ADA’s Shelley upgrade was considered a major booster for Cardano’s price movement as the token emerged as a ‘’hot altcoin.’’ ADA is now one of the best performing crypto assets on the market with a price trading at the time of writing of $0.0786, getting ready for a major bull run. However, some analysts believe that the upgrade could spur the price, let’s check further in our Cardano news.
Cardano showed a strong upward price movement since the March crash that was caused by the ongoing Coronavirus pandemic which made a huge problem on both traditional and crypto markets. During the crash, Cardano made a formation of an ascending channel pattern over a period of two months. The breakout from the pattern could even lead to a new formation but in a bearish breakout.
However, the moving averages showed a positive picture of the coin and the 50-day moving average underwent a golden cross with the 100 daily moving average during the May 19th brief rally. The gauge has been expanding since then and there were no signs of a bearish crossover in the near-term. The MACD line was above the signal line which showed the potential bullish trend for the coin. The placement of the daily moving averages and the MACD indicator shows a potential bullish breakout in the near term so if this trend materializes, ADA could climb to $0.088 and if the trend continues, it could target another point of resistance at $0.1016.
The bearish case that is backed by the ascending parallel channel formation, seemed to be bleak as ADA found support at the $0.066, $0.0515, and the $0.036 levels. ADA’s Shelley upgrade could bring something interesting to the market and the price could even continue on a downtrend.
Cardano outshined most of the crypto assets on the market and reached the top 20 list by market cap, following Bitcoin’s price action. According to the data, the correlation coefficient for ADA/BTC stands at 0.84. if this trend continues, Bitcoin’s surge could shoot Cardano to breach new major resistance levels. The charts show a potential breakout to the positive side and the target points in case of an upside break for ADA which stands at $0.088 and $0.1016, holding the price at $0.066 and $0.0515 levels.
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