Cardano (ADA) Hits 3-Month Resistance Yet Project Massive Volatility

Cardano’s most awaited project Shelly is ready to launch around July 29, 2020, revealed by Charles Hoskinson. Shelly is likely to take a month to complete, and in this regard around July 23, 2020, Cardano intends to release a Shelly mainnet candidate chain, the rewards of which will start from August 2020.

Once, Shelly is brought into action; networkers will be facilitated to upgrade their nodes and wallets. The native token of Cardano is likely to elevate as the firm elevates its game and happens to be one of the smart Contract Platforms.

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Now, ADA coin is ranked on 11th position in the global crypto market and is one of the massively invested altcoins that is preferred by investors who are looking for long-term investments. As per the market research platform Messari, if we compare the YTD performance of Cardano with the major altcoin—Ethereum, we see that the former has been ahead of the king of altcoins until the press time. In this regard, the smart contract platform of ADA coin has been on the roar, which is fetching returns for the token as the investors invest faith.

Cardano Price Analysis

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ADA/USD Chart By TradingView

On the hourly chart of ADA/USD, we see that the price has hit an amazing 3-month high just around the closing hour, yesterday at $0.0680, while currently trades at $0.0635. As per the 20-day Bollinger Bands laid, we project high volatility in the upcoming days as the bands are widening. With a steep rise, Cardano’s current trading price is retaining strong support from 50-day and 200-day MA at $0.0585 and $0.0551, respectively.

When the major altcoins are seen having a dearth of traction, Cardano is hitting the major resistances and has already reversed the bearish trend. The technicals are confirming the bullish divergence as the MACD crossed above the signal line due to the steep rise.

However, after the slight intraday pull, the MACD is drawing a slight bearish crossover as Cardano price trades at $0.0635. On the other hand, the RSI of ADA coin is at 63.91 and has already shifted towards the buying zone due to increased demand.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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