Cardano 1.5 Means Project Shelly, Will ADA Prices Respond?

Dalmas Ngetich

1 year ago

2 mins read

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Cardano price stable but bullish
Development and consequent release of Cardano 1.5 test-net positive
Average volumes low, pumps must be accompanied by volumes above 210 million

Project Shelly is on the horizon thanks to Cardano 1.5. That means an improved consensus protocol that could possibly drive Cardano (ADA) above 4.5 cents towards 6 cents.

Cardano Price Analysis

Fundamentals

That Cardano is special is true. The evidence is littered all over the inter-webs, and as they continue to research, their priority is not on speed but quality. While they admit that the community is their backbone, they are not taking chances on quality. Every release must pass through a rigorous test phase under the oversight of IOHK’s Charles Hoskinson. Charles is a known crypto and blockchain expert, an important figure in Ethereum Classic.

@justinsuntron you guys should use our mantis client instead of Ethereum Java https://t.co/u2e2pObqYE the code is much better, security audited and consensus is pluggable for a DPoS style protocol.

— Charles Hoskinson (@IOHK_Charles) June 25, 2018

It has been three years now, and after active research and trailblazing, the testing of Cardano 1.5 marks the end of Byron development phase as Project Shelly makes its way through the door. The release delayed, but finally, there is the satisfaction that the next stage of development is on.

Therefore, Cardano 1.5 is as an important milestone that allows for proper consensus protocol transition from Ouroboros BFT to Genesis designed for Shelly. Genesis is unique because not only does it power a proof-of-stake system but it brings with it the security of proof-of-work systems like in Bitcoin.

Candlestick Arrangement

Even so, the Cardano (ADA) is yet to respond. Like most asset patterns, ADA is under pressure 18 days after closing above 4.5 cents in a bullish breakout pattern. Although the follow through losses confirming Feb 24 did lead to further draw-down hitting our stops at Feb 18 lows, buyers have a chance.

This release and recovering Bitcoin prices mostly influence our prediction. If the latter expand above $4,500, it will most likely haul the likes of ADA back above 4.5 cents.

That will be a breakout pattern and trading in line with the trend set by Feb 7-8 double bar bull reversal pattern. First targets will be at 6 cents. Before this close above 4.5 cents prints, we shall retain a neutral but bullish outlook.

Technical Indicators

Despite increasing participation in early Mar, our guide is Feb 24 bear bar. With high trade volumes—207 million versus 112 million, a bullish confirming bar should surge with equally high transaction volumes above average—75 million and most importantly record above 207 million.

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.