- Cardano steps above $0.08 after a dive to $0.07; gains above $0.1 are expected ahead of the Shelly launch.
- ADA/USD is technically in the hands of the bulls as observed with the RSI closing in on the overbought region.
Cardano continues to outperform its peers such as Tezos (XTZ). The cryptoasset, ADA is now settled comfortably in the tenth position after recently displacing XTZ. In the first week of June, after the public testing for Shelly was announced that included ADA staking, the price pulled above $0.09. A monthly high was formed at $0.0907. This was a significant move for Cardano considering it traded at levels around $0.02 in March.
Although it became increasingly difficult to continue with the uptrend towards $0.1, the reversal that ensued was contained above $0.07. Since Monday this week, ADA/USD bulls have purposed to reclaim the position above $0.08. At the time of writing, Cardano is trading at $0.0835 amid steadily growing bullish momentum.
Cardano is expected to easily take down the sellers’ front at $0.10 as the launch for Shelly begins on June 30. The upgrade is widely anticipated because it elevates Cardano to a smart contracts platform as well as a staking platform. However, the staking is scheduled to commence in August. Nonetheless, Cardano is expected to rally on the account of the launch with $0.10 being a very safe and conservative prediction.
Technically, the price is in the hands of the bulls. The RSI is moving closer to the overbought region to show that buyers are in the driver seat. Cardano is also trading above the moving averages with the 50-day SMA holding the ground at $0.0639 (also home to the 61.8% Fibo) and the 200-day SMA at $0.0474 (home to the 38.2% Fibo). In other words, ADA would be well supported in the event a reversal occurs from current levels.
ADA/USD daily chart