Cardano sustains a 4-day rally ahead of Shelley Testnet launch
Leading the big-cap breakouts over the last few days, Cardano gained an impressive 22.6% since its local bottom late on June 9th.
The coin has recorded 4 green day candles in a row, and is now aiming to retest the $0.096 and $0.098 resistance levels, respectively.
And while there’s no ‘official’ reason for the 4-day rally, many are seeing two main culprits:
1. The much-anticipated Shelley testnet is due to launch this Saturday, June 15th, which seems the most reasonable explanation for ADA’s strong performance as of late.
Shelley is hoped to, according to one IOHK developer, “bring full decentralization to Cardano, moving beyond the federated epoch and handing control of the ledger over to the community via stake pools.”
Some on Twitter are very much banking on the potential significance of the Shelley update:
2. Rumours of Coinbase adding ADA-enabled pairs to the platform also might have added fuel to the Shelley fire.
Some have been touting the Coinbase listing for a while now as reason to turn long on Cardano:
With the latest price action reinvigorating the rumours:
Whatever the reason behind its rally, the crowd seems fairly bullish about ADA’s short-term action, as people on Telegram will tell you:
- ADA ✈️✈️✈️✈️✈️✈️✈️
- Buy ADA Buy ada
- sell vechain buy ADA
- Ada to the fucking moon
And while reddit’s been a bit more reserved, the bullish sentiment is gaining some steam: