Cardano was previously moving towards the $0.1 legendary mark for the currency trading as high as at $0.098, but the currency failed to sustain the bullish run with the direct hit to the ADA price movement.
An over three and a half percent (3.7%) drop in the ADA price has now plunged the currency back to $0.083 while the market cap is standing at over two billion dollars ($2.1b).
The 5-day price analysis chart reveals that the lower support level is currently standing at the $0.077 mark while the upper support level is found to be at the $0.0843 mark.
Cardano is looking to turn into a completely decentralized cryptocurrency, and the price is strangely slowing down as the Shelly activation news for the cryptocurrency.
What is Shelly activation?
Shelly is a development phase, and the step by step implementation of the updates is called the Shelly activation. Once the updates are complete Shelly would be activated, making Cardano the most decentralized currency.
Impact on Cardano Price
Cardano price is expected to rise to $0.1 after the Shelly update is fully implemented on the blockchain.
However, the current ADA price drop can be a result of the drop in Bitcoin price that created an overall halt on new investments.