Cardano News Today – Cardano Shelley Hardfork Happens Today, ADA Corrects Higher After Brief Deep in Price – July 29th, 2020 

  • Cardano Shelley Hardfork is Scheduled to Happen Today as Promised by The Cardano Development Team 
  • Cardano ADA Price Moves Higher Against the USD After Minor Downside Correction 

Cardano News Today – After months of waiting, preparation, and promotion, the Cardano development team is finally launching the Shelley hardfork today, July 29th, 2020. The process, which was activated last week, has been going smoothly and all the stress tests have been completed successfully. Charles Hoskinson said that all systems are ready. Ahead of the Cardano Shelley hardfork, the ADA token has been rising significantly against the USD. The bullish pressure in the rest of the market has made this surge even more significant.

Cardano News Today – Cardano ADA Rises Against the USD After Brief Drop in Price

Toward the end of trading yesterday, the price of Cardano ADA took a nosedive. After moving above the $0.1550 level, the token faced resistance and fell lower against the USD. Thankfully, the support at $0.1390 held the line preventing the token from falling lower against the USD. At the time of writing, the Cardano ADA token had started recovering from the recent fall. It is trading at $0.143751. It is up by 4.61% against the USD and up by 2.88% against Bitcoin BTC. The trading volume over a 24 hour period is $587,728,192 and the market capitalization is $3,727,052,507.

Cardano (ADA) Price Today – ADA / USD

NamePrice
cardano
Cardano
$0.138

The fundamentals and technical analysis for Cardano ADA both prove that the token is going to remain in the bullish zone indefinitely. The current hike in price isn’t just due to the upcoming Shelley mainnet launch. It is also partly due to the general bullish momentum in the market. Bitcoin and all the other cryptocurrencies have been recording major gains against the USD. Even XRP has managed to retest levels that it hasn’t tested since April. When the market corrected lower, Cardano ADA corrected along with others. Bitcoin BTC is now trading above the $11k level. At the time of writing, the price of the token was $11,032.56. It is up by 1.47% against the USD with a trading volume of $25,442,207,476 and a market capitalization of $203,504,484,025.

The Cardano ADA token might have gotten some level of independence since the beginning of the year but this doesn’t change the fact that the price of the token is still influenced by the price action in the market. This time, things are looking up, but there is no way to know how long the Bitcoin bull run will last. Apart from the Cardano Shelley hardfork, allowing Cardano staking on Coinbase is also another positive news that may have contributed to a rise in the price of the token.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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