Cardano Lace Wallet integrates Bitcoin, boosting cross-chain capabilities

Source Fxstreet
  • Charles Hoskinson announced on Monday that Bitcoin integrates into the Lace Wallet, expanding Cardano’s ecosystem and cross-chain capabilities.
  • This integration enables users to manage BTC alongside Cardano assets, providing support for multichain functionality.
  • The news failed to move Cardano’s price significantly, but suggests a positive outlook for ADA.

Cardano (ADA) co-founder Charles Hoskinson announced Monday that Bitcoin (BTC) is integrated into the Lace Wallet, expanding Cardano’s ecosystem and cross-chain capabilities. This integration enables users to manage BTC alongside Cardano assets, providing support for multichain functionality. The news failed to move Cardano’s price significantly, with ADA trading in a narrow range near $0.70 at the time of writing on Tuesday, but it suggests a positive outlook for the token.

Cardano’s co-founder welcomes Bitcoin 

On Monday, Charles Hoskinson announced on his X post that Bitcoin is integrated into the Lace Wallet, a non-custodial wallet platform developed by Input Output Global (IOG), one of the key organizations behind the Cardano blockchain. Lace allows users to send, receive, and stake Cardano’s native cryptocurrency, ADA, and manage other digital assets on the network.

“With this release, Lace becomes even more accessible and versatile, introducing Firefox support, the beta rollout of Bitcoin, and several performance improvements under the hood,” says Lace in its blog post.

This integration enables users to manage BTC alongside Cardano assets, providing support for multichain functionality. However, this news did not significantly impact Cardano’s price on Monday; nonetheless, it suggests a positive outlook for the long term as it expands Cardano’s ecosystem, enhances its cross-chain capabilities, and boosts wider adoption. 

Cardano's technical outlook suggests a rally if it closes above $0.74

Cardano price is facing resistance around its 200-day Exponential Moving Average (EMA) at $0.71 since last week and declined to find support at the 61.8% Fibonacci retracement (drawn from the August 5 low of $0.27 to the December 3 high of $1.32) at $0.66 on Monday. At the time of writing on Tuesday, ADA hovers around the 200-day EMA at $0.71.

If ADA breaks above the 200-day EMA and closes above its weekly resistance level at $0.74, it could extend the rally to retest its next daily resistance at $0.80.

The Relative Strength Index (RSI) stands at 59, indicating bullish momentum, as it is positioned above its neutral level of 50. The Moving Average Convergence Divergence (MACD) also exhibited a bullish crossover last week, providing a buy signal and indicating a potential continuation of the upward trend.

ADA/USDT daily chart

ADA/USDT daily chart

However, if ADA’s daily candlestick closes below the 61.8% Fibonacci level at $0.66, it could extend the decline to retest its April 22 low of $0.61.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Silver Price Forecast: XAG/USD rallies to $38.40 favoured by a softer US Dollar Silver (XAG/USD) is rallying for the third consecutive day on Friday, with bulls testing July 15 highs of 38.40 at the time of writing.
Author  FXStreet
13 hours ago
Silver (XAG/USD) is rallying for the third consecutive day on Friday, with bulls testing July 15 highs of 38.40 at the time of writing.
placeholder
Cardano (ADA) Flashes Bullish Signal—Is the Rally Just Beginning?ADA is now consolidating and might attempt a clear move above the $0.8650 zone.
Author  NewsBTC
13 hours ago
ADA is now consolidating and might attempt a clear move above the $0.8650 zone.
placeholder
Asian stocks climbed following record highs with gains led by Taiwan and AustraliaOn Friday, Asian stocks rose after U.S. markets hit new highs, supported by positive economic data and mixed corporate results.
Author  Cryptopolitan
13 hours ago
On Friday, Asian stocks rose after U.S. markets hit new highs, supported by positive economic data and mixed corporate results.
placeholder
AUD/USD advances further beyond 0.6500 amid notable USD weaknessThe AUD/USD pair is building on the previous day's bounce from the vicinity of mid-0.6400s, or a three-and-a-half-week trough, and gaining strong follow-through positive traction on Friday.
Author  FXStreet
14 hours ago
The AUD/USD pair is building on the previous day's bounce from the vicinity of mid-0.6400s, or a three-and-a-half-week trough, and gaining strong follow-through positive traction on Friday.
placeholder
Pound Sterling set for third straight week of losses amid growing UK labor market concernsThe Pound Sterling (GBP) remains near an over two-month low around 1.3375 during the European trading session on Friday.
Author  FXStreet
14 hours ago
The Pound Sterling (GBP) remains near an over two-month low around 1.3375 during the European trading session on Friday.
goTop
quote