- Cardano’s Node 8.1.1 update has spurred a surge in development activity, despite the ADA price currently remaining stable.
- Several indicators, such as the Relative Strength Index and the MVRV Ratio, suggest an impending trend reversal that could lead to a bullish market for ADA.
Cardano has recently unleashed its Node 8.1.1 update, which optimizes node performance and addresses previous issues related to P2P/DNS. This development comes in the wake of high expectations and has led to a significant uptick in Cardano’s development activity over the past week.
Despite the promising developments, ADA’s price remains unfazed by the update for now. However, savvy investors need not despair. Certain ADA market indicators point towards an imminent bullish trend, suggesting a possible price reversal on the horizon.
Node 8.1.1, according to the official announcement on GitHub, is ready to make its mark on the mainnet. The update is designed to enhance node performance at epoch boundaries and rectify prior concerns with P2P/DNS. It also encompasses all performance enhancements made in the previous 8.0.0 update.
Santiment data indicates that ADA’s development activity has seen a marked increase over the past week, illustrating the concerted efforts by developers to refine the network. Alongside these developments, investors’ confidence in Cardano has risen, as evidenced by a rise in the weighted sentiment. Cardano’s update has fueled discussions within the crypto community, leading to a surge in its social volume.
However, despite these positive advancements, ADA’s price hasn’t reflected these achievements. According to CoinMarketCap, ADA’s value has declined by over 8% in the past week, trading at $0.2599 at the time of writing.
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Nonetheless, the tables might be turning soon. CryptoQuant’s data reveals that ADA’s Relative Strength Index (RSI) is currently in an oversold position, suggesting bullish potential. Further strengthening this outlook is the increased whale activity, illustrated by a stable whale transaction count. In addition, its funding rate is in the red, a situation that often precedes a price uptick.
ADA’s Moving Average Convergence Divergence (MACD) shows signs of a bullish crossover, indicating a potential upswing in price. However, ADA’s Exponential Moving Average (EMA) Ribbon currently supports a bearish trend, with the 20-day EMA trailing below the 55-day EMA.
In the midst of these mixed signals, Cardano’s (ADA) price rally seems to be imminent. A significant surge in large transactions — those valued at $100,000 or more — suggests a potential bullish turn. Investors and analysts will be closely monitoring these developments, as they could signal a new phase in ADA’s market trends.
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