Cardano Price Analysis: ADA/USD spikes above $0.08 just a day to Shelly network upgrade

Cardano is among the cryptocurrencies in the green on Monday. The cryptocurrency landscape is mixed red and green. As for ADA/USD, June 30 is a very important day because the network will be commencing the much-awaited Shelly upgrade. The upgrade is expected to go on until July 7 in a bid to make the network more decentralized. Other key features expected are the transition of Cardano to smart a contract platform as well as community staking of ADA tokens (set to begin in August).

Cardano price analysis

Cardano has spiked above $0.08 in the last 12 hours. The tenth-largest digital asset is trading at $0.0815 amid a building bullish momentum. The daily chart highlights the wide gap between the short term 50 SMA and the longer-term 200 SMA. In other words, the gap emphasizes that buyers have the upper hand; a situation is likely to improve due to the upgrade.

The RSI is pointing upwards as confirmation for gains towards $0.09. Moreover, the MACD is holding within the positive territory after a gradual drop from 0.0105 (June highs). As long as the MACD stays above the midline, ADA/USD will have the potential to hold above $0.08; a move that would shift the focus to $0.09 if not $0.1.

Support is expected at $0.08, the accelerated trendline (broken line), $0.07 and the main ascending trendline (continuous line). If push comes to shove and sharp declines are encountered, the 50-day SMA at $0.07 and the 200-day SMA at $0.05 are expected to come to the bulls’ rescue.

ADA/USD daily chart