Cardano market overview: ADA/USD surges by 16% in one week
- ADA/USD went up from $0.0497 to $0.058 this week.
- At $0.058, ADA/USD has reached its highest value in over three months.
Cardano has enjoyed an extremely productive week. ADA/USD value went up by 16% over the last seven days on the back of their 1.5 mainnet launch. This update is particularly significant because it debuts their new consensus protocol referred to as Ouroboros BFT. IOHK, the company behind Cardano, also stated:
“The Cardano 1.5 release also makes many other improvements. These include performance improvements when rendering lists with a large number of transactions and wallet addresses, the addition of features for detecting insufficient disk space, and a new screen that visualizes the block storage consolidation process.”
ADA/USD daily chart
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ADA/USD bulls have been so strong that they have pierced the price through the red cloud of the Ichimoku indicator. In the process, ADA/USD is now trading for $0.058 or higher for the first time since November 19th, 2018. Immediate resistance for the bulls lies at $0.0625. The moving average convergence divergence (MACD) indicator shows us that the signal line is diverging further away from the MACD curve, which indicates that more bullish momentum is on the horizon.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
