TL;DR Breakdown
- Cardano price prediction shows Cardano’s Internet Online Hong Kong office (IOHK) publication of its partnership with World Mobile Group.
- The partnership is geared to provide users with easy accessibility to virtual, fintech, and social services in African countries.
- Tanzania is the latest country after Ethiopia, promising to increase the number of Cardano holders in the region.
- Recently, Cardano met resistance at a critical supply line and is now undergoing consolidation.
Cardano has once again taken practical steps in solidifying its position as one of the best crypto assets to invest in the African market. Recently, the network announced Tanzania to be its second African country to partner in facilitating fintech empowerment, digital security, and internet connectivity to marginalized communities in the East African nation. Populous Ethiopia was the first. These unfolding news are set to have a positive effect on the price of Cardano as its adoption is set to skyrocket.
Cardano Price Prediction: General price overview
Despite making major headways in expanding its reach, Cardano appears to be struggling to maintain its upward price movement. At present, the 6th largest crypto asset by market capitalization, Cardano is experiencing a significant price correction that might push it towards the $1.2 region. Although the current price movement is bearish, Cardano managed to record an impressive 10 percent gain after it made its announcement.
Dubbed as the Cardano Africa project, the venture is aimed at developing the world’s largest blockchain database system for Ethiopia and Tanzania. The move promises to decentralize finance and create more secure databases in African countries, which really need an upgrade to their obsolete technologies.
Over the past year, Africa has witnessed soaring interest in virtual currencies. At present, countries like Kenya and Nigeria are constantly topping the list of nations doing crypto-related searches on Google. With the Covid pandemic still wreaking havoc around the world in regards to soaring inflation and lockdowns, African governments are yet to support the use of crypto.
Despite this, many crypto pundits agree that Cardano, which holds about 2 percent of the entire cryptocurrency market, is on the right path in moving towards a price mark of $10. Once massive adoption starts in these countries, Cardano is positioned to have a long bull run that is sure to take it to new all-time highs above the $10 mark. At the time of writing, the crypto asset is exchanging hands at around $1.33.
Cardano price movement in the past 24 hours
According to Cardano’s 24-hour price movement, it is clear the crypto asset experienced a sharp price decline. Today, the crypto asset started trading at $1.36 after recording an impressive rally of about 3 percent. However, the rally was short-lived as its price plunged to trade at around $1.33 at the time of writing.
Cardano 4-hour chart
Despite the bearish narrative, Cardano’s bull run appears to be around the corner as its IntoTheBlock’s In/Out of the Money Around Price (IOMAP) indicator signals bullish. At present, the IOMPA model shows Cardano is enjoying several key support levels below the current $1.33 price. This means that the cryptocurrency is ready to cushion any near-term selling and overhead pressure. Additionally, the 2 resistance barriers ahead, $1.36 and $1,45 are considered weak. This is because more than 85,500 addresses who bought roughly 1.4 billion tokens are now out of the money. Most of these Cardano holders would want to see the crypto coin surge upwards to safeguard their investments and profits.
Conclusion
Cardano’s Africa Strategy is an interesting project that promises to debut ADA as a payment method. Additionally, the project is poised to offer virtual identity solutions to telecommunication customers and mobile internet access. All these things are going to position Africa as an emerging cryptocurrency powerhouse as crypto is going to be used in dealing with the many problems in the continent.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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Source: https://www.cryptopolitan.com/cardano-price-prediction-2021-05-01/
