Cardano (ADA) has an attempt on a new year-highs – behind the epic rise

The Cardano-the price has just set a new High for the year 2020. The recent steep increase occurred shortly after the beginning of the Shelley-Mainnet-transition process.

The crypto-currency is now being met with considerable resistance, but the technical meaning of this latest move signals that another could set up potential of immediately before.

An Analyst points out that the current upswing has made it possible for ADA, out of a bull pennant break out, was seen on the daily Chart.

Other fundamentals also suggest that this recent upturn could be just the beginning of a much larger movement. According to the Cardanos “Social Volume” shows the upward trend is showing no signs of Stagnation.

Cardano, after Shelley-Hard-Fork-Initiation new 2020 High

Yesterday, the Cardano-parent company IOHK launched the Shelley-Hard-Fork-process, which will take place in the next five days.

The Team has until Monday to cancel the process, should you encounter any unexpected problems.

The investors were pleased that the Transition of Byron was taken to Shelley and the price of the Cryptocurrency in the is increased between time leaps and bounds.

At the time of writing, Cardano admitted to the course 0.137 Dollar. This is a remarkable increase over the recent low of 0,115 Dollar that was set at the beginning of the week.

With regard to the technical factors driving this movement, believes an Analyst, that it is apparently caused by a break above the upper boundary of a bull pennant. This could open the doors for further upside movement.

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“ADA (BTC)-daily Chart – the acceleration of the break-through in the case of this bull pennant”.

Image courtesy of Cheds. Chart on trading view.

Why ADA further to the above, could push

In addition to the confirmation of this bullish technical pattern data with respect to the social activity of the crypto-currency also suggests that she has not yet reached its peak.

According to the “Social Volume”-indicator of the analysis platform Santiment the recent increase in the price of Cardano has not yet reached the “noise”, as the social mention of ADA continue to be restrained.

Data Source: Santiment

The indicator shows tend to be, if an assets value is due to a strong anomalous increase of the social volume, a short-term peak value.

As you can see in the graph, called the recent recovery of the exchange rate no such increase in social volume – and the evidence suggests that Cardano might be able to climb in the near future to the top.

A factor that could stop this price increase in its tracks, is the possible cancellation of the Shelley-Hard-Fork process until Monday – although there is no indication that this will happen.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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