• Cardano developers announced a successful hardfork on the mainnet.
  • ADA/USD recovered from the recent low, but further upside may be limited.

Cardano (ADA), now the 11th largest digital asset with the current market value of $1.5 billion, has gained 2.7% in recent 24 hours to trade at $0.0590 at the time of writing. ADA/USD hit the recent bottom at $0.0551 on Thursday amid major sell-off on the cryptocurrency market.

Cardano underwent a hardfork

Cardano developers announced that the hardfork Ouroboros Byzantine Fault-Tolerant (OBFT) had been launched successfully on the mainnet.

 #Cardano OBFT hard fork successfully completed! Cardano recently underwent a mainnet hard fork (=software protocol update) on 20-02-2020, during epoch 176, to pave the way for the "#Shelley" mainnet release.

The update will pave the way to a major release known as Shelley, which is considered as a decentralized implementation of the Ouroboros Genesis consensus algorithm. The head of blockchain company IOHK Charles Hoskinson said that OBFT era had begun.

ADA/USD: Technical picture

On the intraday charts, the recovery is capped by $0.0600. This resistance is reinforced by SMA100 1-hour and the upper line of 1-hour Bollinger Band. Once it is out of the way, the upside is likely to gain traction with the next focus on SMA200 1-hour at $0.0630, which coincides the upper boundary of the previous consolidation channel.

On the downside, the first support comes at $0.0570 ( the lower line of 1-hour Bollinger Band). It is closely followed by the recent low of $0.0551. SMA200 4-hour and the lower line of 4-hour Bollinger Band are also spotted on approach to this support level. If this barrier is broken, the selling pressure will increase and take the price towards $0.0500.

ADA/USD 1-hour 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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD may retest SMA200 weekly if $6,500 is not retaken any time soon.

BTC/USD is hovering around $6,300, down 1% on a day-to-day basis. The first digital coin has been moving within a short-term bearish trend amid expanding volatility.

More Bitcoin News

Ripple Price Prediction: XRP/USD short-term bulls aim at $1780

Ripple (XRP) has been range-bound recently. The third-largest coin settled above $0.1700, which is a good signal, but the further upside seems to be limited so far.

More Ripple News

ETH/USD locked in a range; short-term recovery capped by $134.40

ETH/USD is changing hands at $132.00, mostly unchanged both on a day-to-day basis and since the beginning of Wednesday. The second-largest digital asset has been moving within a short-term bearish trend amid high volatility. 

More Ethereum News

Triangle pattern breakout hints BCH/USD rally beyond $250

Bitcoin Cash price if dealing with increased selling activity on Wednesday just like the other major cryptocurrencies. BCH/USD is down 1.33% on the day while the price hovers above the initial short term support at $214.

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Coronavirus will either kill Bitcoin or make it stronger

Bitcoin is about to finish the second positive week in a row. The first digital coin has recovered from $5,680 and came close to psychological $7,000 during the week.

Read the weekly forecast

BTC

ETH

XRP