- Cardano steps above $0.08 after a dive to $0.07; gains above $0.1 are expected ahead of the Shelly launch.
- ADA/USD is technically in the hands of the bulls as observed with the RSI closing in on the overbought region.
Cardano continues to outperform its peers such as Tezos (XTZ). The cryptoasset, ADA is now settled comfortably in the tenth position after recently displacing XTZ. In the first week of June, after the public testing for Shelly was announced that included ADA staking, the price pulled above $0.09. A monthly high was formed at $0.0907. This was a significant move for Cardano considering it traded at levels around $0.02 in March.
Although it became increasingly difficult to continue with the uptrend towards $0.1, the reversal that ensued was contained above $0.07. Since Monday this week, ADA/USD bulls have purposed to reclaim the position above $0.08. At the time of writing, Cardano is trading at $0.0835 amid steadily growing bullish momentum.
Cardano is expected to easily take down the sellers’ front at $0.10 as the launch for Shelly begins on June 30. The upgrade is widely anticipated because it elevates Cardano to a smart contracts platform as well as a staking platform. However, the staking is scheduled to commence in August. Nonetheless, Cardano is expected to rally on the account of the launch with $0.10 being a very safe and conservative prediction.
Technically, the price is in the hands of the bulls. The RSI is moving closer to the overbought region to show that buyers are in the driver seat. Cardano is also trading above the moving averages with the 50-day SMA holding the ground at $0.0639 (also home to the 61.8% Fibo) and the 200-day SMA at $0.0474 (home to the 38.2% Fibo). In other words, ADA would be well supported in the event a reversal occurs from current levels.
ADA/USD daily chart
-637280461920672214.png)
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin, Ethereum and XRP steady as China slaps 125% tariff on US, weekend sell-off looming?
The Cryptocurrency market shows stability at the time of writing on Friday, with Bitcoin (BTC) holding steady at $82,584, Ethereum (ETH) at $1,569, and Ripple (XRP) maintaining its position above $2.00.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
Bitcoin, Ethereum, Dogecoin and Cardano stabilze – Why crypto is in limbo
Bitcoin, Ethereum, Dogecoin and Cardano stabilize on Friday as crypto market capitalization steadies around $2.69 trillion. Crypto traders are recovering from the swing in token prices and the Monday bloodbath.
Can FTX’s 186,000 unstaked SOL dampen Solana price breakout hopes?
Solana price edges higher and trades at $117.31 at the time of writing on Friday, marking a 3.4% increase from the $112.80 open. The smart contracts token corrected lower the previous day, following a sharp recovery to $120 induced by US President Donald Trump’s 90-day tariff pause on Wednesday.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin (BTC) price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.