The cryptocurrency market continues to wade through the murky red waters of a bearish trend – made worse by the collapse of FTX. Despite the negative market mood, ADA has so far held well against the rest of the market, down only 0.6% in the past 24 hours.

The Cardano ecosystem continues to grow despite the bear market. According to the latest updates from the crypto space, DJED will be the first algorithmic stablecoin to launch on Cardano's mainnet in January 2023.

The team confirmed the launch of the stablecoin on the mainnet during the Cardano Summit 2022.

Currently, the team at DJED is working around the clock to develop a payment platform and cryptocurrency gateway referred to as Djed Pay. This payment gateway will enjoy the support of the Cardano Foundation, elevating its status among businesses. DJED will also help investors manage risk, given recent events in the crypto market.

Cardano's price is struggling to hold above a critical level, as highlighted by the gray band at $0.30 (S-1). ADA has also formed a lower-high pattern, with its upside capped by a bearish descending trendline.

Sellers will likely stay in control, especially with Cardano trading below all the major moving averages, including the 50-day Exponential Moving Average (EMA) (in red), the 100-day EMA (in blue), and the 200-day EMA (in purple).

Losing support at $0.30 could be detrimental to Cardano's price as it might trigger further selling.

Traders looking to short current levels must wait until ADA closes below $0.30 to avoid a bear trap which quickly rebounds to the upside Take-profit targets on the downside have been highlighted at $0.20 and $0.165.

The Stochastic oscillator in the same 3-day timeframe confirms the strong bearish grip on the price.