Cardano Price Jumps on Petrobras Blockchain News
Cardano's price has rebounded to $0.2514 on October 1, up 2.6% in the last 24 hours according to CoinGecko.
The movement is attributed partly to news from the Cardano Foundation announcing two blockchain applications for Petrobras to track sustainability claims for sustainable aviation fuel and renewable diesel.
The applications use Cardano as a public verification layer, developed with PUC-Rio’s Ledger Labs. However, it's essential to note that there is no direct commitment from Petrobras to make payments in ADA or purchase the token.
From a technical perspective, daily indicators show constructive momentum but not an overbought breakout. The 14-period RSI stood at 59.68, which CoinLore labeled neutral, supporting a reading of positive momentum but not a fresh upside leg.