Cardano becomes the crypto investors’ darling due to the upcoming network upgrade.
ADA/USD consolidates above the support at $0.08 ahead of an impending rise to highs past $0.10.
Cardano has been trading incredibly well over the last couple of weeks. Since the news broke out that the Shelly hard fork upgrade was nearing its launch, investors have been particularly interested in the cryptoasset. Glancing at the performance in May, ADA/USD consolidated between two Fibonacci retracement levels; the 38.2% Fibo and the 50% Fibo taken between the last swing high at $0.0932 to a swing low of $0.0172.
Meanwhile, the breakout in the last week of May sent ADA/USD exploding towards $0.1. However, the trend lost momentum under $0.1, resulting in a minor loss to the short term support at $0.08. Cardano is trading at $0.085 after spiking by over 13% in 24 hours. Over the last seven days, the crypto that has made it among the top ten largest digital assets has grown by over 60%.
As Cardano continues to set the pace for gain in the market, Bitcoin is consolidating under $10,000. Last week’s brief rally hit a snag slightly above $10,400. The losses that followed sent BTC/USD to lows under $9,400. However, recovery from the dip has lost momentum under $9,900.
ADA/USD Daily Chart
Looking at ADA/USD on the daily, we can tell that consolidation would take precedence before the next breakout, targeting levels above $0.10. For now, the sideways action is bound to continue in the coming sessions. The Elliot Wave Oscillator clearly shows that gains are possibly going to continues as we head towards the launch of Shelly.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com