Cardano is showing the rate of new 2020 highs. It can be assumed that investors decided to make money on this cryptocurrency by playing on the message about Shelley’s long-awaited mainnet.
Cardano 2020 is showing a real rally. In the last decade of July 2020, it was around $ 0.1510, showing a 20% increase over the week. Market capitalization rose to $ 3,910,537,640 USD and Cardano was ranked sixth in Coinmarketcap’s rankings.
Despite the collision of the price with the resistance in the $ 0.1550 area, the currency showed intraday highs in the Asian session, the general technical picture favors the growth.
According to crypto trader Cheds (@BigCheds), the pair is expected to grow, because as an additional technical support factor for the cryptocurrency, it can break the upper border of the “bullish pennant” pattern that has formed on the daily chart.
Hard fork process started
The current growth of ADA Cardano 2020 is also related to news regarding the launch of the transition of the Cardano ecosystem to the long-awaited Shelley mainnet, completely decentralizing the network. The IOHK company behind the ADA project believes that the move will give Cardano the opportunity to take the position of a revolutionary third-generation cryptocurrency. And also, will provide users with compatibility, scalability, which are not inherent in other protocols.
Cardano co-founder Charles Hoskinson announced the initiation of the Shelley hard fork by the IOHK team. This can take up to five days. According to him, the developers will test the transition from the old Byron protocol to Shelley. All this time, the currency can be in a vulnerable position. And if the hard fork process is canceled, this may have an impact on the growth of the ADA rate.