Currently, the entire cryptocurrency market is struggling to gain momentum. Bitcoin price is hovering within $10k resistance, while few altcoins demonstrate positive momentum. According to CoinMarketCap, the total capitalization of all digital coins in circulation hit $179 billion.
At the time of writing, Cardano (ADA) is leading in terms of growth with more than a 10% rise. Cardano has enjoyed a strong daily upward trend for the past three months and continues to outperform many of the major cryptocurrencies. The ADA / USD pair is trading at $ 0.0814 at the time of this writing, after defending a critical support level on Tuesday.
According to Coinmarketcap data, the ADA coin holding 10th position is currently trading at $0.088488 USD. In terms of ADA/BTC, there is 11.11% growth trading at 0.00000916 BTC. Moreover, the Cardano is currently holding a market cap value of $2,294,232,306 USD with $661,794,805 USD 24hr- volume and 25,927,070,538 ADA circulating supply.
Cardano (ADA) Technical Analysis
Cardano is seeing a massive increase in its trading volume across all exchanges, a highly positive indicator for bulls. In addition, MACD and EMAs are optimistic, indicating that ADA / USD still has more room to grow.
Cardano is within a 4-hour balance pattern with lower tops and higher bottoms. A breach of any of these levels, $ 0.0725 or $ 0.0839, is likely to be accompanied by a significant change in that direction.
Why Cardano price surged suddenly?
This outstanding performance is generally attributed to a crucial announcement made by the CEO of IOHK, Charles Hoskinson, regarding the Proof-of-Stake (PoS) upgrade.
A couple of days ago, Hoskinson announced that the much-anticipated Shelley will be deployed by the end of June 2020. Since the announcement, Cardano (ADA) has managed over a 40% price increase. Additionally, this aided the digital currency to displace a number of competing cryptocurrencies to occupy the 10th position in the market.
Launch of Shelley
Cardano’s Shelley testnet is set for integration into mainnet by the end of this month. Shelley will be rolled out for users sometime between 30th June and 7th July 2020. Also, this release will bring the hard work of relatively 2 years to a profitable destination.
Shelley’s launch is expected to bring about full decentralization of the Cardano (ADA) network. The upgrade will grant users control of block validations and allow staking rewards for ADA holders. Further, enabling to earn interest on their crypto stashes via the network.