Home Cardano launched hardfork  OBFT; ADA/USD extends the recovery
Crypto News

Cardano launched hardfork  OBFT; ADA/USD extends the recovery

  • Cardano developers announced a successful hardfork on the mainnet.
  • ADA/USD recovered from the recent low, but further upside may be limited.

Cardano (ADA), now the 11th largest digital asset with the current market value of $1.5 billion, has gained 2.7% in recent 24 hours to trade at $0.0590 at the time of writing. ADA/USD hit the recent bottom at $0.0551 on Thursday amid major sell-off on the cryptocurrency market.

Cardano underwent a hardfork

Cardano developers announced that the hardfork Ouroboros Byzantine Fault-Tolerant (OBFT) had been launched successfully on the mainnet.

 #Cardano OBFT hard fork successfully completed! Cardano recently underwent a mainnet hard fork (=software protocol update) on 20-02-2020, during epoch 176, to pave the way for the “#Shelley” mainnet release.

The update will pave the way to a major release known as Shelley, which is considered as a decentralized implementation of the Ouroboros Genesis consensus algorithm. The head of blockchain company IOHK Charles Hoskinson said that OBFT era had begun.

ADA/USD: Technical picture

On the intraday charts, the recovery is capped by $0.0600. This resistance is reinforced by SMA100 1-hour and the upper line of 1-hour Bollinger Band. Once it is out of the way, the upside is likely to gain traction with the next focus on SMA200 1-hour at $0.0630, which coincides the upper boundary of the previous consolidation channel.

On the downside, the first support comes at $0.0570 ( the lower line of 1-hour Bollinger Band). It is closely followed by the recent low of $0.0551. SMA200 4-hour and the lower line of 4-hour Bollinger Band are also spotted on approach to this support level. If this barrier is broken, the selling pressure will increase and take the price towards $0.0500.

ADA/USD 1-hour chart

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.