Cardano's Momentum: Node Upgrade Sparks Whale Activity and Price Surge

Cardano is a fully open-source decentralized public blockchain crypto project for Ada cryptocurrency.

Node 10.1 Upgrade

This month, Cardano launched the Node 10.1 upgrade, which boosts its governance features and sets the stage for the upcoming Chang 2 hard fork. This upgrade allows stake pool operators to delegate their voting choices more efficiently, marking an important step in Cardano's move towards community-led governance.

Increased Accumulation

Whales, or large investors, have been accumulating ADA rather than selling it. The number of addresses holding between 1 million and 10 million ADA increased from 2,450 to 2,462 from October 12 to October 15, showing rising interest among these big holders.

Large Holder Netflow

The Large Holder Netflow, which tracks the movement of ADA among big holders, fell by an incredible 1181.52% over the past week. This negative flow means that large holders are moving their ADA from exchanges to private wallets, suggesting a strategy focused on long-term holding.

ADAUSD prices surged more than 35% in past four days.It hit a high of $0.444 at the time of writing and is currently trading around $0.43. The pair is holding above the short-term (34 and 55-day EMA) and long-term moving average (200-day EMA).

The near-term resistance is around $0.50, any indicative breach above will take the pair to $0.68/$0.81.On the lower side, immediate support is $0.35, and any violation below targets $0.30/$0.25.

Indicators ( Daily chart)

CCI(50)- Bullish

Directional movement index - Bullish

It is good to buy on dips around $0.40 with SL around $0.29 for TP of $0.68/$0.79.