Cardano moving slowly towards major update

The creator and founder of Cardano (ADA), the 10th largest digital asset with the current market value of $1.7 billion, shared his plans on the project development.

He said that he and his colleagues were focused on creating an innovative product, based on new ideas. Answering criticism about the delays in Cardano network upgrade known as Shelley, he explained that the work on Cardano project is time consuming as it requires a lot of in-depth research. That’s why no one can guarantee that the deadlines are met, even of the researches and developers do the best they can.

“Generally speaking, when this happens in industry, what happens is that the R&D phase concludes before it’s consumerized or productized … So you guys see the end result of projects,” he said. 

Shelley upgrade will make proof-of-stake (PoS)-based Cardano protocol “fully decentralized”. 

Meanwhile, Cardano’s coin had a good start in 2019 with over 60% of gains, but it seems to have run out of luck recently. ADA/UAD as lost nearly 5% of its value in recent seven days and over 25% in the recent month to trade at $0.0643 at the time of writing. The coin has recovered from the recent low of $0.0630. The local resistance is created by psychological $0.0700-$0.0730 area strengthened by SMA100 4-hour and DMA50. Once it is out of the way, the recovery may be extended towards $0.0800.

On the downside, the support is seen at $0.0575 (DMA100) followed by psychological $0.0500.