Cardano’s Shelley now boasts 200 active stake pools, however, the bears still remain in control of the market

Cardano’s Shelly upgrade currently has 200 registered active stake pools up and running. Cardano, the creator of ADA crypto, allows users to send and receive funds securely and without mediators. With the advent of Shelley, Cardano is expected to become significantly more decentralized than any other blockchain network. 

According to Tim Harrison, the marketing and communications director at IOHK (firm behind Cardano), Shelley reached the latest milestone of 200 users just a few days after opening its doors to the entire Cardano (ADA) stake pool operator community. Previously, the testnet had been in a “friends and family” testing stage. 

Shelley has introduced staking, which allows holders of ADA to help power the network in exchange for rewards. In May, IOHK CEO Charles Hoskinson announced that the firm planned to release Shelley between June 30th and July 7th. Following that, the price of ADA surged nearly 20% to about $0.084. Harrison says the company plans to stick to Hoskinson’s time frame.

On the development side, we’ve had a good week. We have ended the first part of our crucial sprint, which wraps up and starts to integrate all the efforts made by eight distinct teams. We have not encountered any major bugs or blockers so we still remain confident in the milestones we announced at the end of May.

ADA/USD daily chart

ADA/USD bears remained control for the second straight day as the price dropped from $0.0816 to $0.0802 in the early hours of Friday. The 20-day Bollinger Band has narrowed to show decreasing price volatility. The negative price action of the past two days has taken ADA/USD below the SMA 20 curve. The MACD shows sustained bearish momentum, while the Elliott Oscillator has had 12 consecutive red sessions. 

Support and Resistance

ADA/USD has stiff resistance levels at SMA 20, $0.0832 and $0.087. On the downside, the bears will want to conquer healthy support at $0.0772 and $0.074 to continue the downward movement.