- Thanks to the Node 8.1.1 update, Cardano’s development activity remained high.
- The ADA price chart was red, but a few metrics and market indicators looked bullish.
Cardano [ADA] has pushed a new update, which has brought changes and improvements to the network. The new update, titled Node 8.1.1, has seen Cardano’s development activity on an upward trend for the past seven days.
How many Worth 1,10,100 ADAs today
However, the update did not affect the price of ADA as the weekly and daily charts remained red. But investors need not worry as a key ADA metric turned bullish, indicating a trend reversal in the days to come.
Cardano’s development activity remains high
According to the GitHub announcement, Node 8.1.1 is ready for the mainnet. The update improves the performance of frontier nodes and corrects previous P2P/DNS issues. In addition, it also includes all the performance improvements from 8.0.0.
Cardano SPOs 8.1.1 has been released for mainnet!
This update improves the performance of frontier nodes and corrects previous P2P/DNS issues.
It also includes all the performance improvements from 8.0.0. Let’s party! #Cardanohttps://t.co/Bo0ZyXMXRR
— Rick McCracken DIGI (@RichardMcCrackn) June 19, 2023
This new update was reflected in Cardano’s on-chain metrics. According to Santiment data, ADA‘s development activity increased significantly last week, demonstrating the efforts of developers to improve the network.
Source: Sentiment
A look at Santiment’s chart revealed that investor confidence in Cardano has increased over the past week. This was reflected in the increase in weighted sentiment. Moreover, ADA also became a topic of discussion in the crypto community as the social volume boomed.
Source: Sentiment
ADA’s chart did not reflect performance
However, at the time of writing, the aforementioned positive updates did not affect the price of ADA as the daily and weekly charts remained red. From CoinMarketCapADA fell more than 8% in the past seven days.
At the time of writing, it was trading at $0.2599, with a market cap of over $9 billion.
But the scenario may soon change as CryptoQuant’s facts revealed that ADA’s Relative Strength Index (RSI) was in an oversold position, which was bullish. The MVRV ratio has improved slightly over the past week. Whale activity was also high, as evidenced by ADAthe stable number of whale transactions.
In addition, the funding rate was red. The price generally moves in the opposite direction to the financing rate, which gives hope for a price increase.
Source: Sentiment
Read from Cardano [ADA] Price prediction 2023-24
Bulls taking over the market soon?
ADA’s MACD showed the possibility of a bullish crossover, which meant that the possibility of price movement to the north could not be ruled out. Nevertheless, ADAThe Exponential Moving Average (EMA) Ribbon continued to support the bears as the 20-day EMA was below the 55-day EMA.
The Chaikin Money Flow (CMF) also followed a sideways path, which could limit an unprecedented price increase in the near term.
Source: TradingView
