Cardano (ADA) price analysis: ADA/USD beats the market with 7% of gains ahead of Shelly update

  • Cardano’s ADA is the best performing altcoins out of top-20.
  • The coin has retreated from the recent high, more downside is possible.

Cardano, the 10th largest cryptocurrency with the current market capitalization of $2.4 billion, is changing hands at $0.0946 with over 7% of gains in recent 24 hours. While ADA has retreated from the intraday high of $0.0970, it is still one of the best performing altcoins today. The coin has been growing actively since the beginning of the week and managed to gain nearly 30%. 

Cardano project is getting ready for a major network update know as Shelly. Cryptocurrency experts believe that it might be a reason behind ADA’s stellar growth. However, the correlation is not evident as the Shelly update was announced in May. The upgrade should employ proof-of-stake consensus algorithm and strengthen decentralization features of the blockchain

Looking technically, ADA/USD is capped by $0.0980-$0.0990 area that has been limiting the recovery since the end of May. Once it is cleared, psychological $0.10 will come into focus, followed by April’s high at $0.1018. A move above will take us to uncharted territory.

On the downside, the strong support is created by $0.0800, followed by SMA50 (Simple Moving Average) on a daily chart at $0.0780. A sustainable move below this handle will open up the way towards the next bearish aim of $0.0735 (SMA100, daily timeframe).

ADA/USD, 1-day chart

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