Cardano Stuck Below $0.26 Despite Petrobras and Japan Deals

Cardano's price has remained below $0.26 despite two recent pieces of news that could have boosted it. Petrobras, Brazil's state oil company, is testing Cardano to track aviation fuel, and the Cardano Foundation has partnered with Pacific Meta, a blockchain incubator in Japan. The company is developing two applications on Cardano with the Ledger Lab of the PUC-Rio university: one makes the environmental benefits of sustainable aviation fuel transferable as a token, and the other tracks the production, transport, and consumption of diesel.

The price barely reacted to the news, with ADA clinging to its 200-day moving average of $0.243. The 200-day moving average is a key level for Cardano, and a close above $0.26 would indicate that the news is starting to impact the price. If the price falls below $0.22, it could be a sign that the news is not having the desired effect.

Cardano's price has been volatile in recent months, with a 72% decline over the past year and a 22% increase over the past 30 days. The next big step for Cardano is technical in nature, with the completion of the first stage of Leios, an extension to raise the network's throughput, planned for the fourth quarter.