• 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 Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Watch out for Ethereum price as technical indicators point to dip below $1,000

Watch out for Ethereum price as technical indicators point to dip below $1,000

Ethereum (ETH) price is revealing a not-that bright picture for bulls this week, both from a technical perspective and because of ballooning tail risks. As bulls could not manage a close above a crucial technical hurdle, price action slipped further to the downside and moved away from the essential historic barrier. 

More Ethereum News

As NATO troops double, so do the bears' army in XRP

As NATO troops double, so do the bears' army in XRP

Ripple (XRP) price is returning with a hangover after a very short-lived party in which it rallied from $0.3043 to $0.3710, and booked 21% gains. Although bulls temporarily pushed the price above $0.3710, it turned out to be a false breakout, and eventually closed the day below, catching a lot of bulls in a bull trap in the process.

More Ripple News

Why you should approach Bitcoin price with caution

Why you should approach Bitcoin price with caution

A brief technical and on-chain analysis on Bitcoin price. Here, FXStreet's analysts evaluate where BTC could be heading next.

More Bitcoin News

Why this move from Shiba Inu price could catch investors off guard?

Why this move from Shiba Inu price could catch investors off guard?

Shiba Inu price prepares for a quick retracement after nearly a week of recovery bounce. While this run-up was impressive, things are likely going to go slow for SHIB as investors continue to book profits.

More Shiba Inu News

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis