Cardano is on fire after successful launch of Daedalus 1.0

Cardano (ADA) is the 13th largest digital asset with the current market capitalization of $1.18 billion. The coin has become one of the best-performing digital assets out of top-20 on Monday with over 7% of gains. On a weekly basis, ADA/USD has grown by 26%. At the time of writing, ADA/USD is changing hands at $0.0456, off the intraday high of $0.0475.

ADA/USD: Technical picture

On the daily chart, ADA/USD has settled above SMA100 (currently at $0.0436) for the first time since March 8. While the bullish trend is intact as long as the price is above $0.0400 (daily SMA200), the coin may be ripe for a short-term downside correction as the RSI on the daily chart has entered the overbought territory. The initial support is created by the above-said SMA100. Once it is broken, the sell-off is likely to gain traction with the next focus on $0.0400 where new buyers should emerge and push the price back towards resistance levels.

On the upside, local resistance is created by an intraday high of $0.0475. It is followed by weekly SMA50 located on the approach to the psychological $0.0500. This barrier may be a hard nut to crack for ADA bulls; however, if it is broken, a longer-term bullish target of $0.0630 (the upper line of the weekly Bollinger Band) will come into focus. 

ADA/USD daily chart

Daedalus 1.0 proves to be a success

IOHK, Cardano's developer team, launched a new version of its cryptocurrency wallet Daedalus 1.0. According to IOHK Co-founder and CEO Charles Hoskinson, the release received mostly positive feedback so far. In his recent stream on YouTube he touted the new version as a huge mile step for Cardano ecosystem:

It is important to point out that we have overall, gotten an overwhelmingly positive response to Daedalus 1.0. We know that people are upgrading it because there are huge loads on the relays at the moment. Terabytes of data are flowing. So that is a good indication that people are able to sync and it looks like Daedalus 1.0 is a great success.

He also demonstrated the wallet's functionality and pointed out the key improvements.

Notably, the team plans to start rolling out  Shelley infrastructure in May this year.