Categories: Altcoin News

Cardano (ADA) Price Adds 30% In Last Week With Shelly Mainnet Launch On Its Way

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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.

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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.

Cardano ADA Price Market Performance

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.

ADAUSD Price Action–Trading View

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.

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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.

 

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Vince Prince

Vince is an experienced trader, investor and financial analyst within the markets in which he concentrates on the cryptocurrencies and decent opportunities within them to trade in a professional oriented manner. You can follow him at trading view market insight at: https://www.tradingview.com/u/VincePrince/ Or you can join his telegram channel: https://t.me/vinceprince_channel

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