- Thanks to the Node 8.1.1 update, Cardano’s development activity remained high.
- ADA’s price chart was red, but a few metrics and market indicators looked bullish.
Cardano [ADA] has pushed a new update, which brought changes and improvements to the network. The new update, titled Node 8.1,1, resulted in Cardano’s development activity seeing an uptrend during the last seven days.
How much are 1,10,100 ADAs worth today
However, the update did not impact ADA’s price, as its weekly and daily charts remained red. But investors should not worry, as a key ADA metric turned bullish, suggesting a trend reversal in the coming days.
Cardano’s development activity remains high
As per the GitHub announcement, Node 8.1.1 is mainnet ready. The update improves node performance at the epoch boundary and corrects previous concerns with P2P/DNS. Additionally, it also contains all the performance improvements from 8.0.0.
Cardano SPOs 8.1.1 has been released for mainnet! ?
This update improves node performance at the epoch boundary and corrects previous concerns with P2P/DNS.
It also contains all the performance improvements from 8.0.0. Let's rock and roll! #Cardanohttps://t.co/Bo0ZyXMXRR
— Rick McCracken DIGI (@RichardMcCrackn) June 19, 2023
This new update was reflected on Cardano’s on-chain metrics. As per Santiment’s data, ADA’s development activity surged substantially last week, displaying the efforts made by developers to improve the network.
Source: Santiment
A look at Santiment’s chart revealed that investors’ confidence in Cardano increased over the last week. This was evident from the rise in its weighted sentiment. Additionally, ADA also became a topic of discussion in the crypto community as its social volume surged.
Source: Santiment
ADA’s chart did not reflect achievements
However, at press time, the aforementioned positive updates did not impact ADA’s price, as its daily and weekly charts remained red. As per CoinMarketCap, ADA was down by over 8% in the last seven days.
At the time of writing, it was trading at $0.2599, with a market capitalization of more than $9 billion.
But, the scenario might soon change as CryptoQuant’s data revealed that ADA’s Relative Strength Index (RSI) was in an oversold position, which was bullish. Its MVRV Ratio improved slightly over the last week. Whale activity was also high, as evident from ADA’s stable whale transaction count.
Moreover, its funding rate was red. The price generally moves the other way than the funding rate, giving hope for a price uptick.
Source: Santiment
Read Cardano’s [ADA] Price Prediction 2023-24
Bulls to take over the market soon?
ADA’s MACD displayed the possibility of a bullish crossover, which meant that the possibility of a northbound price movement could not be ruled out. Nonetheless, ADA’s Exponential Moving Average (EMA) Ribbon continued to support the bears as the 20-day EMA was below the 55-day EMA.
Its Chaikin Money Flow (CMF) also took a sideways path, which could restrict an unprecedented price surge in the near term.
Source: TradingView
