Crypto hardware wallet has announced support for Cardano (ADA) after many years of not supporting the digital asset. As Cardano has grown and with the rise of decentralized finance (DeFi) on the network, there has been more demand for the cryptocurrency to be added to the wallet, which is one of the most popular crypto hardware wallets in existence.
The announcement had come at a time when the digital asset was in need of a boost and it provided that. Trezor which boasts millions of users worldwide will bring more storage capabilities to the ADA community through this. Providing a more secure and private method of storing and transacting the cryptocurrency. It comes with the latest updates to the Trezor Suite that was announced earlier this week.
— Input Output (@InputOutputHK) March 16, 2022
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Cardano (ADA) Price Reacts
Following the announcement of the addition of Cardano support to the Trezor hardware wallet, there had been some movement recorded by the digital asset. The very noticeable spike had occurred just after the announcement had been made public but the digital asset found it hard to hold this point. Instead, there was a subsequent downtrend that brought the price back down.
ADA price shoots above $0.85 | Source: ADAUSD on TradingView.com
However, the momentum would prove to not be dead as the recovery would pick up the next day. By Thursday, Cardano had recovered to as high as $0.857 from its trending week low of $0.78. After touching this point, the digital asset would return back down only to begin trading at a higher low. It settled above $0.8 as of 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 its 50 and 100-day moving averages. Both of these determine if investors are willing to purchase a digital asset at a lower or higher price and right now, investors coming into the cryptocurrency seem to want to purchase ADA at low prices.
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This has put significant selling pressure on the digital asset that continues to shine through today. All short, medium, and long-term indicators have all skewed completely into the selling territory, leaving no room for reprieve.
$0.85 remains an important resistant point for the cryptocurrency at this point as the ability to not only beat this but stay above it would see it rally towards testing the $0.9 resistance level. Nevertheless, Cardano is still a long way from going back above $1 given investor sentiment and the current market being one for the sellers.
Featured image from Swyftx Learn, chart from TradingView.com