Cardano enters Tanzania to bank the unbanked as ADA price looks to consolidate

  • Cardano’s IOHK team announced a partnership with World Mobile Group to democratize access to digital, financial and social services in Africa.
  • This move comes after the recent tie-up with the Ethiopian government.
  • ADA price has tested a crucial supply barrier but might undergo sideways movement.

Cardano blockchain adoption takes flight after the second major partnership in Africa. ADA price also made headway but failed to follow through and is now bouncing off a crucial support level.

Africa embraces Cardano blockchain

Input-Output (IOHK), the blockchain research and engineering company behind Cardano, announced a brand new alliance with the World Mobile Group to help bolster Africa’s digital, financial and social services.

This deal that utilizes Cardano blockchain comes right after IOHK’s recent collaboration with Ethiopia’s Ministry of Education to help connect teachers and students via their Atla PRISM solution. The new announcement will also leverage the same technology but to provide stable internet connectivity using solar-powered energy.

The blog details,

Together, the companies will provide affordable network nodes, based on the Cardano blockchain infrastructure, to local business owners. These network nodes act as local relays for internet connectivity. Subscribers to these networks will be able to access Input Output’s digital identity solution, Atala PRISM, which will allow them to use services such as digital banking, healthcare and education. 

Cardano has been breaking barriers when it comes to adoption. The blockchain has also received significant upgrades that have fortified its fundamental value, boosting the utility token and ADA’s market value by an egregious amount.

ADA price lingers between two crucial barriers

ADA price surged nearly 30% in less than four days, allowing it to retest the supply zone that extends from $1.35 to $1.39. Although unsuccessful in breaching it, Cardano has found support on an immediate demand barrier that stretches from $1.19 to $1.25.

A likely scenario would be to consolidate between the two barriers until one camp overwhelms the other leading to a breakout.

If ADA breaches through the supply barrier’s upper trend line at $1.39, it will signal the start of a new uptrend that could propel Cardano price 11% to all-time highs at $1.55.

ADA/USDT 4-hour chart

ADA/USDT 4-hour chart

Supporting this upswing is IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, which shows stacked support levels below the current price, ready to absorb any short-term selling pressure.

Moreover, there are only two feeble resistance barriers at $1.36 and $1.44, where roughly 86,000 addresses that purchased nearly 1.4 billion ADA are “Out of the Money.”

Hence, slicing through these hinderances will open Cardano price up to a path of least resistance to retest its all-time highs.



However, if the buyers fail to build up steam, leading to a pile-up of ask orders, the demand barrier will face invalidation. A decisive 4-hour candlestick close below $1.19 will create a new lower low, signaling the strength in sellers.

Under these conditions, investors can expect ADA price to find support at $1.14.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price not out of the woods as sidelined investors remain fearful

Bitcoin (BTC) price is still not yet set for a rebound as bears can trip bulls and push the price back below the pivotal level at $36,709. As markets are trying to catch a breather, it does not look like bears will be going away that easily and could pressure BTC price action to the downside. 

More Bitcoin News

Ethereum price at risk of slipping below $2,000

Ethereum (ETH) price action looked to be starting a rebound yesterday as bulls came in late in the US session and pushed price action back above the monthly S2 support level around $2,378. During the ASIA PAC session, however, almost half of the bull pop got erased, and bears are back, putting pressure on S2 to the downside. 

More Ethereum News

Solana beats all other blockchains despite degraded performance, says FTX Sam Bankman-Fried

The Solana network suffered an outage several times over the past two weeks. Users complained about failed transfers, and the Ethereum-killer revealed that DeFi investors drove a spike in complex transactions. 

More Solana News CEO Kris Marszalek predicts higher institutional investment in crypto CEO believes that institutional investment in crypto could continue rising in 2022. Analysts have noted that the native token of the exchange did not get negatively impacted after the recent security incident. 

More News

Bitcoin: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read full analysis