The price of Cardano ($ADA) has “formed a crucial support area” at a price in which nearly 92,000 addresses have purchased around 4.4 billion tokens, at the time of writing worth over $1.6 billion.

According to popular cryptocurrency analyst Ali Martinez, the cryptocurrency now has a “crucial” support area between $0.365 and $0.376 over the demand wall, and now has a “good chance of reaching higher highs” as long as the wall holds.

At the time of writing, Cardano is trading at $0.38 per token after losing over 2% of its value over the past 24-hour period. The cryptocurrency is up around 1% over the past seven days, benefiting from a wider cryptocurrency market recovery.

As CryptoGlobe reported, the popular Cardano influencer “ADA whale” has recently said there is “an insane amount of cool stuff” coming to Cardano and its ecosystem. Some of the projects being built on Cardano include algorithmic stablecoin $DJED, fit-backed stablecoin $USDA, and stablecoin decentralized exchange TeddySwap, among others.

Fintech startup COTI, the issuer o the algorithmic stablecoin Djed ($DJED), has recently announced that the Cardano-powered algorithmic stablecoin is set to be listed on the network’s largest decentralized exchange (DEX) MuesliSwap.

The listing is set to be made this week, presumably right after the algorithmic stablecoin is launched. Djed is a formally verified algorithmic stablecoin for Cardano that is backed by cryptocurrency, IOG, the company behind the development of Cardano, designed the stablecoin, while COTI Group is responsible for issuing it.

Ali Martinez noted in a separate tweet that once Cardano surpassed the $0.38 level, 31 addresses with between 1 million and 100 million $ADA “sold or redistributed” their ADA tokens in a significant sell-off.

Earlier this month, Cardano’s market cap surpassed that of popular meme-inspired cryptocurrency Dogecoin ($DOGE), at a time in which $ADA has been recovering from its second-largest drawdown ever.

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