ADA is up by 3.9% in the past 24 hours, reflecting the positive outlook in the crypto market. Its price at 6:49 a.m. EST is $0.61. Part of the contributing factor to this rally could be the ongoing Cardano Week and other exciting developments by the Cardano Foundation.
These developments are likely to attract more investors to the ecosystem, leading to price gains for ADA. But how far can this rally take ADA’s price? Nevertheless, a glance at the price chart will reveal hints.
ADA Testing The $0.61 Resistance, Will It Rally To $0.7 Soon?
ADA found support at $0.58 on December 20, recovering from a retracement on December 19. It has formed a higher high on the daily chart today and is attempting to overcome the $0.61 resistance level.
A break above this level will likely send the asset close to $0.7 and underline a remarkable rally, similar to its performance on December 13.
By the way, ADA traded in a sideways trend between December 16 and 20 as the sellers forced a rejection at the $0.61 resistance level. However, the green candle formed today shows that buyers have re-entered the market after taking profits from the December 13 rally.
ADA’s rally from $0.3 on December 1 to $0.68 on December 13 shows that the buyers are determined to sustain the uptrend.
Meanwhile, ADA still trades above the median band of the Donchian Channel (DC), suggesting that the buyers are attempting another rally. Also, the Relative Strength Index (RSI) is at 64.18, approaching the overbought region of 70.
It will likely rise to 70 in the coming days if the buyers continue to mount pressure.
If this happens, Cardano (ADA) will likely overcome the $0.61 price level, after which the next profit target will be $0.07. However, traders must look out for signs of retracement from the RSI indicator as a hint of a possible rejection at $0.61.
Cardano Join Forces with Brazilian Oil Company for Blockchain Education
There’s been a moderate buzz in the ADA ecosystem over the past few days after Cardano announced a partnership with Petrobras, a Brazil-owned oil company. This collaboration is to provide blockchain education to Petrobras’s 45,000 employees using content from Cardano Academy.
This university was founded in 1953 and is the biggest corporation in Brazil and South America. Notably, this partnership is a big deal for the Cardano Foundation. It shows that more and more people want to learn about blockchain, and Cardano is spreading its influence.
This partnership will introduce lots of exciting stuff and is likely to boost Cardano’s native token, ADA. Based on the chart, since the update, the price of the token has been growing.
Usually, when more people learn about blockchain through Cardano, they might get interested in using ADA.
The training will create more awareness for Cardano, and people might want to use ADA for transactions. As more people decide to use ADA, it will drive up the demand and, subsequently, its price. Adding to this excitement, the Cardano Foundation recently launched new tools.
These tools will make it easy to use Cardano. It will make it easy for other businesses to join in, help people learn more, and get more folks using Cardano. And the foundation is planning to make these tools even better next year.
In all, ADA demand will increase and potentially its price.
Cardano Alternative: Bitcoin Minetrix
Visit Bitcoin Minetrix Presale
Bitcoin’s been making big headlines lately with its wild moves in the crypto market. But its current price tag of over $40,000 has made it tough for most folks to buy. People can get BTC through mining.
But still, you need high equipment to mine. That’s why this new project is making waves in the industry.
The project aims to solve this BTCT mining issue. It uses cloud mining to give users some bonus rewards. Moreover, cloud mining does have issues like scams. However, Bitcoin Minetrix wants to help make this transparent.
Impact of Bitcoin Minetrix on the Industry Landscape
Basically, people pay to rent computing power to mine from the cloud instead of using your hardware. Also, Bitcoin Minetrix has another cool innovation, which is its ‘Stake-to-Mine” system. In this feature, you can stake BTCMTX tokens to receive non-tradable mining credits.
You can burn those credits for actual cloud mining time and sweet crypto rewards. And that’s a really smart move for a new project. The most interesting part is that all these features are decentralized, too.
Therefore, no central control of anything. Talking of BTCMTX, it’s currently on presale with over $5.6 million raised already.
You can buy the token now at a low rate of $0.0123. And there are a few hours remaining for this stage to finish before the price increase. The token will be listed on big exchanges after the presale closes. That usually triggers a nice price pop.
Those interested in purchasing BTCMTX tokens can do so by connecting a wallet like Trust or MetaMask and Paying with ETH, USDT, or everyday credit card.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechReport – https://techreport.com/crypto-news/cardano-ada-records-impressive-gains-today-while-bitcoin-metrix-rakes-millions-in-presale/