Cardano Seeks Support at 50-Day SMA Amid Dijkstra Upgrade Progress

Cardano's price has been attempting to stabilize around its 50-day Simple Moving Average (SMA) after an extended decline. On the fundamental side, attention is shifting towards the network's next major development phase, the planned Dijkstra era hard fork.

The Intersect's hard fork working group held another meeting focused on the Dijkstra era. Discussions centered on the phased rollout of the upgrade, changes to protocol parameters, ecosystem readiness, and greater node diversity.

The group plans to continue meeting weekly until the upgrade framework is finalized. The plan for now is to work on some infrastructure for Ouroboros Linear Leios, nested transactions, and then move to Ouroboros Peras later.

Cardano's team has some deadlines in mind. They need to test everything and get approval from the community first.

The price stabilized and formed a doji candle on the daily chart on relatively high volume after declining toward the 50-day SMA. This setup, following an extended decline, increases the probability of a local recovery.

However, the total value locked in the network is still around $65 million and daily DEX volume stands at just over $533,000, indicating weak on-chain activity.