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According to one of the developers, Djed, a decentralized stablecoin built on Cardano, is scheduled to be released next week.
IOG and Coti, two layer-1 blockchain engineers who maintain the Cardano source, have collaborated on creating the eagerly awaited Cardano-based stablecoin Djed (ADA). Djed will be backed by other tokens, and before users can receive it, more than 400% of the value of the collateral must be submitted.
Upon debut, Djed is anticipated to be available on more than 40 decentralized finance applications (dApps) powered by Cardano (ADA). DjedPay, a payment application based on Djed that enables users to transfer tokens to other users, businesses, and merchants, is being developed concurrently by the developers.
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In line with previous market falls, the price of Cardano (ADA) has now dropped 5.5 percent in the past 24 hours.
ADA prices are displaying negative indicators that can get worse in March. From reaching an all-time high of $3.16 in August of last year and a low of $0.24 in December, ADA has decreased.
The ADA price was able to recover, but it was unable to break through the resistance at US$0.4. This price range is significant since it has been used as support and resistance numerous times since 2018.
As a result, the region will choose how much ADA will cost in the future. If it succeeds, the price of ADA will increase to US$0.65, and if it fails, the price would drop to US$0.24.
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The ADA price is above the support level of $0.35 USD. ADA can fall to the Fibonacci level of 0.618 at a price of US$ 0.3 if this support is broken.
The weekly chart's Relative Strength Index (RSI) value has increased but remains below 50, indicating a bearish trend.
Until the currency is able to overcome the long-term and short-term resistance at US$0.4, the price prognosis for ADA is bearish.
While the price is trending downhill in a bearish wave, the ADA's value will depreciate if it falls below US$0.34. In contrast, a bullish wave suggests that the ADA price has done correcting and will soon rise above US$0.38.