Cardano Sneaks into Brave Wallet Beta: 88 Million Users Now in Reach!

Quiet Drop Creates Big Buzz

Hold onto your hats, crypto fans! Cardano (ADA) just slipped into the beta version of Brave Wallet, and it's a game-changer. We're talking about direct access to a whopping 88 million monthly active users of the privacy-focused browser. This stealth move was first caught by a sharp-eyed Cardano-focused X page on June 19, complete with a screenshot of ADA living it up in the wallet interface.

From Plans to Action

Remember that big announcement back in May? Input Output, the brains behind Cardano, and Brave Software promised to bring full Cardano support to Brave's browser-native crypto wallet. Well, they've done it! Now, users can send, receive, swap, and sign transactions with Cardano assets right in the browser. Plus, Cardano owners can manage hot tokens like Midnight's NIGHT, dive into decentralized apps, and even get their hands dirty with governance.

Price Action: Not Yet Feeling the Heat

Despite this massive exposure boost, Cardano's price isn't throwing a party just yet. At the time of writing, ADA is hanging out at $0.6002, down a slight 0.5% for the day and chilling near the bottom of its 7-day range between $0.5913 and $0.6556. The spot market's energy is fizzling out, with ADA's 24-hour trading volume dropping 47.3% to $360 million. Even the derivatives scene is feeling the chill, with open interest dipping and volume down 42%. Looks like the speculators are taking a break.

Technicals: Bearish Vibes

Let's talk technicals, and it's not pretty. ADA's been sliding down a clearly marked downtrend, hovering near its lowest point since mid-April. The price is playing hide-and-seek below all the major moving averages, from the 10-day to the 200-day, screaming bearish momentum.

The Bollinger Bands are squeezing in, with the lower band at $0.5899 acting as a nearby safety net. ADA's clinging to this lower band like it's the last life raft, a sure sign of selling pressure.

Momentum Indicators: Neutral to Bearish

Now, the momentum indicators are a mixed bag but leaning towards the bearish side. The relative strength index is at 32.8, flirting with oversold territory but not ready to commit to a reversal just yet.

The moving average convergence divergence is still sulking in negative territory, while the stochastic RSI shows ADA's deeply oversold but without a clear bullish divergence in sight. The Commodity Channel Index at -124 hints at a possible short-term bounce, but the overall trend is still pointing south.

Bullish Hopes and Bearish Fears

Here's the thing: a bullish RSI crossover and some fresh volume could push ADA above $0.63. If it can break through the 20-day estimated moving average near $0.65, we might see a run towards the $0.70 resistance zone.

But if the volume stays low and ADA gets rejected at the 10-day EMA around $0.6265, the bearish trend will keep on trucking. A deeper dive to $0.55 could be on the cards if the price can't hold above the $0.59 support.