Cardano Price Forecast: ADA/USD explodes above $0.10 as Shelly mainnet goes live

Cardano is at the helm of the cryptocurrency recoveries on the day as it majestically takes down the resistance at $0.10 for the first time in 2020. The action above this key was bound to happen following the release of the Cardano Shelly mainnet. The upgrade brings a host of new features to the network that has been in development for over five years. Some of the key features include decentralization, smart contracts support as well as staking.

Cardano technical analysis

At the time of writing, Cardano is trading at $0.1070 amid the bulls’ effort to place ADA above $0.11 and $0.12. All indicators have aligned in support of the ongoing bullish action. For instance, the RSI is in the overbought region as the MACD extends the move higher in the positive territory. It is apparent that a break above $0.10 would encourage more buyers to increase their entries, eventually pushing the price past $0.12.

Note that, at the moment Cardano is sentimentally supported for bullish action. Moreover, the fundamentals are ripe for more gains. On the flip side, a reversal would seek support at $0.10, the accelerated trendline (broken line), the 50-day SMA, the main trendline and the 200 SMA at $0.0520.

ADA/USD daily chart