Cardano Price Analysis: ADA Hindered By The $1.36 Resistance Barrier
Daily Cardano ADA Price Forecast
- Cardano price sandwiched between strong levels..
- The parabolic SAR has flipped from negative to positive.
Between April 26 and April 25, the Cardano price jumped from $!.09 to $1.33. During this upward surge, ADA managed to flip the 20-day and 50-day SMAs from support to resistance. Following that ADA has been moving horizontally around the $1.34 level. Let’s take a closer look with technical analysis.
Cardano Price Stuck Between Strong Levels
Over the last four days, the Cardano price has been hovering horizontally around $1.34 level, stuck between the 20-day SMA and the $1.36 resistance. Also, the ADA daily chart has flashed two buy signals. Firstly, the MACD shows increasing bullish market momentum. Secondly, the parabolic SAR has flipped from negative to positive.
Image: ADA/USD daily
Cardano price faces an immediate resistance barrier at $1.36. Previously, at this level, nearly 110,000 addresses had purchased almost 3 billion ADA tokens. If ADA manages to cross this resistance level, it should reach $1.50.
Cardano Expands Influence in Africa
IOHK, the firm behind Cardano, recently revealed a partnership with the Ethiopian Government. The collaboration aims to develop a blockchain-based system to track educational progress among students in the nation.
Getahun Mekuria, the Education Minister, confirmed that his agency is interested in leveraging the benefits of blockchain technology to help “improve the quality of education.” The identity solution system will allow the federal agency to monitor school performance and boost education efforts across 3,500 schools, 5 million students, and 750,000 teachers.
By virtual recording and verifying grades, the Ministry of Education will identify areas of under-achievement and allocate resources accordingly. Mekuriya added:
Ethiopia’s Sheba Valley is already recognized as the leading AI hub in Africa, 70% of our University graduates are in STEM subjects, and we are now leading the way in using blockchain to digitalize education. This forms a key plank of our National Digital Transformation Strategy and will underpin a uniquely transparent, data-driven education system based on a dynamic curriculum. We believe blockchain offers a key opportunity to end digital exclusion and widen access to higher education and employment.
The blockchain-verified digital qualifications system is expected to reduce fraudulent university and job applications, adding transparency to the Ethiopian workforce.
IOHK’s Atala PRISM identity solution is still in the early stages of development. The platform will launch in January 2022, according to John O’Connor, IOHK’s director of African operations.
Cardano Price Is Expected To Reach These Levels
The Cardano price needs to break past the $1.36 resistance wall to reach the $1.50 psychological barrier.