Cardano’s ADA Price Drops Ahead Of Shelley – A Rebound Is Expected
While the king crypto is shining in the spotlight following a recent bull run that took the coin above $10k and $11k, Cardano’s ADA dropped in price just ahead of the much-awaited Shelley upgrade.
At the moment of writing this article, ADA is trading in the red and the digital asset is priced at $0.139821.
According to the latest news coming from CryptoBriefing, there’s are a few technical indexes that are suggesting the fact that ADA is currently sitting in overbought territory, but there is also a robust support barrier that should allow the coin to rebound.
Cardano has strong support
As you probably know by now, Cardano will soon transition to a PoS consensual algorithm tomorrow July 29.
As the upgrade approaches, investors seem to be cashing in their ADA coins.
The same online publication mentioned above notes that from a technical perspective, “the recent price action appears to be part of an ascending parallel channel where the smart contracts token has been contained since mid-March.”
They also revealed that since back in March, each time ADA has risen to the upper boundary of this channel, it fell to hit a lower boundary.
After that, it bounces up again and this is reportedly consistent with the characteristics of a channel.
Check out more technical data in the original article of the online publication mentioned above.
Shelley is happening tomorrow
Charles Hoskinson announced the Cardano hardfork for tomorrow:
— Charles Hoskinson (@IOHK_Charles) July 26, 2020
“Stress tests done. All systems go. Update endorsement signed. Rocket is in the air. Hardfork coming July 29th. Will post logs tomorrow,’ Hoskinson also noted.
The Cardano community is expecting to see some exciting price moves for ADA following the much-awaited event that’s set to take place tomorrow. Stay tuned.
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Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.