Key Takeaways:
- ADA slides along a support line, trading just below $0.9.
- Bearish technicals could see the digital asset breach the said support, initiating a sell-off.
- Ledger Live added smart contract functionality to its Cardano wallets.
YEREVAN (CoinChapter.com) – ADA, the in-house token of smart contract platform Cardano, consolidated sideways along a significant support line while trading at $0.85 in the European session Thursday. The digital asset has traded within a horizontal channel since late January, and the lower support has proved to be a rebound level for ADA in the past. Thus, a sustained sell-off does not appear likely.
Also read: Could Cardano be the biggest failure in blockchain?
However, the dropping trading volumes and the gradually lowering relative strength index (RSI) wave a bearish flag for ADA. Additionally, the MACD trend-based oscillator looked neutral and not yet primed for a bullish reversal. Thus, the upcoming sessions will shed more light on Cardano’s bias.
However, the downtrend pushed ADA prices below the 20, 50, 100, and 200-day exponential moving averages. Thus, pressure builds on the mentioned support at $0.77 to hold the Cardano token, preventing a sharp plunge.
Also read: Wanchain Bringing New Platform to Drive Cardano Interoperability.
Meanwhile, Ledger app upgraded its Cardano version, which could boost the Network, subsequently helping ADA.
Cardano (ADA) Ledger 4.0.0 upgrade
“The world’s most accessible and complete Web3 wallet” Ledger Live has announced that version 4.0.0 of the Cardano (ADA) app will now be available and accessible. This development introduces Cardano’s smart contract functionality directly to the app.
In detail, the feature is relatively new to the Cardano ecosystem. As CoinChapter reported in Sep. 2021, the Alonzo hard fork combinator brought forth the smart contract functionality to the Cardano network for the first time.
Also read: ADA risks a 70% plunge while Cardano prepares for Vasil hard fork – what’s ahead?
However, the Cardano app did not catch up, missing the smart contract accessibility for over six months. As of Apr. 28, users can upgrade their Ledger Live Apps and update Ledger ADA next. The upgrades would give Cardano traders the possibility to use YoROI and AdaLite for accessing ADA’s DeFi functionality.
The Network’s chief Charles Hoskinson also commented on the upgrade, calling it “moving the chains.”
Also read: Cardano-based smart contracts surpass 2,000 mark.
