The price of Cardano (ADA) suddenly jumped 3% in an hour as the Fed announced its rate hike. At the time of writing, ADA was changing hands at $0.398. The much anticipated Djed stablecoin, developed by Cardano builder Input Output Global (IOG) and the COTI network, has now been launched on the mainnet. The COTI network states in a blog post that the successful launch followed over a year of preparation and development and a successful security audit. According to it, the much-anticipated public mainnet launch of Djed heralds a new era for stablecoins. Launching Djed is a significant milestone for COTI, the Cardano ecosystem, and the DeFi ecosystem as a whole. Throughout 2023, COTI says it will continue to build out and improve the stablecoin. Version 1.2 will use the Vasil features, including a reference script, which will increase its scalability. Djed 1.3 is the extended Djed version that will introduce dynamic fees and prices.
Key Levels
Resistance Levels: $0.500, $0.450, $0.400
Support Levels: $0.350, $0.300, $0.250
ADA/USD Daily ChartTechnically speaking, the ADA/USD pair is moving within rising trend line support; this barrier stopped the sell-off today and attested to its effectiveness as a backstop. The general trend is still positive, even though the price is still circling the daily MA 200 around $0.400. On the other hand, the Relative Strength Index (RSI) near to overbought level indicates that the market will likely continue sideways during the coming sessions.
A realistic shift below $0.350 can damage the first technical image and psychologically fixate on $0.300. The pair is improved by horizontal support that has been a potent barricade since mid-November near supporting the value. Closely watched are the daily MA 200 at $0.400 and the low of $0.250 from December 2022.
ADA/USD 4-Hour ChartCardano (ADA) is about to undertake a breakthrough from its upside limitation trading as some important technical indicators indicate a spike in volatility beyond the $0.398 intraday high. Now that the MA 50 and MA 200 are beginning to compress, the trajectory likely has a large amount of vertical motion. As a result, even as the pair trades above its weekly highs, the ADA/USD bulls are in the lead.
The technical evaluation emphasizes the $0.300 level as a crucial support and a potential entry point for further losses toward $0.250. The ADA/USD pair is only bullish if trading above the $0.300 threshold; the key barrier is seen around the $0.400 level. The $0.500 level will be reached if the ADA/USD pair maintains above the $0.300 threshold.
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