Cardano price surges as the new Shelley upgrade approaches

Cardano price surges as the new Shelley upgrade approaches
Written by:
Ali Raza
20th June, 12:33
  • Cardano's Shelley upgrade is approaching, and the project's price is reacting.
  • ADA's 30-day chart shows a sharp rise between May 25th and June 4th, followed by a correction.
  • After finding a support, ADA saw another minor surge, although it was stopped by the same resistance.

Charles Hoskinson’s crypto project Cardano (ADA) recently saw excellent price performance as the launch date of its newest upgrade, Shelley, continues to approach.

Cardano recently made numerous headlines, first when Hoskinson revealed the Shelley launch date, and then when the project opened its testnet to anyone interested in joining. ADA price did particularly well amid the extra attention, and its price went from 0.052 on May 25th to $0.089 on June 4th.

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Cardano price performance

Over the past two weeks, the ADA price saw a bit of a correction after breaching $0.084. The correction took its price down to $0.072 by June 15th, despite a desperate struggle to find a higher support.

Still, this level managed to hold the price from returning to earlies lows, and ADA since saw another sharp growth that took it back to a resistance level at $0.082.

At the time of writing, ADA is once again seeing a decline. Its price currently sits at $0.078, after seeing a 2.74% decrease after the price was rejected by the resistance.

Why is Shelley so important?

As many may know, Shelley is the next phase in Cardano’s five-step development. Shelley will bring improvements to the project foundation set up by its predecessor, the Byron upgrade.

However, Shelley is also not the end, as it will lay the foundation for even more improvements that will come later on, as the project continues to evolve.

Shelley will increase the project’s decentralization, and allow any ADA owner to participate within the ecosystem. It will also enable staking, as well as the formation of entire stake pools. Stakeholders will receive a monetary incentive to set up a required infrastructure, and ensure that nodes are run in a seamless and smooth manner.

Thanks to Shelley, Cardano will also reduce energy consumption, increase security, improve the immutability of its blockchain, and more.

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