The Cardano price underwhelmed as the annual summit happened during the weekend. ADA token is trading at $2.2355, which is about 17% above the lowest level in August. This brings its total market capitalization to more than $72 billion.
Cardano summit review
Cardano held its virtual conference during the weekend and the developers announced major milestones for the community.
First, the developers announced integration with Chainlink to power hybrid smart contracts on any blockchain. This collaboration will give access to a wealth of secure data and help DeFi achieve 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 tooling for building useful solutions on Cardano, making it an easy choice to integrate Chainlink’s market-leading oracle solution.”
Second, the developers announced that Strait Brands, a luxury alcoholic brand, will use its technology to manage its supply chain. Precisely, the company will use Atala Scan to record and store data securely and instantly verify origins of products throughout the supply chain.
Meanwhile, Cardano announced its continuing support of the African continent. In addition to its education project in Ethiopia, Cardano announced a new $6 million fund for the continent. The fund will go towards developers building decentralized products. In a statement, John O’Connor, the head of African operations said:
‘This investment project marks a milestone in Input Output’s African development, enabling young ideas to flourish and capitalize on the opportunities provided by blockchain.’
Another major announcement during the Cardano Summit was the upcoming launch of DJed, a new stablecoin. This coin will be issued by the COTI platform. It will seek to compete with established stablecoins like USDC and Tether. Charles Hoskinson said:
‘The Djed stablecoin could be a game-changer in the crypto space, appealing to an entirely new audience at a time when the industry is already experiencing astronomical growth.’
Cardano price prediction
The daily chart shows that the ADA price has been under pressure lately. It has already declined by more than 28% from its highest level this year. Also, it has fallen below the important support at $2.4915, which was the previous all-time high. It is also slightly below the 25-day and 50-day exponential moving averages.
Therefore, Cardano will likely break out higher considering that it has formed a cup and handle pattern. The current decline is part of the formation of the handle section of the pattern.
