Osaka, Japan – Cardano has recently completed a significant upgrade, boosting its contribution to open-source projects on the blockchain. The update involved the UTXO-HD to version 0.10.0, a move aimed at enhancing user experience and developer engagement within the Cardano ecosystem.
The UTXO, which stands for Unspent Transactions Output, refers to the remaining tokens in a user’s wallet that can be utilized in new transactions. By transitioning to the new version of UTXO-HD, Cardano has aligned with node v 8.11, opening up opportunities for developers to access more data for their contributions to the blockchain’s open-source initiatives.
Despite this positive development, the price of ADA, Cardano’s native token, recently dipped to $0.44. While some holders remain optimistic about a potential price rebound, market observers are looking at liquidation levels to gauge the token’s recovery prospects.
Analysis of liquidation levels has revealed a magnetic zone ranging from $0.46 to $0.49, signaling a possible upward movement for ADA. The Cumulative Liquidations Levels Delta (CLLD) has also displayed a negative trend, aligning with predictions of a potential price surge in the near future.
With the CLLD pointing towards more long liquidations than shorts, there is anticipation that ADA could reach $0.50 in the short term. While the volume of ADA transactions has decreased, indicating waning interest in the token, the combination of positive sentiment and a declining price suggests a possible price hike on the horizon.
The Weighted Sentiment in the market currently stands at 0.60, reflecting a growing number of positive remarks about Cardano. If this trend continues, it could boost demand for ADA, potentially leading to a significant price increase in the market. Amidst these promising signs, Cardano’s future appears to be on a positive trajectory, with potential for growth and increased market activity.