Cardano (ADA) is changing hands at $ 0.1377, having gained over 11% in the recent 24 hours. This is the strongest daily increase since July 25. Cardano's market value catapulted to $3.54 billion, while its average daily trading volume is registered at $498 million. 

In the past 24 hours, Cardano has been trading in a range of $ 0.1219 to $ 0.1386. Over the past 7 days, Cardano's price has increased by over 10%, however, it is still 89.86% of its peak of $ 1.35 that was reached on January 4, 2018.

Cardano gets ready for a fork

The creator of Cardano,  Charles Hoskinson, announced that  IOHK team initiated the Shelley hard fork process, the major network update will be activated on July 29th. The team of developers will continue with tests during the weekend.

We have now begun the countdown over the next 5 days to hard fork Cardano from Byron to Shelley. Our las chance to abort will be sometime on Monday, during the weekend the engineers and the QA-team will be conducting an exhaustive 72 hours burn in, to go through all checklists that we have, Hoskinson said in a recent video update.

ADA/USD: Technical picture

On the intraday chart, ADA/USD is moving towards the local support created by the upward-looking the middle line of the 1-hour Bollinger Band locate don approach to $0.1300. If it is broken, the sell-off may be extended towards a 50-hour SMA at $0.1260 and $0.1200.

On the upside,  a sustainable move above the intraday high of $0.1386 is needed for the upside to gain traction. The next resistance is located at a psychological $0.1400 and $0.1500.

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

Bitcoin at $5,000 charts begin to pop up on Twitter, how likely is such a massive correction?

It’s not uncommon to see considerable corrections in the market after massive rallies like the one Bitcoin is experiencing. Around $80 billion were wiped out from the market in less than 24 hours, and some analysts believe the price could go even lower.

More Bitcoin News

Ethereum transaction fees skyrocket as price collapses

At the time of writing, Ethereum (ETH) is trading at $520. The second-largest digital asset, with the current market capitalization of $59 billion and an average daily trading volume of $30 billion, has lost over 12% on Thursday. However, it is still in a green zone on a week-to-week basis.   

More Ethereum News

Cardano Price Prediction: ADA must overcome a massive supply barrier to extend a recovery

Cardano (ADA) has climbed to the 8th position in the global cryptocurrency market rating. The coin hit $0.194, the highest level since July 2020, on November 24, before the correction started. 

More Cardano News

SushiSwap Price Analysis: SUSHI rebounds strongly as whales buy the dip

The entire cryptocurrency market suffered a massive crash on Thursday. Sushiswap price dropped by more than 20% within hours but managed to recover almost instantly, hitting $1.285.

More SushiSwap News


Bitcoin Weekly Forecast: BTC makes new yearly highs while its network activity looks worrisome

Bitcoin has lived through the best week since February 2018. The pioneer digital currency price gained over $2,000 in less than seven days. The bullish momentum allowed it to reach a new multi-year high of nearly $18,800, marking November 2020 one of the strongest bullish months ever. 

Read the weekly forecast