Cardano (ADA) has gained 1.35% in the day to trade at $0.247. This is after the Brazilian oil and gas colossal Petrobras announced on September 30 that it is employing the Cardano blockchain to test tracking of clean aviation fuel and diesel.
Notably, the pilot is split between two distinct projects. The first tokenizes environmental benefits from sustainable aviation fuel to prevent double counting, while the second tracks diesel through the supply chain for accurate emissions reporting.
The partnership is the second of its kind between the pair, with the initial 2023 partnership providing education to over 40,000 employees at Petrobras. The success of the new clean energy collaboration will likely open doors for scaling the technology into major supply chains.
Aside from the energy partnership, there is positive sentiment surrounding today’s launch of the USDr stablecoin by the Cardano-native DeFi platform RealFi. The stablecoin will be backed by real-world assets, and stakers will receive up to 9% yield.
The next best buying opportunity for ADA
According to one analyst, $0.24 is a key mid-range support. Falling below it risks a pullback to $0.21, something which, while negative, also marks a prime buying stage for ADA. Thereafter, the coin is likely to target the $0.28 channel top, presenting a 33.33% rally.
Source: Ali Charts
Stablecoin and network headwinds
While the RealFi USDr launch has drawn a positive community outlook, it is still happening in a highly competitive stablecoin market. At present, the stablecoin market cap is at a high of $30.6.25 billion, with USDT commanding 60% dominance.
Additionally, leveraged ADA positions have declined by 9.9% in the last week, falling from $603.43 million on September 23, to $543.81 million on October 1.
Source: CoinGlass
Even more, whale holdings have reduced by 90 million ADA (roughly $22.5 million) in the last 10 days, suggesting whale profit taking and a concurrent rise in sell pressure.
Finally, the TD Sequential flashed a sell signal on September 26, after which ADA fell by about 8%.
It now remains to be seen whether ADA will hold above the $0.24 support, or suffer a minor pullback before riding to $0.28.
Was this writing helpful?
Story Ends Here
Trust with CoinPedia:
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:
All opinions and insights shared represent the author’s own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored and Advertisements:
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Read the Next News
