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  • Cardano eagerly awaits the network upgrade for a lift-off above $0.10.
  • Shelly network upgrade will make Cardano more decentralized and introduce smart contact capabilities.

Over the last 24 hours, Cardano which is currently the tenth largest cryptocurrency in the market has advanced higher by over 5%. Following the rejection at $0.09 earlier in June, ADA/USD plunged to $0.0700 support. An avalanche of support barricaded the area stopping losses from progressing further. Recovery ensued but gradually after the drop that has seen ADA scale the levels at $0.0800 and $0.0850. At the time of writing, Cardano is trading at $0.0853 amid a developing bullish momentum.

Shelly upgrade to commence on June 30

The much-awaited Shelly network upgrade is set to commence on June 30 according to the announcement made by the founder of ADA, Charles Hoskinson. For many years Cardano was referred to as a ‘dead’ project that did not care about upgrades. However, the team at IOHK had been in the ‘crypt’ creating what the founder describes as the most advanced blockchain platform.

Shelly will see Cardano make an entrance into the smart contracts arena. This will allow it to compete with leading platforms such as Ethereum and EOS. In addition, Cardano is to become more decentralized, making it a true community project. As for the icing of the cake, investors will from August be allowed to help secure the network by staking their ADA tokens. In return, they will earn rewards. As we move closer to the upgrade, which is likely to take a week, ADA is expected to rally above $0.10.

Cardano price technical picture

ADA/USD is trading above the accelerated trendline (broken line). The price is in the hands of the bulls based on the gap between the 50 SMA and the 200 SMA in the daily range. Indicators such as the RSI and MACD point towards a sideways action taking over. If declines were to come into the picture, ADA/USD would seek refuge at the accelerated trendline, $0.0700, the main trendline, the confluence formed by the MACD and the 50-day SMA as well as $0.0500.

ADA/USD daily chart

ADA/USD price chart