Cardano (ADA) trading appears to be pretty quiet on Wednesday, with the price on its way back up following a minor dip earlier in the day.
Certain technicals indicate that it appears to be setting lower highs, signaling signs of selling pressure on the horizon. At the time of writing, the ADA price is in the vicinity of $1.34.
The medium timeframe MAs and leading technical indicators on the chart of ADA/USD suggest a bullish bias. Longer-term moving averages, on the other hand, indicate some selling pressure.
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At the moment, the price is well above the pivot point of $1.25, and buyers have the opportunity to push the price higher until they reach resistance at $1.51 and then $1.69. As long as the positive attitude remains, a break over the second resistance level opens the way for ADA to retest the crucial $2 level.
Moreover, it is worth mentioning that as of June 29th, 45% of ADA holders are in profits based on yesterday’s price. Therefore, traders can assume profit returns on the cryptocurrency to represent the network’s activity in recent weeks.
Cardano ecosystem developments
Fundamentally Cardano has many positive developments in the pipeline, which are sustaining its support despite the recent market action that otherwise suggests a slightly bearish tone towards it.
Additionally, the proof-of-stake blockchain platform has recently been at the vanguard of several recent advancements, such as Cardano inventor Charles Hoskinson confirming that the platform aims to publish a research paper on algorithmic Stablecoins in the coming weeks.
The DeFi asset reported that it is investigating the possibility of ‘Stablefees,’ whereby the system aims to set fundamental pricing for transactions by pegging to various currencies. The addition of Stablefees aims to provide transaction pricing that is fair and predictable, according to Cardano.
ADA’s popularity
In terms of adoption, the Cardano network has recently looked promising. Earlier this week, Occam.fi announced a collaboration with top Stablecoin issuer Stasis to produce the first Euro Stablecoin on the Cardano network, dubbed Stasis Euro (EURS).
Vendetta Financing, a Seychelles-based venture capital firm, also announced the creation of Ventup, a community-based Launchpad for high-growth potential Cardano ecosystem-powered companies.
This breakthrough, which comes ahead of the debut of smart contracts on the blockchain network, points to a slew of potential use cases, which might pique interest in Cardano and boost its ADA token in the coming months.
Meanwhile, the cryptocurrency’s popularity continues to grow. The total number of staking addresses exceeding 660,000, up more than 50,000 in the last three weeks alone, is roughly an 8% gain since the beginning of June.
[binance]
