Cardanos upcoming Shelley launch may spur price

Tuesday 02 June 2020, 5:29 AM AEST - 3 months ago

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The upcoming Shelley launch has been a major booster for Cardanos [ADA] price movement. The native token has emerged as a hot altcoin and is currently one of the best performing crypto assets on the market. At the time of writing, the coin was being traded at $0.0786 and it appears that it might be readying itself for a bull run.

Cardano Daily Chart:

ADA-1.pngSource: ADA/USD on TradingView

Cardano has followed a strong upward trajectory since the March crash which led to the formation of an ascending channel pattern over a period of two months. A breakout from this pattern could lead to the formation of a potential bearish breakout.

However, the moving averages depicted a positive picture of the coin. The 50 daily moving average [Pink] underwent a golden cross with the 100 daily moving average [Purple] on the 19th of May following a brief rally. The gauge has been expanding since then and there were no signs of a bearish crossover in the near-term.

ADA-2.pngSource: ADA/USD on TradingView

In addition, even the MACD line was above the signal line depicting a potential bullish trend for the coin.

Case 1:

The placement of the daily moving averages and the MACD indicator provided validity to a potential bullish breakout in the near term. If this trend materializes, ADA could climb to $0.088 and if the trend persists it could also target another point of resistance at $0.1016.

Case 2:

A bearish case though backed by ascending parallel channel formation appeared to be bleak as the coin found support at points $0.066, $0.0515, and $0.036 respectively.

Correlation:

Cardano has outshined almost all other crypto-assets, within the top 20 by market capitalizati ...

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