fxs_header_sponsor_anchor

Cardano Price Analysis: ADA/USD beats the market with 8% gains

  • Cardano launches Shelley Stakepool testing program.
  • ADA/USD recovers strongly, moves towards $0.0600.

Cardano (ADA) is the 11th largest digital asset with the current market value of $1.3 billion, The coin has gained over 8% in the recent 24 hours to become one of the best-performing digital assets out of top-20. At the time of writing, ADA/USD is changing hands at $0.0503, having recovered from the recent low of $0.0427 hit in April 10 amid major sell-off on the cryptocurrency market.

Cardano’s Shelley Stakepool testing started

The project is moving fast towards the transition on the proof-of-stake consensus algorithm. The team started testing Shelley via the Pioneer’s program launched on Monday, May 11. It means that limited pool operators will work with the node for the Shelley mainnet.

Last month, Cardano’s founder Charles Hoskinson explained the key features and principles of the Shelley mainnet launch. He said that it would be rolled out in several phases to ensure that only a fully functioning network goes live. He also confirmed that Shelley will be launched in 2020. 

ADA/USD: Technical picture

On the daily chart, ADA/USD settled above the middle line of the daily Bollinger Band at $0.0480, which now serves as local support for the coin. If it is broken, the sell-off may continue towards the recent low of $0.0427 reinforced by daily SMA100 and SMA200 clustered around that level.  The psychological $0.0400 is likely to slow down the bears.

On the upside, the initial barrier is created by the upper line of the 4-hour Bollinger Band on approach to $0.0540. Also, this level stopped the recovery on May 8. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.0600.

ADA/USD daily chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.