- Cardano price had reversed the 20-day and 50-day SMAs from resistance to support over the last three days.
- The MACD is on the verge of flipping from bearish to bullish.
Between April 16 and April 25, the Cardano price crashed from $1.48 to $1.09, losing almost $0.40 in the process. During this downward plunge, ADA managed to flip the 20-day and 50-day SMAs from support to resistance. This Monday, the ADA had a hattrick of bullish days. The price has jumped from $1.09 to $1.33.
Cardano Price Sentiment On The Verge Of Reversing
Over the last three days, the Cardano price managed to reverse the 20-day and 50-day SMAs from resistance to support. Looking at the daily chart, it seems like ADA is on the verge of flashing two buy signals. The MACD is about to reverse from bearish to bullish, while ADA needs to overcome the $1.36 barrier to flip parabolic SAR from negative to positive.
Image: ADA/USD daily
Cardano price faces an immediate resistance barrier at $1.36. Previously, at this level, nearly 35,400 addresses had purchased almost 570,000 ADA tokens. If ADA manages to cross this resistance level, it should reverse the parabolic SAR from negative to positive.
IOHK Partners With Ethiopian Government
IOHK, the company behind Cardano, recently announced a partnership with the Ethiopian government. The partnership aims to implement a blockchain-based student and teacher ID and attainment recording system to virtually verify grades, remotely monitor performance and boost employment in the country.
IOHK’s Atala PRISM identity solution will allow authorities to create secure records of educational performance across 3,500 schools, 5 million students, and 750,000 teachers. This will help pinpoint the locations and causes of educational under-achievement and allocate the necessary resources effectively.
The collaboration will help provide all students with blockchain-verified digital qualifications to reduce fraudulent university and job applications. It would also increase social mobility by allowing employers to verify all applicants’ grades without third-party agencies.
The blockchain-based national identity system is at the core of Digital Ethiopia 2025, the nation's Digital Transformation strategy. The government recently issued a national identity standard, and the Atala PRISM blockchain ID will be the first system to issue IDs based on this standard. The strategy seeks to drive the country’s transformation through the digitalization of sectors such as agriculture, manufacturing, and tourism.
IOHK’s Cardano blockchain will allow accurate tracking of individual grades, behaviour, attendance, and educational attainment across all kindergartens, elementary schools, and secondary schools. The project could be extended to universities where degrees are also verified on the Cardano blockchain, allowing employers to validate the authenticity of applicants’ educational credentials.
African Operations Director at IOHK, John O’Connor said:
Ethiopia’s blockchain-based education transformation is a key milestone on IOHK’s mission to provide economic identities and employment, social and financial services for the digitally excluded. After five years of R&D, Cardano is now mature enough to underpin a blockchain solution which can scale to serve an entire national population. This project could light the touchpaper for a wave of third-generation blockchain innovation across Africa and the developing world, bringing vital services to those who have previously been cut off from them.
Cardano Price Is Expected To Reach These Levels
The Cardano price needs to break past the $1.36 resistance wall and reach the $1.50 psychological barrier.