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  • Cardano impressively rises above $0.1 and extends the gains towards $0.14.
  • Cardano Shelly network upgrade revives a sleeping giant as ADA displaces Litecoin from the eighth position.

Cardano has become the crypto investors’ preferred asset following the initial launch stages of the Shelly network upgrade. The crypto ascended to highs above $0.1 for the first time in 2020. However, it did not stop there, especially with gains hitting levels above $0.13.

At the time of writing, ADA/USD is trading at $0.1324 following an impressive breakout above $0.12. Data by CoinMarketCap shows that Cardano’s value has surged by over 24% in the last 24 hours. In addition, ADA has displaced Litecoin from the eighth spot with a market cap of $3.3 billion. In the last 24 hours, ADA has attracted a trading volume of $770 million. It is also essential to note that the cryptoasset has increased in value by 55% in seven days.

Meanwhile, the breakout is currently supported by the MACD’s wide bullish divergence. Moreover, the indicator continues to rise to higher levels above the midline. The RSI is digging deeper into the overbought region which signals that buyers are comfortably in the driver’s seat. Other indicators such as the moving averages are also aligning in support of the impressive price rally.

Cardano rally to continue

Sentiments surrounding Cardano have improved greatly since the launch date of Shelly was announced. The crypto has more than doubled in value from $0.05 to highs close to $0.14. The rally is expected to continue towards August when the staking will be opened for the mainnet. Staking will allow ADA users to lock their tokens in the network and in turn earn a passive income. Other key features of the Shelly upgrade is the increase in decentralization (50 to 100 times) as well as the smart contracts support.

ADA/USD daily chart

ADA/USD price chart