• Cardano (ADA) is the top-performing major altcoin of the week.
  • The industry participants are waiting for Shelley update.

The price of Cardano (ADA) has been on fire. The price increased from $0.0485 on May 21 to $0.0889 by press time. Moreover, the coin tested $0.0900 during early Asian hours, which is the highest level since June 28, 2019. ADA/USD has gained over 40% in the recent week and 170% since the start of the year. Now it is the tenth-largest digital asset with the current market value of $2.29 billion. 

The coin started to rally at the end of May after Charles Hoskinson, the CEO of IOHK, announced that the protocol update known as Shelley will be deployed between June 30 and July 7. IOHK is a developer company behind Cardano blockchain that has been working on Shelley for the past two years.

The Shelley update will bring a lot of improvements and new features. Namely, it will allow users to control block validations and unlock staking rewards for ADA holders. It means that they will be able to earn interest on their crypto stashes.

ADA/USD: Technical picture

On the long-term charts, ADA/USD may face stiff resistance at $0.0900, followed by 138.2% Fibo projection for the downside move from February 2020 high at $0.0923. This area was rejected during early Asian hours, but the bulls may make another attempt to clear it as the overall sentiment on the market remains bullish. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.1000. Considering the upside-looking RSI on the weekly chart, the bullish scenario looks likely, however, the coin is obviously overbought, which may lead to a short-term correction.

ADA/USD weekly chart

On the intraday charts, the initial support for the coin is created by 1-hour SMA50 and SMA100 on approach to $0.0800. A sustainable move below this area will open up the way to $0.0725 (the recent low reached on June 2 and 1-hour SMA200). If it is broken, the sell-off may gather pace with the next aim at $0.0600.

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

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Coins Price Prediction: BTC upside capped at $11,600

Twitter and Square CEO Jack Dorsey has yet again reinstated his support for Bitcoin. Bitcoin options open interest is hovering at around 134,000 contracts. Crypto Bitlord accused Ripple of not doing anything to improve ...

More Bitcoin News

Neo Market Update: NEO charts yearly highs, as it readies for DeFi

The new Neo update increases the overall block size limit and improves overall network health. The 4-hour NEO chart has formed the head and shoulders pattern. The Neo Global Development (NGD) has ...

More NEO News

VeChain Price Analysis: VET looking to re-test $0.017 in the short-term

VET is currently trading at $0.0147 after a notable bounce from its low in September at $0.01. VET price is facing some resistance in the form of the 12-EMA at $0.0148. VeChain had a steep correction after its peak on August 7, and it’s ...

More VeChain news

Palm Beach Confidential releases new report highlighting Maker, Enjin Coin, and Numeraire

The newest confidential release from Palm Beach includes several coins like Maker, Enjin, and Numeraire. The company has been giving picks to investors for years now.

More Cryptocurrencies News


Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

Read the weekly forecast