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0.72%
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4.22%
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Market Analysis

Cardano Technical Analysis – Shelley Testnet Edges ADA Closer to Decentralisation

Cardano has been at the forefront of many conversations within the crypto community recently, as the Shelley Test Net is scheduled to be released in July 2019. Shelley’s main aim is to “bring full decentralization to Cardano”.

The PoE network aiming to disrupt the DApp space is gradually delivering the vision.  Founded with the goal of creating a project able to ensure sustainability and scalability, ADA now is moving to guarantee decentralisation.

Enthusiasts will be carefully evaluating the performance of Shelley, and they will be the ones judging the Net’s success. At the moment of writing, ADA is trading within the $0.082 – $0.077 range. Price action has broken the $0.080 zone and the last daily formation was a bearish engulfing candle. Since May, ADA is up 40% and excitement about Shelley’s completion may set even a better tone.

In the past few weeks, the price has risen steadily to the $0.10 supply zone. The named area has been rejected three times on April 3rd, May 16th and the 3rd of June. The pair has also formed an ascending channel since May 17th, which has been respected in the last few days. Traders are now carefully following the formed yellow trend line (see the chart attached). If bears succeed in breaking the ascending channel, then the $0.071 zone will be an important resistance. On the contrary, if the price breaks the $0.104 support, then there will be room for further growth to the upside.

The visionary Cardano Founder Charles Hoskinson gave the first clue to ADA’s community on April, with a tweet redirecting users to a complete report that explained the completion of Shelley’s features.

Cardano’s upgrade promises to be a solid decentralised infrastructure that will give monetary incentives to users as well as delegating rights and obligation purely to stakeholders as fully outlined within the 2019 Cardano Roadmap.

  1. Avatar

    Ricardo Negrete

    June 10, 2019

    $0.104 resistance
    $0.071 support

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