The price of cardano ($ada) has "formed a crucial support zone" at a price where almost 92,000 addresses have bought about 4.4 billion chips, At the time this report was prepared, the value was more than $1.6 billion.
According to the popular encryption analyst ali martinez, The cryptocurrency now has a "critical" support zone between $0.365 and $0.376 on the application wall, and now has a "good chance of getting to the top" while the wall holds.
At the time of writing, Cardano is trading at $0.38 per chip after having lost more than 2% of its value in the last 24 hours. Cryptocurrency is up approximately 1% over the past seven days, benefiting from a broader recovery in the cryptocurrency market.
As CryptoGlobe reported, the popular Cardano influencer “ADA whale” has recently said there is “an insane amount of cool stuff” coming to Cardano and its ecosystem. Some of the ongoing cardano projects include algorithmic stablecoin $djed, fit-backed stablecoin $usda, and stablecoin exchange decentralised teddyswap, among others.
Fintech startup COTI, the issuer o the algorithmic stablecoin Djed ($DJED), has recently announced that the Cardano-powered algorithmic stablecoin is set to be listed on the network’s largest decentralized exchange (DEX) MuesliSwap.
The listing is set to be made this week, presumably right after the algorithmic stablecoin is launched. Djed is an algorithmic stablecoin formally verified for cardano which is supported by crypto-currency, iog, the business behind cardano's development, designed the bedside table, The Coti Group shall be responsible for its deliverance.
Ali Martinez wrote in another tweet that once Cardano went over the $0.38 level, 31 addresses having between $1M and $100M ADA "sold or redistributed" their ADA chips in a massive sale.
Earlier this month, Cardano’s market cap surpassed that of popular meme-inspired cryptocurrency Dogecoin ($DOGE), at a time in which $ADA has been recovering from its second-largest drawdown ever.