The Canto blockchain faced an outage due to a consensus issue post its Callisto upgrade.
Native token CANTO has surged by over 16.76% after a sharp decline.
Cosmos-based Layer-1 blockchain, Canto, has experienced a notable network outage over the weekend due to a critical “consensus issue” in their blockchain. As part of resolving the issue, Canto has scheduled an upgrade aimed at addressing the problem today.
The outage was followed by the “Callisto” software upgrade. This resulted in the halt of all transactions on the network. The team assures that the users’ funds are safe despite the outage, the chain will resume quickly, and users will be able to access all operations as usual, as stated in Canto’s X post.
Canto has remained as the L1 blockchain after it announced its plans to merge with the Ethereum ecosystem as a Layer-2 solution last year. This incident had an impact on it’s native token CANTO.
Will Canto Decline Shortly?
Initially, CANTO experienced a sharp decline of over 20%. However, despite the outage, the token has surged by 16.76% in the past 24 hours. At press time, the token is trading at $0.04696 with a market cap of $19.83 million. Whereas, the daily trading volume has increased by 18.66% to $522K. The asset has dived down to a low of $0.03681, and gradually as the day progressed, it mounted to a high of $0.04757.
When analysing the weekly price chart, the asset was up by 9.47%, hitting a high at $0.04505 and bottom at $0.03513, as per CMC data. The monthly price frame shows that the token was down by 40.57%, marking a low of $0.03556.
Canto price chart (Source: TradingView)
While analyzing the daily price chart, the daily relative strength index (RSI) stands at 32.24, suggesting CANTO is in an oversold condition. The short-term 9-day and 21-day moving averages are found at $0.04193 and $0.05814, respectively, which indicates a brief bearish momentum.
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