Strong on-chain metrics open the road for Cardano (ADA) to jump after Shelley 🚨 This article is 4 years old...
Strong on-chain metrics open the road for Cardano (ADA) to jump after Shelley
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Updated: Jul. 29, 2020 at 9:03 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The Shelley hard fork of Cardano (ADA) set to happen later today could send the price of ADA spiraling upwards. Data from IntoTheBlock has shown that there isn’t any major supply barrier that could stop ADA from rising 15% if the current demand for the token was to continue. Strong support at $0.12 could prevent the coin from declining further if Shelley was followed by a correction.
Shelley hard fork puts ADA’s price into the spotlight
With the Shelley hard fork now just hours away, the focus of the crypto industry seems to have turned to ADA, the native token of the Cardano blockchain. Such a monumental step towards decentralization is certainly set to have a significant impact on the blockchain’s underlying token, but it’s the nature of the impact that’s currently being debated.
The hard fork will finally make staking ADA available to everyone, which many believe will be the main driving force behind its rally. Those that believe a retraction is on the way see the Shelley hard fork as an attempt to inflate ADA’s price with a rather insignificant achievement.
While the latter still might come true in the long run, the latest data from cryptocurrency analytics company IntoTheBlock shows that chances for a retraction after the Shelley upgrade are pretty slim.
Solid demand and strong support mean ADA can see an increase of up to 15% after Shelley
According to IntoTheBlock, if the current demand for ADA was to continue in the following days, there isn’t that much of a supply barrier that would prevent the coin from skyrocketing in price. Its IOMAP (In/Out of the Money Around Price) indicator revealed that ADA could see it’s price increase by almost 15% and rise to $0.165.
The same set of data showed that if ADA was to retract after its post-Shelley rally, it wouldn’t pose a significant threat to most holders. Over 43,680 addresses bought ADA at between $0.122 and $0.141, which indicates that strong support has formed at the lower end of that spectrum. Therefore, any price retraction that might follow the Shelley hard fork will most likely come to an abrupt end at around $0.124 and be rather short-lived.
Cardano Market Data
At the time of press 9:03 pm UTC on Jul. 29, 2020, Cardano is ranked #7 by market cap and the price is down 1.15% over the past 24 hours. Cardano has a market capitalization of $3.76 billion with a 24-hour trading volume of $500.03 million. Learn more about Cardano ›
Crypto Market Summary
At the time of press 9:03 pm UTC on Jul. 29, 2020, the total crypto market is valued at at $328.58 billion with a 24-hour volume of $85.74 billion. Bitcoin dominance is currently at 62.85%. Learn more about the crypto market ›
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Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
IntoTheBlock
IntoTheBlock is a data science company applying cutting-edge research in AI to deliver actionable intelligence for the crypto market.