Despite the “Valentine’s Day Upgrade”, Cardano [ADA] Investors are still not happy

  • The Cardano development team announced that the SECP 2022 upgrade will take place on February 14th.
  • ADA may not compile even though the attribute is updated.

In a letter of discord sent to Cardano [ADA] Community, the developers have confirmed that the main network upgrade of SECP will happen on February 14th. The internal memo was shared on Twitter by Tim Harrison, Vice President of the Input Output Community, on February 10.

Realistic or not, here it is The market cap of ADA in terms of ETH

ADA’s Valentine’s Day gift

Details from the shared image revealed that Cardano has changed the name of SCEP to the “Valentine” promotion. SCEP, proposed in November 2022, aims to drive cross-chain development on the Proof of Stake (PoS) blockchain.

In preparation for the event billed at 21:44 UTC, Becky Hopwood, IOHK Community Coordinator, has asked Cardano node users to ensure that they have upgraded to version 1.35.5. This was due to SECP being incompatible with Node 1.35.4.

In addition, information from SECP statement Show that there will be new built-in features in the Plutos cipher system. The statement read:

“These built-in features will be built into Cardano, and since they will be implemented and reviewed by experts, they will provide the highest level of security. This will enable all Plutus DApp developers to expand the choice of multi-signature architectures or threshold signatures to use.”

ADA: Not consistent with a positive reaction

However, ADA price was in line with negative market sentiment, according to CoinMarketCap. At the time of writing, the open source project token was trading at $0.365 — down 6.64% from the previous day’s value.

Despite this, the daily chart’s Bollinger Bands (BB) revealed that ADA is approaching a contracting volatility situation. But the decline led to the price reaching the lower band. This condition means that the ADA was oversold.

Source: TradingView

In addition, the indicators from the Awesome Oscillator (AO) showed that the momentum of ADA is bearish. So stockholders may not get a positive price reaction between the red bars repeated above. However, an increase in buying momentum in a short time frame can change the trend.

Is your wallet green? paying off Cardano Profit Calculator

Meanwhile, development activity on the chain rose to 89.5. This was the highest level Cardano has reached since December 18. The metric indicates the rate at which a project is committed to improving its network. So this increase indicates that ADA developers were highly prepared for Valentine’s Day.

In terms of ADA return to holders, the ratio of market value to realized value (MVRV). open That portfolio increases in January have reversed. At the time of writing, the MVRV is -8.232%. This means that the ADA performance in February It was far from turning a profit by the time of publication.

Cardano development activity and MVRV ratio

Source: feeling

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