Cardano’s long-term price analysis revolves around the latest Shelley upgrade as it reached $0.0804 a few days ago thanks to the upgrade. In our Cardano ADA price news, we take a closer look at the price analysis.
Cardano was one of the very few altcoins that managed to recover from the all of the wiped gains from Black Thursday’s crash. The tenth-largest cryptocurrency by market cap was trading close to its June high of $0.0804 and one of the major drivers for the coin’s price was the Shelley upgrade and mainnet migration which is why the Cardano long-term price analysis revolves around it.
ADA witnessed an impressive price streak in the past few months and at the time of writing the price, candles seemed to be oscillating between trendlines of a symmetrical triangle pattern which is a completion of the expected price movement in the last week of June. Another breakout following this trend could be on either side of the pattern formation. The daily moving averages continued to support the bullish price action for the coin in the near-term. 50 DMA and the 100 DMA as well as the 200 DMA continued forming critical support for the coin which prevented any abrupt downsides correction.
Also, the 50 DMA was above all other DMAs while the 200 DMA stayed below 100 DMA. The further validated the presence of the bullish market coin. The SI indicator on the daily Cardano charts was indicative of a continued buying pressure as the investors on the market anticipated the crucial Shelley update. Over the past few weeks, the coin gained a lot of momentum and despite the multiple pullbacks, ADA seemed unfazed by any of it. From the charts above, the potential bullish breakout is predicted over the last week of June which could push ADA even higher to levels unseen since the start of June 2019.
The immediate resistance for the asset was observed at $0.995 while the moving averages continued supporting the coin’s price from another market downturn Also, Ever since the founder of IOHK, Charles Hoskinson, issued an update on the Cardano Shelley upgrade, the price, and community around ADA have adopted a bullish mood. The cryptocurrency has seen its value increase by approximately 50% since May 25.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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