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.
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