The price of Cardano did not perform as hoped after the annual Summit, which took place over the weekend. Even though the ADA token is trading at $2.2355 right now, which is about 17% above its lowest level in August. That brings the total market cap to more than $72 billion.
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Review of the Cardano Summit
Cardano held its virtual conference over the weekend. During it, the developers announced some major milestones for the community.
First, the developers announced integration with Chainlink. This should enable hybrid smart contracts on any blockchain. This cooperation opens up access to a wealth of secure data. It is also expected to help DeFi fulfill its promise of building a less costly and more inclusive economic system. In a statement, Charles Hoskinson said:
IOHK is committed to providing developers with the most secure and robust tools for building useful solutions on Cardano. That’s why it was an easy decision to integrate Chainlink’s market-leading Oracle solution.
Second, developers shared that luxury alcohol brand Strait Brands will now use Cardano technology to manage its supply chain. More specifically, the company plans to use Atala Scan to securely capture and store data. This will be used to instantly verify the origin of products throughout the supply chain.
At the same time, Cardano announced that it will continue to support the African continent. In addition to its education project in Ethiopia, Cardano announced a new $6 million fund for Africa. The fund will go to developers of decentralized projects. In a statement, John O’Connor, director of the African division, said:
This investment project is a milestone in African input-output development. It enables young ideas to thrive and leverage the power of blockchain.
Another important announcement during the Cardano Summit was the upcoming launch of DJed, a new stablecoin. This coin will be issued by the COTI platform. The goal here is to compete with established stablecoins like USDC and Tether. Charles Hoskinson said:
The Djed stablecoin could change the crypto world and appeal to a whole new audience at a time when the industry is already experiencing astronomical growth.
What will happen with the price of ADA
The daily chart shows that the ADA price has been under pressure lately. It has already fallen back more than 28% from its high this year. It has also fallen below the important support at $2.4915, which was the previous all-time high. The price is also slightly below the exponential moving averages of the 25- and 50-day lines.
Therefore, Cardano is likely to break out to the upside. Especially considering that the price has formed a cup-with-handles pattern. The current decline is part of the formation of the handle portion of the pattern.
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