Cardano Market Analysis:  ADA/USD keeps flying up in price as co-founder calls the code “some of the highest quality” ever written

Cardano has managed to garner significant momentum in recent times with the ongoing rollout of the Shelly upgrade. Charles Hoskinson, the CEO of IOHK (the firm behind Cardano) remains optimistic about ADA’s future and recently said that Cardano’s code is some of the “highest quality” codes ever written.  

An earlier CryptoSlate report outlined the on-chain factors backing ADA’s price movements and suggested that the movement wasn’t sustainable. It highlighted that most of Cardano’s momentum has been news-driven, which may either help power more gains or result in a “sell the news event.” The latter is most likely to take place if there are any problems with the Shelley rollout. 

In an earlier interview, Hoskinson displayed immense confidence in Cardano’s future.

We’re speeding up and accelerating and we’re doing so with some of the highest quality code that’s ever been written in the history of our space because we’re using a really scientific language Haskell and we’re using formal methods… that which is the same engineering standards that NASA uses and SpaceX uses for their rockets.

He also pointed out that Cardano has “more PhDs and mathematicians” than any other cryptocurrency project. This gives them a serious academic edge over their rival projects.

ADA/USD daily chart

ADA/USD bulls stayed in control for the third straight day as the price went up from $0.1178 to $0.1287. The MACD shows increasing bullish momentum, while the RSI is hovering inside the overbought zone. The price has healthy support levels at $0.097, $0.0909, $0.0889, $0.0843 and $0.0803.