- 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
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.
Recommended Content
Editors’ Picks
IRS says crypto staking should be taxed in response to lawsuit
The IRS stated that rewards from cryptocurrency staking are taxable upon receipt, according to a Bloomberg report on Monday, which stated the agency rejected a legal argument that sought to delay taxation until such rewards are sold or exchanged.
Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode
Solana is up 6% on Monday following a Glassnode report indicating that SOL has seen more capital increase than Bitcoin and Ethereum. Despite the large gains suggesting a relatively heated market, SOL could still stretch its growth before establishing a top for the cycle.
Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses
Ethereum is up 4% on Monday despite increased selling pressure across long-term and short-term holders in the past two days. If whales fail to maintain their recent buy-the-dip attitude, ETH risks a decline below $3,000.
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery
The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.