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Cardano announces stablecoin issuing and begins DeFi sector developing

After a significant drop in mid-September and a rather unsuccessful Alonzo update, ADA managed to prevent the fall near the $2 level. The cryptocurrency continued to swing in the narrow range and was accumulating for the past few weeks. However, Cardano developers are working on the issues and have already begun the gradual launch of smart contracts in the mainnet. In addition, in the near future, there will be a significant development of the Cardano ecosystem, which may have a positive impact on the quotation of its coin.

The most notable news regarding the ADA/USD pair was the announcement of the first algorithmic stablecoins launch in the mainnet. The coin is called Djed and will be provided with the support of smart contracts. The algorithms will use the basic coins for transactions. It is needed for the new Cardano token to swing around $1. The ability to pay commissions in the ADA network is called the main feature of stablecoin. In addition, new algorithms were created for potential use in DeFi projects. Also, the introduction of its coin will help optimize the blockchain and the Cardano ecosystem as a whole. This is a very important feature, given that the project announced a collaboration with Dish Network. The cooperation is aimed at the integration of blockchain into the company's business processes.

The second important announcement was Cardano's $100 million investment in the development of DeFi projects based on ADA. It will significantly increase the number and efficiency of decentralized finance projects, which will influence the development of the entire Cardano ecosystem. In addition, Chainlink is cooperating with the project and is helping to create smart contracts for the DeFi applications. In the short term, these announcements will not bring much growth to the cryptocurrency, but it could potentially be perceived as an intention to compete with ETH and SOL in the DeFi and NFT spheres. The development of the ecosystem will directly affect the price of the cryptocurrency, but this process will take some time, as optimizing processes and implementing new algorithms require a lot of resources.

There is no doubt that the cryptocurrency will continue to expand and grow in volume as news tells about the Cardano ecosystem's bright future. Today is seen as a profitable entry point into the ADA market. Over the past 24 hours, the ADA/USD pair gained 1% and is quoted at $2.25 as of 3 p.m. At the same time, daily trading volumes remain low, around $3 billion with a market capitalization of $72 billion. Technical indicators show the cryptocurrency is consolidating, as demonstrated by mirror indicators of the price after the formation of a bullish engulfing candlestick on September 22. On the daily chart, technical indicators signal a sideways trend due to price stabilization. Stochastic oscillator and RSI are moving along the 40, and MACD has moved out of the red zone and continues sideways under the zero level.


The situation is similar on the 4-hour chart, though stochastic started declining above the 40 mark, while the RSI managed to stabilize. Considering ADA's unsuccessful attempt to break through the resistance located at $2.4, the market is gradually accumulating the necessary volumes and the coin will test that level later. While the coin continues to swing in the range of $2.14-$2.25, this period may be considered as an entry point or a possibility to buy more coins with the chances of a further uptrend. Cardano's ADA will most likely start using the potential of the Alonzo update already in October, which may attract new users. This may allow implementing a bullish momentum that is beginning to form now.


The material has been provided by InstaForex Company -