop. But if Canto’s price manages to break free from a descending triangle pattern at the top, it could be an extremely positive sign, potentially pushing the price to levels unseen in the recent past weeks and months.

Canto Developers Seem to Be Handling It Well

Experiencing outages isn’t unique to the Canto blockchain; similar incidents happen across the cryptocurrency landscape. These interruptions in blockchain functionality may stem from various sources such as software updates, just like with Canto, hardware malfunctions, cyber attacks, or governance disputes. The consequences can range from delayed transactions to a complete standstill.

As a seasoned investor with over a decade of experience in the cryptocurrency market, I have witnessed my fair share of ups and downs. The recent disruption of around 9 hours to the Stacks nodes, which crippled applications reliant on its blockchain in June, was an event that caught my attention. Following this incident, I closely monitored the subsequent fall of the Stacks’ value by nearly 50% within just three weeks. This swift decline serves as a stark reminder of the volatile nature of the cryptocurrency market and the importance of staying vigilant when making investment decisions. It’s crucial to always keep a close eye on market trends and be prepared for the unexpected in this dynamic industry.

In essence, the effectiveness of dealing with these power failures greatly hinges on the developers’ management skills. Given the significant surge (+30%) in Canto today, it seems that both the developers and community are navigating this situation quite capably.

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2024-08-12 15:51