ADA jumps to new 2020 highs and today’s climb comes as the Shelley mainnet transition process started with the investors took this as “buy the news” opportunity, so let’s read more in the Cardano crypto news.
ADA jumps to new 2020 highs and is now pushing up against some substantial resistance but the technical importance of the latest movement indicates that further upside could be imminent. One analyst pointed out that today’s upswing allowed ADA to break out of the bull pennant that it was forming while looking at the daily charts. Other data metrics indicated that the latest push could simply be the start of a bigger movement and according to the social volume of ADA, the uptrend is now showing signs of deflating.
Cardano’s parent company IOHK initiated the Shelley hard fork process which will happen over the next five days. The team has a few hours to abort the process if any unexpected problems show up. Investors were pleased to see the final step to the transitioning from Byron to Shelley getting completed and the price was also surging in the time since. At the time of writing, Cardano is trading up by 12 percent of a current price at $0.137 which marks a notable climb from its recent low of $0.115.
While speaking about the technical factors that boost this price movement, one analyst noted that it seems to have been rooted in a break above the upper boundary of a bull pennant which could also open the gates for more upsides. In addition to confirming the bullish technical pattern, the data regarding the cryptocurrency’s social activity suggests that this is far from peaking.
According to the “social volume,” the indicator from Santiment, Cardano’s latest price rise was not reached yet into frenzy territory as social mentions of ADA remained tampered. This indicator tends to show when an asset is forming the short-term top based on the sharp anomalous increase in social volume. As can be seen in the charts, the latest price rally has to generate the type of surge in social volume signaling that Cardano’s ADA could be able to push higher in the near-term. One factor that can stop this price increase in its tracks is the possible cancellation of the Shelley hard fork but there are no indications that this will occur.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]