Cardano Market Update: Hoskinson announces Shelly hardfork, ADA/USD jumps by 11%

Tanya Abrosimova Independent Analyst

Cardano (ADA) is changing hands at $ 0.1377, having gained over 11% in the recent 24 hours. This is the strongest daily increase since July 25. Cardano's market value catapulted to $3.54 billion, while its average daily trading volume is registered at $498 million.

In the past 24 hours, Cardano has been trading in a range of $ 0.1219 to $ 0.1386. Over the past 7 days, Cardano's price has increased by over 10%, however, it is still 89.86% of its peak of $ 1.35 that was reached on January 4, 2018.

Cardano gets ready for a fork

The creator of Cardano, Charles Hoskinson, announced that IOHK team initiated the Shelley hard fork process, the major network update will be activated on July 29th. The team of developers will continue with tests during the weekend.

We have now begun the countdown over the next 5 days to hard fork Cardano from Byron to Shelley. Our las chance to abort will be sometime on Monday, during the weekend the engineers and the QA-team will be conducting an exhaustive 72 hours burn in, to go through all checklists that we have, Hoskinson said in a recent video update.

ADA/USD: Technical picture

On the intraday chart, ADA/USD is moving towards the local support created by the upward-looking the middle line of the 1-hour Bollinger Band locate don approach to $0.1300. If it is broken, the sell-off may be extended towards a 50-hour SMA at $0.1260 and $0.1200.

On the upside, a sustainable move above the intraday high of $0.1386 is needed for the upside to gain traction. The next resistance is located at a psychological $0.1400 and $0.1500.