Cardano price is getting affected by Bitcoin’s current trend. BTC has recently halted its bull-run above $9900 and has traded near $8600. However, ADA coin seems to have its timing game up to the mark. Exactly when bears eyed the coin, it has clearly hinted that it may soon come up with Cardano Shelley mainnet. Notably, this has been confirmed by IOHK CEO Charles Hoskinson.
Launch of Shelley https://t.co/7Bu9ZiSkFi
— Charles Hoskinson (@IOHK_Charles) May 8, 2020
It is to be seen how this update is going to alter the situation as most of the markets are under pressure while even regular financial operations are facing hurdles.
Cardano Price Analysis
Since yesterday, Cardano appears to be in a process to form an inverted head and shoulder pattern. The currency is yet to complete the right shoulder at $0.046. the price has noted a 1-week lowest price point at $0.044.
Even after the recovery, the ADA coin price has not been able to touch the 50% fib level. Meanwhile, the Bollinger bands have indicated the possibility of volatility here. Also, Cardano holds stable RSI.
It was yesterday’s nosedive that pulled the price below key support levels at $0.048. The decline was as heavy as 16.72%. Here, ADA coin is witnessing a bullish MACD while the current price is way below the 200-day EMA line. Also, the short-term SMA line has just slipped below the longer one.