Crypto hardware wallet has announced support for Cardano (ADA) after years of no support for the digital asset. As Cardano has grown and with the rise of decentralized finance (DeFi) on the network, there is more demand for the cryptocurrency to add to the wallet, which is one of the most popular crypto hardware wallets in existence.
The announcement came at a time when the digital asset needed a boost and it provided it. Trezor, with millions of users around the world, will bring more storage options to the ADA community as a result. Provides a more secure and personal method of storing and handling the cryptocurrency. It comes with the latest updates to the Trezor Suite that were announced earlier this week.
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Cardano (ADA) price responds
After the announcement of the addition of Cardano support to the Trezor hardware wallet, there was some movement recorded by the digital asset. The very notable spike had occurred just after the announcement was made public, but the digital asset had a hard time sustaining this point. Instead, there was another downtrend which brought the price back down.
ADA price shoots above $0.85 | Source: ADAUSD on TradingView.com
However, momentum would not turn out to be dead as the recovery should pick up the following day. By Thursday, Cardano had recovered to $0.857 from its trending low of $0.78. After touching this point, the digital asset only returned to the bottom to start trading at a higher low. It moved above $0.8 in the early hours of Friday and continues to trend in this region.
What the indicators say
Both the short- and long-term forecasts for Cardano are not too positive. At the current price, the digital asset is trading well below the 50 and 100 day moving averages. Both determine whether investors are willing to buy a digital asset at a lower or higher price and at the moment, investors getting into the cryptocurrency seem to want to buy ADA at low prices.
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This has put significant selling pressure on the digital asset that still shines through today. All the short, medium and long term indicators have all entered full sell territory, leaving no room for delay.
$0.85 remains a key resistance point for the cryptocurrency at this point, as its ability to not only beat it, but stay above it would lead to a rally toward testing the $0 resistance level. 9. Nevertheless, Cardano is far from being back above $1 given investor sentiment and the current market one for sellers.
Featured image from Swyftx Learn, chart from TradingView.com