On Tuesday, Cardano (ADA) has slid back after briefly reclaiming the key $1.50 mark after market leaders Bitcoin and Ethereum fail to hold key levels of $50,000 and $4,000 respectively. At the time of writing, ADA/USD is trading at around $1.45.

Prior to the current deterioration in the market sentiment, the bullish mood was triggered last last week after Co-founder Charles Hoskinson released a video in which he laid out his goals for Cardano in 2022. The 30-minute video saw him discuss plans for creating an open-source project structure even as the blockchain enjoys support from nearly 15 companies working on it at present. He envisioned expanding this number into hundreds and thousands going forward, adding that he wanted to see more universities and nation states adopting the technology in the future.

Hoskinson also proposed an idea for creating set standards for the DeFi sector, a move which could drive greater success for projects and initiatives in this area. He also discussed how creating standards could not only make DeFi far more secure but also future-proof so that the sector could thrive in the years to come.

During the previous session, the Cardano Foundation revealed the list of partnerships forged through the past year, featuring notable names from across a wide range of industries. The most recent partnership is one with Ecoage, a consulting firm in the sustainability space that is looking to release an NFT collection on the blockchain.

Meanwhile, Idowall has announced the release of its IdoWallet on the ecosystem, a move which will allow users of the network to trade and stake Cardano tokens. IdoWallet will offer users a secure way to store their private keys and conduct digital transactions and access DeFi applications, all on the Cardano network.

Another interesting development which can offer support to the ADA token in the near term is the upcoming token pre-sale of Cardano’s biggest cross-chain NFT marketplace, Verlux. What sets Verlux apart in addition to its interoperability features is its integration of a staking platform for users to farm special edition, exclusive NFTs by staking their holdings.

ADA/USD Technical Analysis

On the H4 chart of ADA/USD, we find a bearish bias among smaller moving averages and leading technical indicators MACD and momentum. However, the larger timeframe MAs are still suggesting some interest among buyers.

Despite the bearish pressure, Cardano’s price is holding above the pivot point at $1.38 for now. However, the immediate resistance at $1.56 is some distance away. We need to see the investor confidence improve for a test of this level, and if not, we need to keep a close eye on the price action around the PP.