Cardano (ADA) Will Soon Have It's First Stable Coin "COTI"

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I'm expecting a bullish move for both Cardano (ADA) and COTI, as the CEO of COTI Group Shahaf Bar-Geffen, of the software development company announced partnership with Cardano and would the building their stable coin and running it on Cardano Blockchain Network.

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Recently Cardano has been bagging partnership deals from everywhere, which in my opinion is going to be a big bullish signal for them I hope. Cardano also entered a partnership deal with Chainlink to develop Smart contracts, which will help Cardano developers build secure decentralized finance (DeFi) applications.

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also signed another partnership deal with Dish on the 26th of September, during the Cardano virtual conference, announced partnership with TV and wireless service providers to help integrate the Cardano blockchain into its telecom business and help provide digital identity services to Dish customers.
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Back to the partnership between COTI And Cardano, A stablecoin is a cryptocurrency designed to maintain a stable value with respect to a reference. The best-known stablecoins are cryptocurrencies like USDT or Stasis, which are pegged to fiat currencies such as the dollar or the Euro. However, there are cryptocurrencies whose value is pegged 1:1 to other commodities such as gold (like Digix) or even to other cryptocurrencies or baskets of cryptocurrencies.
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There are several methods to achieve this relationship, ones more effective than others. The most popular is the holding or blocking of an amount of the reference asset that supports the issuance of a proportional amount of the correspondent stablecoin: For example, the market capitalization of USDC is $3,677,063,935 because there are 3,677,063,935 USDC tokens in circulation and Circle holds $3,677,063,935 in collateral.
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COTI Chart Analysis:
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I'm expecting price to restest the support level at $0.49 then get rejected by the support level and reverse back to the upside hitting a new ATH, if Bitcoin breaks the $44k resistance level and price doesn't get rejected but the resistance level because BTC price has been struggling to break that $44k level.

Cardano (ADA) Chart Analysis:
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On H1(one hour timeframe) Cardano's price is Heading for the support level at $2.175 support level, if it gets rejected, I will then expect price to reverse and go for the resistance level at $2.32 and stay above before we can see any upward move to the upside.

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Posted Using LeoFinance Beta



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4 comments
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Cardano is a strange Blockchain... loved by many, hated by about the same number of people! 😂
Only time will tell who's on the right side.

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😂😂😂 nobody knows, but they're make pretty good moves.

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