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- Price trapped in a sideways channel showing the bulls’ struggle to reverse the trend. The coin needs to accumulate buyers to make a breakout.
- The crypto asset is launching its first light wallet.
- The ADA/BTC pair is at 0.00002315 which is at a loss of 2.40% in it.
After a bearish dominance now the ADA price is trapped in a sideways parallel channel over the daily graph, signifying the battle between both the groups to establish dominance over the market. The coin needs to accumulate the bulls in order to make a breakout or else if the bears took over the market making a breakdown, it will be difficult for bulls to support the ecosystem. The volume decreased by 12.45% showing that investors are waiting for a directional change to make an entry in the market. The coin slipped from 6th position to the 7th in the cryptocurrency market. If the situation continues it may fall from the top 10 list.
The price for one ADA coin slumped 7.84% in the last 24 hrs and is currently trading at $0.46. The coin has a trading volume of 972 million with a loss of 12.45% in the 24 hrs trading session and a market cap of 15 billion. The volume market cap ratio for ADA is 0.06155.
Builders of ADA Launch First Light Wallet
Cardano’s development team, Input-Output has created a new light wallet which is called Lace. This new wallet comes with a host of features, according to the development team, the wallet allows users to primarily manage, control as well as store their cryptocurrencies in one place.
The wallet will allow the users to keep their NFTs in the same place, which will help the users to manage all their digital assets in one wallet. The ADAs development team constructed the new Lace wallet with the help of a side chain solution.
The primary focus for these developers was to channel their efforts to introduce interoperability between the Cardano and Ethereum networks.
Conclusion
After a bearish dominance now the ADA price is trapped in a sideways parallel channel over the daily graph, signifying the battle between both the groups. The coin needs to accumulate the bulls in order to make a breakout soon before it’s too late for the bulls to handle the situation. The trading volume lost 12.75% in the intraday trading session.
Technical levels
Resistance levels: $0.55 and $0.60
Support levels: $0.46 and $0.39
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
