Cardano price drops below $0.14 as Shelley Upgrade is launched

The blockchain went live with Shelley, its proof-of-stake protocol, which marks the network's shift toward full decentralization. The upgrade rewires how the protocol handles staking and governance. Developers have called Cardano an "Ethereum killer" because the network now has the infrastructure to host a broad range of blockchain applications. Token holders can stake their coins through registered pools and collect rewards for helping validate the network. The blockchain currently has 485 active staking pools, though 515 additional pools would be needed to achieve the platform's target equilibrium.

ADA caught fire in recent weeks. The token reached a 52-week high of $0.1537 in mid-July, punching through resistance levels at $0.13, $0.14, and $0.15. The rally paused when altcoins sold off alongside Bitcoin's drop toward $11,000. ADA has now fallen below $0.14.

If selling persists, the token could test support at $0.1350. A further breakdown would place the next floor at $0.1300, based on the 50% Fibonacci retracement between the $0.1537 high and the $0.1307 low. The daily MACD has turned positive, suggesting buying pressure could resume. On the upside, bulls will need to overcome resistance near $0.1420 and $0.1480, as well as the 76.4% Fibonacci level. A break above those points could send ADA back toward $0.1500 and potentially to the previous peak.