Cardano Short Before Shelley

May 31, 2020

Over the past few days, Cardano has seen tremendous growth as a result of the Shelley launch date announcement. Massive spikes like this are almost always followed by a temporary market short. This is confirmed by the MACD and Bollinger Band SMA breaking strongly to the downside. I expect consolidation around $0.07, maybe slightly lower. After consolidating, the long-term trend should continue upward throughout June. If Shelley is successful, you could expect a rally above $0.10 soon.