After Parabolic 700% Surge, Cardano (ADA) Is Near “Heavy” Resistance

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Cardano (ADA) has embarked on a parabolic surge over recent weeks. From the March lows, the altcoin is up by approximately 700%. And in the past week alone, ADA is up by 50%. Chart of Cardano’s (ADA’s) price action since the start of February from TradingView.com The cryptocurrency is outperforming on the launch of the Cardano blockchain’s “Shelley” upgrade. The upgrade, slated to be fully rolled out at the end of July, activates proof of stake on the network. Staking will further decentralize Cardano while incentivizing adoption and the holding of ADA, hence the rally. Unfortunately for Cardano holders, there are technical and on-chain signals indicating the altcoin’s rally is finally spent. Cardano Is Running Up Against “Heavy” Resistance, Boosting Bear Case Cryptocurrency trader Michaël van de Poppe shared the chart below on July 8th. It shows that versus Bitcoin, ADA is running up against “substantial resistance.” The current levels…

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