Cardano (ADA) Print Bullish Signal for New Resistance Amid Imminent Hard Fork
A new wave of bullishness is gradually grooming up in the cryptocurrency market after Bitcoin broke above the $9,600 resistance level, for the first time in the last 30 days. However, a number of altcoins in the market are rallying with a more bullish force than Bitcoin.
Cardano is among the top-performing cryptocurrencies in the market table today, July 25. The sixth-largest cryptocurrency by market cap is making a huge stride in the market with a strong rally on the upside trend of the market, and it is attempting to break a new resistance.
This is happening amid the upcoming hard fork of Cardano, which now has a scheduled date, according to the IOHK team.
Cardano is among the best performing cryptocurrencies for the year 2020, thanks to the ripple effect created by the launch of Shelley in the ecosystem. At press time, Cardano (ADA) has made about 300% gain year-to-date, at a time the world is facing the lasting pandemic crisis.
Cardano (ADA) was particularly impressive in the month of June and July, outrunning about 5 cryptocurrencies on the market table.
At press time, a unit of Cardano (ADA) is priced $0.133114 against the US Dollar having added over 8% to its value in the last 24 hours.
Although, Cardano saw a slight retracement yesterday, deepening the value of ADA to $0.121 from the previous $0.125, the slight pullback seems to be a bullish signal for the cryptocurrency coupled with the fact that ADA has been trending on the upside since the start of the day.
The Chaikin Money Flow of ADA fractal on the 24 hours chart remains above $0.20, depicting that the cryptocurrency continues to get more capital inflow.
In the last few hours, CEO Charles Hoskinson declared that the hard fork of Cardano into the Shelley era is now closer than ever, and a launch date has been confirmed.
The mainnet launch of Cardano Shelley is due to go live on the 29th of July, and Charles proclaimed that Cardano will then be the best cryptographic project within the ecosystem, hence a more bullish moment is expect following the launch of the Shelley mainnet.