The latest Cardano news show that ADA is spiking after the launch of its Daedalus 1.0 release and the final confirmation of the Shelley testnet. In fact, we can see that ADA/USD is the one of the growth leaders and the 13th largest digital asset.
If you followed our cryptonews, you probably know that the coin has also become one of the best performing digital assets out of the top 20 by Monday, with over 7% of gains. On a weekly basis, the ADA/USD pair has grown by 26%. At the time of writing, the pair is changing hands at $0.051 which is off the intraday high of $0.053.
On the daily chart, we can notice that ADA has settled above the SMA 100 (currently at $0.050) for the first time since March this year. The bullish trend is intact as long as the price of ADA is spiking and in a good momentum.
In fact, the entire altcoin news market today is showing great gains, inspired by the market leader Bitcoin (BTC) which managed to go over $9,000 after preparing for the run all day yesterday. Anyways, ADA is spiking and the coin has entered the overbought territory, which is why a certain period of still movement is expected.
The initial support for ADA/USD is created by the above-said SMA100. Once it is broken, the pair can push and go to $0.060 or even higher. The $0.1 level (1 cent) is now a crucial thing to be established and what many bulls are betting on right now given the new Shelley testnet upgrade.
On the upside, we can see local resistance created by an intraday high of $0.055. It is followed by the weekly SMA50 located on the approach to the next psychological level at $0.60. This barrier may be a hard nut to crack for the ADA cryptocurrency but the altcoin news should shows a longer term bullish target of $0.070 (which is the upper line of the weekly Bollinger Band given the recent increase in price). Before this, this arm was kept at $0.063.
What is very important to note is that the Daedalus 1.0 version of the cryptocurrency wallet seems to be a success, just like the Shelley testnet preparation. The developer team at Cardano named IOHK shared great news – and as ADA is spiking – many people needed this to make sure they are investing in the right coin.
“It is important to point out that we have overall, gotten an overwhelmingly positive response to Daedalus 1.0. We know that people are upgrading it because there are huge loads on the relays at the moment. Terabytes of data are flowing. So that is a good indication that people are able to sync and it looks like Daedalus 1.0 is a great success,” the team noted.
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