Cardano (ADA) bulls are firmly in control. Performance in the past week has been stellar. After a depressing few months, bulls are finally in control and driven by solid fundamentals, Cardano prices are trending at around new 2020 highs.
Cardano (ADA) Price Pumped by Bullish Fundamentals
Adding an impressive 30 percent in the past trading week as ADA change hands at 8.5 cents, it is highly likely that bulls will push ADA towards the all-important 10 cents mark.
This is June 2019 highs, a key resistance line which if broken could usher a new era pumped by the announcement of the Shelly Mainnet launch and the high likelihood that Cardano will proceed as planned towards Voltaire.
Evidently, the market is re-evaluating ADA prices and in a public project where a lot is pinned on contributing developers, Charles Hoskinson, the face of Cardano and the head of its technical wing, IOHK, is confident that eventually, Cardano will come ahead of competitors.
Like Ethereum which is also improving its source code and may activate the Beacon Chain in the next few weeks, Cardano is a smart contracting platform with an objective of exceeding user expectations while remaining decentralized.
Charles Hoskinson, in previous interviews, said the network—once live, will be up to 100X as decentralized as Bitcoin.
ADA Price Matters: Charles Hoskinson
For Cardano’s recognition, Charles said price (although it muddies the vision of project creators) is nonetheless important.
A higher price, he said, is a form of consensus across their broad base that the project has utility and inherent value that is reflected by price. With the announcement of the Shelly mainnet with will be rolled out gradually through to end of June, ADA has been on a roll.
The coin has pumped 30 percent in the last week alone, reversing losses and is almost at break-even year-to-date against the greenback.
Shelly Mainnet Tests Successful
And there is more if user review is anything to go by. In the recent development update, Christopher Greenwood, who is Cardano Head of Delivery, said review from users has been overwhelmingly positive.
There are currently over 50 pioneers testing the Shelly Mainnet launch operating 81 staking pools. However, since tests have been successful, they may be wrapped up this week or early next week after which other discussions will be made.