- ADA/USD spikes by 4% in 24 hours as bulls take charge targeting key resistance level at $0.0430 USD.
- A break above the falling bearish channel major resistance level at $0.04030 by 21st October is an extremely bullish signal and excellent long position entry point on ADA/USD pair.
- The bullish momentum on ADA/USD follows an eventful 2 day period in the crypto’s ecosystem – New Balance using Cardano blockchain and the new update announced on Oct. 18.
Cardano’s ADA/USD pair price spiked by 4% in 24 hours testing the $0.04 USD resistance level as users await the launch of Cardano blockchain’s planned update, version 1.7, by the end of October. The partnership with New Balance, announced on Friday, may also have played a role in the ongoing bullish momentum on ADA. The price of ADA/USD is currently holding out above the key support level at $0.03750, aiming to retest the resistance level at $0.040 USD.
The recent bullish momentum in price comes on the back of a successful past 48 hours in Cardano’s ecosystem development. First, the new Cardano v.1.7 update launch has been is confirmed to launch before the end of October. Furthermore, New Balance partnered with IOHK to integrate the use of Cardano blockchain in their supply chain records.
New Cardano update announced
Cardano founder and IOHK CEO, Charles Hoskinson, announced the upcoming update on the blockchain on a short tweet sent out on Oct. 18. The update will be integrated to the long awaited Shelley update according to the report released by Cardano Foundation. Shelley, the decentralized main net of the blockchain,