Cardano Price Prediction as Hydra 2.4.1 Upgrade Goes Live
- Cryptocurrency
Crystal Kim- 6 minutes read
Cardano (ADA) price is up by 2% today, September 12, to trade at $0.208 at the time of writing, with the gains mirroring an uptrend across the broader crypto market.
Bitcoin (BTC) had gained to $77,300 while Ethereum (ETH) had rallied to $2,530, with the total market cap reaching $2.65 trillion.
Cardano’s gains also coincide with a security upgrade on the network despite falling usage.
Cardano Completes Hydra 2.4.1 Upgrade
In a recent post on X, the Input Output Group noted that it has released the Hydra 2.4.1 security upgrade on Cardano and urged network users who were using previous releases to upgrade.
The Hydra 2.4.1 upgrade patched a fund-stealing vulnerability on Cardano that previously allowed malicious users within a Hydra Head to submit invalid transactions before stealing funds.
With Hydra 2.4.1, each transaction will be fully validated, which is why the IOG is urging operators running on nodes 2.3.0 and 2.4.0 to upgrade.
The Hydra upgrade comes after Cardano released the latest version of node 11.1.1 ahead of the Dijkstra hard fork, as previously reported by CoinGape. This fork will improve the network’s speed capability.
Network Activity Weakens as TVL Drops Below 300M ADA
Data from DeFiLlama shows that the Total Value Locked (TVL) on Cardano has dropped below 300 million ADA despite ongoing upgrades on the network.
The number of active addresses had also dropped to 12,204 at the time of writing, per data from DeFiLlama. This is the lowest count for active addresses since August 17.
However, the DEX volumes have increased slightly from $1.13 million to $1.65 million. Still, these DEX volumes remain below the September high of $7.28 million.
Cardano’s Futures Activity Shows Mixed Sentiment
Data from CoinGlass shows the sentiment towards the value of Cardano. Retail traders are bullish on ADA price because the long/shory reading on Binance and OKX sits at 1.89 and 2.18, respectively. Bybit has the highest long/short reading of 2.53.
However, while the accounts of large traders on Binance and Bybit and “extremely bullish” on Cardano price, the same cohort on OKX remains bearish.
The smart money sentiment for Cardano on Binance and Bybit is also “extremely bearish,” while on OKX, the smart money sentiment is “extremely bullish.”
Cardano Price Defends Key Support as Double Bottom Emerges
The price of Cardano has bounced from the support at $0.021. The move above this support has also created a double bottom pattern that supports a bullish future Cardano price outlook.
However, Cardano price will confirm the bullish outlook of this double bottom if the price closes above the resistance at $0.229. Still, Cardano will need to close above the 200-day EMA of $0.241 to confirm that the long-term forecast is bullish.
If this bullish thesis fails, ADA could drop to the 50-day EMA of $0.199.
The MACD line that is positive suggests that the momentum is still favoring bulls. However, the histogram bars that are red and negative suggest that these bulls might be losing their grip on price.
