Cardano Price Analysis: ADA/USD spikes above $0.08 just a day to Shelly network upgrade
|- Cardano community is ready for the Shelly network upgrade scheduled to commence on June 30.
- ADA/USD bulls shift focus to $0.09 and $0.1 following the break above $0.08 and the upcoming network upgrade.
Cardano is among the cryptocurrencies in the green on Monday. The cryptocurrency landscape is mixed red and green. As for ADA/USD, June 30 is a very important day because the network will be commencing the much-awaited Shelly upgrade. The upgrade is expected to go on until July 7 in a bid to make the network more decentralized. Other key features expected are the transition of Cardano to smart a contract platform as well as community staking of ADA tokens (set to begin in August).
Cardano price analysis
Cardano has spiked above $0.08 in the last 12 hours. The tenth-largest digital asset is trading at $0.0815 amid a building bullish momentum. The daily chart highlights the wide gap between the short term 50 SMA and the longer-term 200 SMA. In other words, the gap emphasizes that buyers have the upper hand; a situation is likely to improve due to the upgrade.
The RSI is pointing upwards as confirmation for gains towards $0.09. Moreover, the MACD is holding within the positive territory after a gradual drop from 0.0105 (June highs). As long as the MACD stays above the midline, ADA/USD will have the potential to hold above $0.08; a move that would shift the focus to $0.09 if not $0.1.
Support is expected at $0.08, the accelerated trendline (broken line), $0.07 and the main ascending trendline (continuous line). If push comes to shove and sharp declines are encountered, the 50-day SMA at $0.07 and the 200-day SMA at $0.05 are expected to come to the bulls’ rescue.
ADA/USD daily chart
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.