Cardano’s Price May Pump After New Network Update

Sahana Kiran
Source – Unsplash

Alongside the rest of the cryptocurrency market, Cardano [ADA] is currently rising in the charts. At press time, the asset was trading for a high of $0.3442 with a 5.32% daily surge. It looks like this trend could persist as the bulls remained in the altcoin market.

Source – ADA/USDT Chart on TradingView

As seen in the above chart, the MACD indicator slowly entered into a bullish crossover. The MACD line took over the signal line earlier today. If this trend persists, the chances of ADA rallying could be strengthened. However, a strong resistance level at $0.3649 could pose a major hurdle to ADA. If the asset fails to maintain its hot streak and dip, $0.319 will act as a prominent line of support. But, the daily trading volume of ADA dipped by 17.47%.

This wasn’t all, Cardano holders had much more to look forward to. Ali Martinez, a prominent crypto analyst took to Twitter to highlight the resistance barriers that investors might have to face.

A potential boost is much needed for the network at the moment. According to data from IntoTheBlock, an astounding 78% of ADA holders were at a loss. Only 18% of them were making money at the asset’s current price.

Cardano rolls out new node version

The Cardano network launched v.1.35.6, a brand new node version. This roll-out came with the Dynamic peer-to-peer [P2P] networking feature. The update aims to increase the overall resilience of the network. In addition, it also offers a service that keeps note of malfunctions and difficulties with routine operations.

In addition to this, the total value locked in the Cardano network surged by 20% per month year-to-date. The network’s TVL rose to 358 million ADA. Several believed that the bullish sentiment in the market could push the TVL to $1 billion in a year’s time.