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Cardano(CRYPTO: ADA) price remains in a tight range, even after the developers launched the Hydra 2.4.1 upgrade and as the stablecoin supply jumps to a record high. ADA was trading at $0.2080, up by 53% from its lowest level this year.
Cardano Launches Hydra 2.4.1 Upgrade
A key news this week was that Cardano’s developers launched the Hydra 2.4.1 upgrade, which focused on the network’s security. It fixed a crucial bug that allowed an invalid transaction to be included in a confirmed snapshot. As a result, the bug let malicious head participant in the network steal funds.
In addition to this, the team made some notable developments, including the release of the first stable release of Plu-stan by the Cardano High Assurance team. This release addressed the common pitfalls that developers face when building applications on Cardano.
Charles Hoskinson and the team are working to incentivize developers to embrace the network. Still, this trend will likely take time as Cardano is still largely a ghost chain, with no major activity. For example, data shows that the total value locked (TVL) dropped to $54 million, its lowest level since 2023 and much lower than the all-time high of $700 million.
On the positive side, there are signs that more stablecoins are moving to Cardano. Its stablecoin supply has jumped to a record high of $68.2 million, up sharply from the year-to-date low of $36 million. Still, despite the surge, the amount is significantly smaller than the total stablecoin supply of over $320 billion.
Cardano Price Technical Analysis
The daily chart shows that ADA price has crawled back in the past few months, moving from the year-to-date low of $0.1362 in June to the current $0.2083. This rebound coincided with the broader crypto market rally that pushed Bitcoin(CRYPTO: BTC) and Ethereum(CRYPTO: ETH) higher than the year-to-date low.
It has formed an ascending channel and is slightly above the 50-day and 100-day Exponential Moving Averages. The two averages are about to cross each other, which would be a mini golden cross pattern.
Therefore, there is a possibility that the token will rebound, potentially to the psychological level of $0.2500. On the other hand, a drop below the lower side of the channel will point to more downside.
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