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Cardano is sinking deeper into support after a rejection at $0.50 and $0.40 with no indication of a rebound. The cryptocurrency has been one of the worst performers in this crypto bear market, but the bulls might still have some hope.
At the time of writing, Cardano (ADA) trades at $0.37 with a 2% profit in the last 24 hours and a 2% loss in the previous seven days. Over the past month, ADA’s price records a massive 20% loss wiping out any bullish sentiment for investors.
ADA’s price moving sideways on the 4-hour chart. Source: ADAUSDT Tradingview Onboarding Millions Of New Users To Cardano
In a recent interview with Big Pey, the inventor of Cardano, Charles Hoskinson, talked about the launch of their newest crypto wallet, “Lace.” This new product will allow Cardano to get to a billion users, according to Hoskinson.
The new crypto wallet is still developing but will operate as the “world’s financial operating system upon its release.” Lace will provide users with new use cases, access to non-fungible tokens (NFTs), decentralized finance (DeFi) protocols, on-chain gaming, and much more.
The new crypto wallet will take the Cardano ecosystem to new levels by offering an all-in-one solution for identity, transactions, and applications. According to Hoskinson, Lace is based on legacy and the latest technology. He said:
We put some of our best people together. We took a lot of great new technologies like Mithril and Atala PRISM and a lot of legacy stuff that we invented in the cardano ecosystem, and we pulled it all together, and now Lace as a product is starting to come out to market. It’s one of our first commercial B2C products, and so it’s not a reference client. It’s not like Daedalus, which is a neutral playground, but rather this is IO’s view of how crypto ought to be done (…).
Hoskinson expects Lace to ignite a change in the crypto industry, pushing crypto wallets to become much more. For several years, products have attempted to get users to adopt identity solutions and certificates, but they have yet to be successful. Lace might be the first crypto wallet to score a victory in the sector.
Will Cardano Be Compatible With Bitcoin And Ethereum?
In the long run, Cardano and ADA holders might see the most significant benefit, but the entire industry could benefit from Lace. Hoskinson claims that everyone with a computer or smartphone will be able to download Lace and use it.
The crypto wallet will move from a demo phase to a beta, but Hoskinson was careful to omit deadlines. In the future, Lace might become Cardano’s killer product, a wallet for “everyone, not just the crypto enthusiasts,” Hoskinson said. He added:
It’s also going to be cross chain. So, it’s not just Cardano. It’ll support Bitcoin, Ethereum,and a lot of other ecosystems and showcase what we’ve created as an ecosystem to the rest of the cryptocurrency space in that respect.
Lace might also operate as a new bullish narrative for ADA’s price. Without one, the cryptocurrency seems poised to continue trending lower at the mercy of macroeconomic forces.
Related Posts
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Are Bitcoin Bulls Ready To Stampede? | BTCUSD Analysis October 25, 2022
Tony Spilotro
In this episode of NewsBTC’s daily technical analysis videos, we take a look at the Bitcoin price rally to see if it can turn into something much bigger. Are bulls ready to stampede all over bears?
Take a look at the video below:
VIDEO: Bitcoin Price (BTCUSD): October 25, 2022 Crypto Winter
Finally, some action in Bitcoin, and so far it is to the upside. Bitcoin price is testing just below $20,000 currently.
BTCUSD Daily Begins Potential Bollinger Band Squeeze
This is particularly important for a variety of reasons, first and foremost being the daily Bollinger Bands. The tool is at the tightest levels since prior to the October 2020 bull impulse. Bitcoin price must close above the upper Bollinger Band on high enough volume to spark a sustainable trend. This is called riding the bands and volume should be roughly two thirds what it has been during the recent sideways phase.
Just above the upper Bollinger Band, is the Ichimoku cloud. The last time Bitcoin daily price action touched the cloud, it was rejected, but this time could be different. BTCUSD is also above the Tenkan-sen and Kijun-sen which are crossed bullish at the moment. At almost exactly the same levels, is the daily Parabolic SAR. The tool is used to set trailing stop losses, so a short squeeze could begin after pushing through there.
Dynamic indicator resistance is piled up | Source: BTCUSD on TradingView.com
Related Reading: Bitcoin Dominance To Regain Control Over Crypto? | BTC.D Analysis October 20, 2022
Bitcoin Price Targets $21K And $25K Next
Bitcoin price action has also made it through the 50-day moving average, making the 100-day and 200-day moving averages the next logical price targets. These targets are located at roughly $21,000 and $25,000 give or take a couple hundred dollars.
All of the bullish signals are occurring just as momentum begins to approach the zero line on the LMACD. Passing through it could confirm a change in the trend in the short term. The medium term trend could also be about to chance, according to the same tool on the weekly timeframe. Momentum is beginning to turn upward and strengthen after reaching levels from the last bear market bottom.
The Pixel Perfect Line For Crypto To Cross
At the moment, Bitcoin price on the daily timeframe is still struggling with an important resistance level –– perhaps one of the most important levels it has ever faced as resistance: Former all-time high resistance set nearly five years earlier.
In combination with all of the dynamic indicator resistance above, price action is taking a pause to struggle with this exact level, down to a one-pixel line of resistance.
Update: Bitcoin price has broke above this level and is now trading above $20,000.
