Cardano Price Prediction: ADA In Focus With Dijkstra Testnet, Node 11.2 Upgrade
The Cardano (ADA) price held above the support level at $0.21 on Friday, October 23, rising 0.99% in 24 hours to trade around $0.216. Cardano made a small recovery as the public testnet and development of Node 11.2 continued in preparation for the Dijkstra protocol upgrade. These technical developments could strengthen the network’s infrastructure, however it is unclear what will be the immediate effect on the price of ADA.
The broader cryptocurrency market also surged to the tune of a $2.73 trillion valuation. Bitcoin was approaching a resistance level of $82,000, while Ethereum was trading around $2,410. Major digital currencies climbed as XRP neared $1.30. Traders are thus looking at Cardano’s technical indicators and key price levels to judge whether ADA can sustain its recovery or succumb to renewed selling pressure. Cardano Introduces Dijkstra Testnet Ahead of Node 11.2 Upgrade
Cardano launched its public Dijkstra testnet so stake pool operators and developers are able to prepare for the next protocol upgrade. The network is currently running on Node 11.1.3 with Conway protocol version 11, and each epoch is roughly one day.
Cardano’s documentation provides configuration files and a faucet to enable operators to get involved in testing. Node 11.2 software is forthcoming and will support the transition to protocol version 12, also known as Dijkstra.
The upgrade process will involve a Node 11.2 pre-release, a hard fork initiation action and a subsequent testnet transition. These steps will allow operators to test new protocol features and ensure their infrastructure and integrations are working properly. However, functionality of Leios is not included in the current release.
MusashiNet also offers a separate prototype environment that utilizes Leios, enabling development teams to experiment with early integrations. The formal Node 11.3 release is under development as well.
Leios activation will need registered voting keys for around 90% – 95% of delegated stake, according to Output’s estimate. However, Intersect has not provided a date for the mainnet launch or the percentage of nodes required to upgrade. Therefore, investors should differentiate between development progress and confirmed mainnet activation.
Cardano Price Prediction: Will ADA Price Keep $0.21 Support?
As of 23 October, ADA was trading near $0.2156, above the critical support level of $0.21 but below the resistance around $0.22. In the previous sessions, the price failed to break this resistance in a sustainable way, which means that the buyers have not yet taken over the short-term trend.
On the downside, if the selling pressure increases and ADA breaks the $0.21 support level on the four-hour chart, the next downside target might be the psychological support at $0.20. Such a move would be a sign of weak demand and could trigger more short-term selling.
In contrast, a bounce above $0.22 could boost the sentiment. Buyers would then have to keep the momentum going and defend the reclaimed level on subsequent pullbacks.
ADA Technical Analysis: RSI, MACD Show Weak Momentum
Cardano’s four-hour Relative Strength Index (RSI) was around 42, indicating relatively weak momentum but not yet in oversold territory. That doesn’t mean the sellers don’t have the upper hand, but it does mean that if the buyers get their act together the market can still recover.
The MACD line was around -0.0019 against its signal line of around -0.0017. The histogram was negative (bearish momentum was still in play) but the smaller histogram bars indicated a possible easing of selling pressure.
These indicators don’t confirm a bullish reversal. Traders will want to see increased momentum, better volume and a solid move through resistance to confirm the recovery is a trend change.
Is Cardano Price Heading For $0.25?
If it can break $0.23, ADA could test $0.25. That would be a move of around 16% higher from $0.2156 to $0.25.
This bullish scenario, however, depends on the overall strength of the cryptocurrency market and continued buying demand. If it fails to hold $0.21, ADA could instead fall toward $0.20.
To summarize, Cardano’s Dijkstra testnet and Node 11.2 developments are significant milestones in the protocol’s ongoing progress, but ADA’s near-term price action will be influenced by technical validation, market sentiment, and the ability of buyers to overcome critical resistance levels.
