Emurgo-Ledger Partnership Fuels Cardano (ADA) Demand, up 23 Percent

Dalmas Ngetich

Last Updated: June 11, 2024 9:14 pm

2 mins read

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Cardano price up 21.9 percent from last week’s close
Ledger Nano S now supports ADA
A breakout above 6 cents at the back of high transaction volumes means bulls are in control

Ledger Nano S now supports Cardano (ADA) after Yoroi’s integration with the hardware wallet maker. Because of their superior market share, Ledger’s support is beneficial for ADA since more users would be willing to invest and securely hold their assets. Meanwhile, increasing demand could further drive Cardano (ADA) prices above 9.5 cents towards 20 cents.

Cardano Price Analysis

Fundamentals

Holders of Cardano (ADA) can now purchase Ledger Nano S and confidently store the coin’s private keys, Emurgo and Ledger have announced. The integration began yesterday after Emurgo, the business wing of the Cardano triage, said Yoroi, the native wallet of ADA, was now supported by ledger devices.

“Ledger, a leader in security and infrastructure solutions for cryptocurrencies and blockchain applications, and EMURGO – the official commercial arm of Cardano, the first peer-reviewed third generation blockchain – are excited to announce full integration of Cardano’s ADA with the Ledger Nano S.”

No doubt, this is a step in the right direction and cements Cardano’s figureheads drive towards making the smart contracting platform mainstream. As the first peer-reviewed and innovative platform, the projects aim is to dislodge Ethereum through a scalable and secure network where quality over quantity (of development and code) is always a top priority.

Besides, while this integration secures user interest, it also reveals Cardano’s preferences. Ledger is a de-facto leader and since inception, it has sold more than 1.5 million devices. Furthermore, it is also the only wallet with certification from the thorough French Cybersecurity Authority, the CSPN.

Candlestick Arrangement

At the time of press, Cardano (ADA) is ahead of the pack, outperforming other assets and up 23 percent from last week’s close. It is the ninth most valuable coin, closing in on USDT and Binance Coin. From candlestick arrangement, we expect ADA to add to their gains.

Not only is it trading within a bull breakout pattern after clearing the 4.5 cents resistance level but accompanying volumes are highs. Because of high participation, BB is widening. Besides, ADA bull bars are banding along the upper BB meaning momentum is equally high favoring buyers.

As a result, every low should be a buying opportunity. The ideal first minor target should be Q2 2018 highs at 9.5 cents.

Technical Indicators

As prices edge higher, transaction volumes should exceed Mar 23 average of 231 million. It is no doubt that sustained volumes would easily propel prices to 9.5 cents.

Chart courtesy of Trading View

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

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When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
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