•  Cardano’s development team, IOHK, announced a partnership with the Ethiopian government.
  • The blockchain-based, student-teacher solution - Atla PRISM – will be built on Cardano.
  • ADA price hints at a pullback as the MRI indicator flashed a sell signal, indicating a 10% correction underway.

Cardano adoption sees a new shift as the research and development company behind ADA, IOHK, revealed a new partnership. However, ADA price fails to perform as it hints at a correction shortly.

Biggest Blockchain deployment

Earlier today, IOHK notified the public that it was partnering with the Ethiopian government to implement a national blockchain-based, student-teacher ID and attainment recording system.

This solution can be used to digitally verify grades, remotely monitor school performance, and boost education and employment nationwide.

The announcement reads,

We’ll deliver this using our identity solution – Atala PRISM, built on Cardano – which will enable authorities to create tamper-proof records of educational performance across 3,500 schools, 5 million students, and 750,000 teachers to pinpoint the locations and causes of educational under-achievement and allocate educational resources effectively.

Cardano blockchain development has increased rapidly over the past year. This progress has not only caused ADA price to catapult but also help increase its collaborations.

IOHK further added that it is in talks with two other multi-million user applications, hinting that more partnerships are likely heading toward Cardano.

ADA price looks to correct 10%

ADA price recently sliced through the 50% Fibonacci retracement level at $1.26 but is heading back lower due to bullish exhaustion. Adding credence to this down move is the Momentum Reversal Indicator’s (MRI), which flashed a red ‘one’ candlestick on the 6-hour chart. This cycle top signal forecasts a one-to-four candlestick correction.

Considering that the demand zone for Cardano ranges from $1.02 to $1.13, a minor correction seems likely. Investors can expect a bounce from within this zone to extend to the local swing top at $1.48.

ADA/USD 6-hour chart

ADA/USD 6-hour chart

If the buyers fail to cushion the price in the said demand zone and cause a breakdown of the $0.99 level, it will invalidate the bullish thesis.

If this were to happen, ADA price could slide 7% to $0.92.


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

NEAR protocol could see a rally as it sets out to launch an AI smart contract builder

NEAR protocol could see a rally as it sets out to launch an AI smart contract builder

Near protocol (NEAR) co-founder Illia Polosukhin stated in a social media post on Wednesday plans for NEAR to launch NEAR AI, a user-owned AI system that will allow users to build web3 apps without code on an end-to-end network.

More Near News

US House of Reps passes bill aiming to regulate cryptocurrencies

US House of Reps passes bill aiming to regulate cryptocurrencies

FIT21 bill received massive support as the House of Representatives voted to pass the bill on Wednesday. The White House and US Securities & Exchange Commission (SEC) Chair, Gary Gensler, expressed concerns about the potential impact of the FIT21 bill on investor protections in a statement.

More Cryptocurrencies News

Ethereum bulls await ETF approval as BlackRock, Bitwise, Grayscale submit amended ETH ETF filings

Ethereum bulls await ETF approval as BlackRock, Bitwise, Grayscale submit amended ETH ETF filings

Ethereum (ETH) is trading sideways on Wednesday as BlackRock, Bitwise and Grayscale submitted their amended 19b-4s filings to the Securities & Exchange Commission (SEC). The agency has also begun conversations with issuers on S-1s applications.

More Ethereum News

As Ethereum spot ETF approval nears, these altcoins could explode

As Ethereum spot ETF approval nears, these altcoins could explode

It is not surprising that altcoins related to Bitcoin saw a major rally post-Bitcoin spot ETF approval. Likewise, tokens closely related to Ether could ride the ETF approval wave. Ethereum Classic, Pepe, Floki and other DeFi tokens could gain momentum as the ETH ETF approval deadline nears. 

More Cryptocurrencies News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

Read full analysis

BTC

ETH

XRP