Cardano (ADA) Reaches Past $0.1600 Setting 2020 High, Here’s What Next After Shelley Hard Fork

At the time of writing, Cardano is trading down 7 percent at $0.134 after descending from its daily high at $0.165.

Cardano’s surge according to an analyst appears to have been embedded in a break above the upper boundary of a bull pennant. Cardano (ADA) may be poised for further upside movements due to this.

Apart from the fact that Cardano’s surge may have been steered by a break of a bull pennant which gives room for further upside movement. This notion seems also to be supported by other fundamental metrics.

This is seen in Cardano’s social volume which is yet to match up with its latest price surge indicating a room to rally for the smart contract asset.

On-chain analytics, Santiment, indicated that Cardano’s latest price rise has not yet gotten into “frenzy” mode, as social comments referencing ADA stay toned down.

Cardano’s bullish scenario will hold sway only if there is no abortion of the Shelley hard fork process peradventure any issues arise.

Cardano founder Charles Hoskinson gives a low down of post-Shelley launch.

*Teams working at IOHK will deliver Multisig in September or October—the multi-signature specs will enable stake locking.

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