Cardano Breached Yearly Resistance Above $0.090 with Strengthened On-Chain Fundamentals

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Cardano’s major project—Shelly testnet started yesterday, and the platform opens the gate to a new phase for ADA. With the most active community in the crypto space, Cardano has now paced his game with a better technology approach, better roadmaps, and better decentralization. With this, ADA token has been gaining ground after the inflow of all the positive sentiments from the smart network platform.

Moreover, Cardano has been defeating the major altcoin of the market—Ethereum by market capitalization in terms of its YTD performance. With this, the number of addresses holding ADA token has reached an All-time High with a record of 385.08k addresses, as recorded earlier this month on June 03, 2020.

Cardano, due to its major developments as a smart contract platform, has been posing as tough competition, and with the launch of Shelly testnet, the network is likely to get an unimagined pace. With such project ideation, Cardano is likely to hit the segments of the financial system deployed with crypto really soon.

Cardano Price Analysis

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ADA/USD Chart By TradingView

On the hourly chart, ADA coin is experiencing a mild lack of momentum since yesterday, after hitting the 24-hour high at $0.0877. Also, important to highlight that the currency marked an amazing recovery after an unprecedented crash earlier in the previous week when it retested support around $0.069.

Nonetheless, Cardano made an amazing rebound post the crash and breached the year-long resistance as it hit above $0.090 at $0.0919, while at the time of writing, the ADA price was trading at $0.0817 against the US Dollar.

On the hourly chart, Cardano lacks support from 50-day and 200-day MA due to lack of intraday traction since yesterday. And, it was just today when the coin retested weekly support around $0.0794 but managed to pick up the lost pace as it breached above $0.080 again. After a brief consolidation around $0.085, the most developing platform’s cryptocurrency stalled to have a slight dip in the intraday since yesterday and is seen continuing.

However, if we connect the ATH of the addresses holding Cardano, which was recorded On June 03, 2020, to the yearly resistance hit by ADA/USD on June 04, 2020, we see that the demand has been directly correlated. The recent sunk in price is nothing but the blow of volatility, which is even visible from the sheer widening of 20-day Bollinger Bands.

Additionally, Cardano’s on-chain fundamentals have been quite strengthened and are drawing bullish crossovers to a major extent.

Cardano onchain

And, now with Cardano’s Shelly upgrade, it is more like Ethereum 2.0 and is gaining amazing grounds for the networkers to lure startling profits as massive addresses splurge in ADA token.

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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