7th largest crypto asset, Cardano (ADA) saw intense bullish action in the last 48 hours spurring the smart contract asset to set fresh yearly highs. ADA had its bullish momentum extended in the news wake of Shelley’s mainnet transition process initiation.
Two days ago, Cardano parent company IOHK initiated the Shelley hard fork process, which is scheduled for July 29. The team however has up till today to abort the process if any unexpected problems are encountered but this remains very unlikely.
The launch of Shelley’s hard fork is intended to mark the beginning of a whole new era as Cardano will become fully decentralized.
According to Cardano founder, Charles Hoskinson, the launch of Shelley will mark the beginning of an intensive development phase that’s set to continue well into 2021.
ADA/USD Daily ChartAt 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.
From July 30 to August 18: turning on of infrastructure by Shelley Incentivized Testnet (ITN) users to enable full staking.
In August
* Decentralization of the network alongside the initiation of the Voltaire era
* The final work on Ledger and Trezor update is done.
September and October
*Voltaire will see major progress in September and October. Hoskinson expects that Voltaire features will be released on Daedalus during the two fall months.
*Teams working at IOHK will deliver Multisig in September or October—the multi-signature specs will enable stake locking.
IOHK will focus on resurrecting Hydra, the iteration of Cardano’s Ouroboros protocol that introduces off-chain scalability in the event of the renewal of IOHK’s contract to steer Cardano.
Looking beyond 2020, Hoskinson mentioned the possibility of going away from proof-of-stake entirely and exploring other models such as proof-of-merit
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