Cardano’s Update Sets Stage for Bull Run: ADA Price Skyrockets 8%!

21. Juni 2023 Aus Von admin

• Cardano’s Node 8.1,1 is reportedly ready for the mainnet which will cause a transformation to the Cardano network.
• ADA’s transaction has hit 69 million with its official volume surging over the last few weeks.
• The Indonesian government has recognized ADA as a tradable asset, providing regulatory clarity.

Cardano’s Node Update

Cardano’s latest Node Update titled 8.1.1 is said to be ready for the mainnet and will cause a massive transformation to the Cardano network by improving its performance at the epoch boundary and addressing previous P2P/DNS challenges.

ADA Price Analysis

ADA currently has a bullish sentiment, having recorded a 7% growth in the last 24 hours and 2% surge in the last 7 days; however, it is still 91.60% down from its all-time high. According to CryptoQuant, ADA’s Relative Strength Index (RSI) is in an oversold position indicating a likely price surge soon and MVRV Ratio also saw improvement with increasing whale activities while Ali predicted an impressive 44 percent surge for ADA. Despite this, Exponential Moving Average (EMA) Ribbon of the asset suggests bearish run with 20-day EMA below 55-day EMA while Chaikin Money Flow (CMF) takes sideway path restricting possible price surge.

Impact on Price

Despite Cardano’s recent announcements regarding Node 8.1,1 being ready for mainnet that will improve network performance and address P2P/DNS challenge having limited impact on price of ADA as of now; crypto experts have predicted that ADA might likely surge by 44%.

Adoption Rate

The impressive adoption rate of ADA can be seen from its transaction hitting 69 million mark and official volume surging over past few weeks showing growth rate of asset overall despite bearish market trend throughout 2021 so far .

Indonesia’s Decision Could Push Prices Upwards

The Indonesian government recently deciding to recognize ADA as a tradable asset provides level of regulatory clarity which could be pushing factor for future bullish run of ADA as active address metric on DefiLlama shows increase following news about recognition , but whether or not decision would result in prices skyrocketing remains yet to be seen .