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Cardano (ADA) rockets to fresh new 2020 highs; Here’s what is behind this movement

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Cardano’s cost just set a fresh 2020 high. Today’s sharp climb up comes shortly after the Shelley mainnet transition process premiered, with ADA investors consuming this as a “buy the particular news” opportunity.

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The cryptocurrency is now pressing up against some substantial opposition, but the technical significance of the latest movement does reveal that further upside might be imminent.

A single analyst pointed out that today’s upswing allowed ADA to break from a bull pennant which was formed while looking towards the daily chart.

Other fundamental data metrics also indicate that this newest push higher may just be the start of a much bigger movement. According to Cardano’ s i9000 “social volume, ” the particular uptrend is not yet displaying signs of faltering.

Cardano sets refreshing 2020 high following Shelley hard fork initiation

Yesterday, Cardano parent firm IOHK initiated the Shelley hard fork process, that will take place over the next 5 days.

The particular team does have until Mon to abort the process in the event that any unexpected problems are usually encountered.

Traders were pleased to see that the last step towards transitioning from Byron to Shelley was finished, and the cryptocurrency’s price continues to be surging in the time given that.

At the time of composing, Cardano is trading upward 12 percent at the current price of $0. 137. This marks a significant climb from its recent reduced $0. 115 that was established earlier this week.

While speaking about the specialized factors driving this motion, one analyst noted it appears to have been rooted in a split above the upper boundary of the bull pennant. This could furthermore open the gates for this to see further upside.

“ADA (BTC) Daily chart – Speeding up off this bull pennant break. ”

Cardano ADA
Picture Courtesy of Cheds. Chart through TradingView.

Here’s why WUJUD could continue pushing increased

Along with confirming this bullish specialized pattern, data regarding the cryptocurrency’s social activity also shows that it is far from peaking.

According to the “social volume” indicator from the analytics system Santiment , Cardano’s latest price increase has not yet reached “frenzy” territory, as social says of ADA remain reinforced.

cardano price
Data Source: Santiment

This indicator has a tendency to show when an asset is certainly forming a short-term best based on a sharp anomalous within social volume.

As seen in the graph, this latest price move has yet to generate this kind of surge in social quantity, signaling that Cardano might be able to push higher in the near-term.

One element that could halt this cost rise in its tracks will be the potential cancellation of the Shelley hard fork process among now and Monday, however are no indications this will occur.

The post Cardano (ADA) rockets in order to fresh 2020 highs; Here is what’ s behind this particular movement made an appearance first on CryptoSlate .

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