Cardano Price Surges Ahead of Six-Year Staking Anniversary

Cardano's price has been steadily increasing over the past 24 hours, reaching $0.1689 at press time. This marks a 4.09% gain from yesterday's prices. The network's six-year staking anniversary is also being celebrated, with Shelley, the upgrade that introduced non-custodial staking and delegation without lock-up requirements, going live six years ago.

The chart setup is currently in a rising wedge pattern, with both edges of the wedge being respected closely since a brief dip below $0.1554 failed to hold. The 20-period and 50-period EMAs are bunched tightly together on the 4-hour timeframe, signaling indecision. A bullish crossover paired with a confirmed close above $0.1764 would strengthen the case for continuation toward $0.1836.

The RSI sits at 59, indicating a mild pullback after re-entering the buying zone, rather than exhaustion at the top of a rally. This leaves room for further upside before momentum becomes a constraint. ETF AUM stands at $48.1 million, up $1.8 million in 24 hours.