Cardano (ADA) has climbed back above the critical $0.60 level, but the bulls are not celebrating just yet. Despite recovering this key price zone, ADA has remained in red over the last 24 hours, reflecting the broader market’s cautious sentiment.
At press time, ADA was down 0.57% in the last 24 hours to $0.6164.
After three days of dropping from highs of $0.668 on April 13, Cardano began to rebound from lows of $0.595 on April 16 and reached highs of $0.629 in Thursday’s session. Bulls are attempting to sustain the rebound in the early Friday session, with ADA battling to hold the $0.61 level.
On the upside, buyers are expected to encounter selling in the area near the moving averages. A break and close above the 50-day SMA ($0.70) paves the way for an upward move to $0.83.
Sellers, on the other hand, might try to strengthen their position by lowering the ADA price below the $0.58 support level. If they succeed, ADA might fall to a key threshold of $0.50. Buyers are likely to defend the level with all their might, as failure to do so might extend the slump to $0.40.
Cardano welcomes new node release
Cardano has welcomed a new node release, Node 10.3.1, which primarily improves performance.
According to GitHub notes, this release improves execution speed, reduces memory usage and gives faster synchronization times. In addition, it provides several enhancements to the new tracing system. It also provides support for lightweight checkpointing needed to enable Ouroboros-Genesis.
Finally, it contains bug fixes for a variety of CLI commands. The node and “submit-api” docker images have also been improved to make operations more efficient.
However, this version of the node is currently released as a prerelease pending community testing, hence, it is not recommended for production use currently.