Key Takeaways:
- Cardano announced its Daedalus wallet’s mainnet launch.
- Its native token ADA stalled at the significant $1.00 support.
YEREVAN (CoinChapter.com) – Input Output Hong Kong (IOHK), the smart contract platform Cardano company, announced the Daedalus 4.8.0 mainnet launch on Feb 3. According to the tweet, the latest wallet version brings “significant performance improvement” and supports Cardano node v1.33.0.
Additionally, IOHK pointed out that the wallet has a new feature for computers with less than 15 GB of RAM. The wallet will allow users to switch on the Cardano node runtime system (RTS) to reduce memory usage.
Moreover, the company reminded the users that Daedalus 4.8.0 full-node wallet is ONLY for desktop.
If you see a ‘mobile Daedalus’ – and these do appear on Android from time to time – it will be a scam trying to steal your seed phrase and your ADA!
warned the company.
Also read: Cardano increases block size as ADA continues to hold above $1 support.
Despite the improved Daedalus’ mainnet launch, Cardano’s in-house token ADA consolidated sideways for almost two weeks.
ADA still indecisive
As CoinChapter repeatedly accounted, ADA has traded in a Descending Channel since late Aug 2021. The setup entails two parallel trendlines with a negative slope. They prevent sharp breaks in either direction and drive the price down. The Channel does not predict a continuation after a digital asset leaves the formation. However, it can help determine price action’s short-term vector.
However, as of Feb 4, ADA continued to consolidate sideways. If the Channel remains relevant, the token could meet either trendline, as it maintained a mid-range position. The ADA/USD exchange rate stood at $1.06 in the Asian-Pacific session.
Also read: ADA price action indecisive while the number of Cardano users grows.
The relative strength index (RSI; momentum indicator) also stalled in sync with the price actions. In detail, the RSI reflects the trader’s expectations of an asset. The return expectations are relatively low when the indicator stands in the bottom half of the spectrum between 30 and 50.
While the digital asset’s price halted, the trading volume (vertical bars at the bottom of the chart) declined in the past week. Typically, lowering trading volume could mean lowering interest among traders or a HODLing incentive. However, given the bearish prospects across the crypto market and the low RSI, Cardano might be dealing with disinterest rather than holding.
