Cardano overview: coming down to earth from the clouds

• ADA/USD retraced from recent high.  
• The coin is still over 19% higher on a weekly basis.  

Cardano (ADA) experienced a strong growth during the previous week. On Sunday, the coin touched $0.0641, which is the highest level since December 2018 before retracing to $0.05961 by the time of writing. Cardano is the 11th largest digital asset with the current market value of $1.5B. Its average daily trading volume is registered at $137M which is more than twice as large the ling-term average.    

Cardano gained over 19% since this time on the previous Monday and nearly 50% since the beginning of the year.  

What’s going on  

From the fundamental point of view, Cardano team successfully updated their network and took it to the next stage of development.    

“Cardano 1.5 has been released to the mainnet today! Daedalus users need to upgrade to Cardano 1.5 by installing Daedalus 0.13.0 by following prompts in Daedalus,” they announced in the official Twitter account.  

This version is supposed to be the last update for Byron,  the first stage of the platform development. Now, in accordance with the white paper they move on to the second level know as  Shelley.  

Cardano’s technical picture

Looking technically, ADA/USD slipped below critical $0.06 and extended the downside towards $0.0560-$0.0550 to close the bullish gap created on Sunday. The next barrier lies with psychological $0.05.  On the upside, we will need to see a strong move towards the recent high at  $0.0641 followed by $0.07.