Cardano’s latest Update titled Node 8.1.1 is said to be ready for the mainnet. This is set to cause a massive transformation to the Cardano network by improving its performance at the epoch boundary and addressing the previous challenge with P2P/DNS.
According to the report, all the performance improvements from 8.0.0 are contained in 8.1.1. This has caused an uptrend in Cardano’s development activities in the last 7 days. Interestingly, the ADA price has not yet reacted to this major announcement.
According to a report, ADA’s transaction hit 69 million, indicating an impressive adoption and growth rate. Its official volume has also seen a massive surge over the last few weeks.
Cardano Price Analysis
ADA currently has a bullish sentiment. In the last 7 days, the asset has surged by 2 percent and recorded 7 percent growth in the last 24 hours. Regardless, the asset is still 91.60 percent down from its all-time high. As of press time, ADA was trading at $0.278218.
According to CryptoQuant, things may change soon as the ADA’s Relative Strength Index (RSI) was in an oversold position. This indicates a bullish signal. The MVRV Ratio also saw a slight improvement last week with increasing whale activities. On top of this, a crypto expert identified as Ali has predicted a 44 percent surge for ADA.
Cardano is poised to confirm this head and shoulders pattern, potentially igniting a 44% breakout that could propel $ADA to $0.60.
Interestingly, the Exponential Moving Average (EMA) Ribbon of the asset is in support of a bearish run with the 20-day EMA below the 55-day EMA. Chaikin Money Flow (CMF) is also said to have taken a sideway path, meaning a possible price surge could be restricted.
Asia Could be a Huge Price Determinant
The future bullish run of ADA could be largely decided by the recent decision by the Indonesian government to recognize it as a tradable asset.
This is said to provide a level of regulatory clarity lacking in the US. Following the news, ADA’s active address metric on DefiLlama has shown a more fluctuating pattern. Also, the team continues to work on adding new features to the network. In its weekly development report released on June 16, 2023, its native token had reached 8.42 million, with 130 million projects launched. Several updates were highlighted including that of the Hydra team.
This week, the Hydra team completed their investigation into Hydra head issues on mainnet and reactivated their persistent head instance. Additionally, they resolved the issue with the monthly report publication process on the website and began brainstorming ideas for future enhancements. The team is currently in the final stages of delivering a new feature that will enable parties to commit funds from external wallets.
The Education Team also completed a Cardano Days workshop at the University of Celaya, Mexico. With Voltaire, the conversation surrounding the CIP-1694 continued to come up with an initial Minimum Viable Governance (MVG) framework.