Top Analyst Reveals Crucial Levels Cardano (ADA) Must Maintain To Sustain Bullish Momentum
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After a long sideways trend, Cardano (ADA), the 7th largest cryptocurrency by market cap, has managed to record its highest daily close ever at $1.4798 on the Binance exchange.

The new significant level was first noticed and reported by U.Today. At the time of writing, ADA is trading at $1.49, with a relatively 12% price upsurge in the last 24 hours.

Read Also: Charles Hoskinson: Once Ethereum Users Wake Up, They Will Flock to Cardano for Lower Fees

The cryptocurrency is currently printing one of the highest performance among other top 10 digital currencies in the market.

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Cardano (ADA) Records Its Highest Daily Close Ever Following Partnership with Ethiopia Government

Reason behind Cardano’s Current Outstanding Performance

The current outstanding performance has been attributed to the recent partnerships sealed by IOG, the software firm behind the development of Cardano (ADA).

A few days ago, IOG sealed a partnership with Ethiopia’s Ministry of Education to create a blockchain-based national ID and attainment recording system.

Read Also: Charles Hoskinson: Biden Tax Plan Could Notably Bearish Values of Cryptos; I Have Never Owned Ethereum (ETH)

According to the report, the partnership will bring over 5 million students and 750,000 teachers to the Cardano network. The firm described the new development as the largest blockchain deployment in the world.

A few days later, IOG announced another partnership with World Mobile, the first mobile network built on blockchain, to build a new mobile network in Africa, starting from Tanzania.

All these notable partnerships gave Cardano huge publicity, but the impact did not reflect on the price of the digital token ADA until recently.

Back in February 2021, Cardano (ADA) gained vast popularity after soaring 350% in preparation for the Mary protocol update that was implemented in March, which transformed Cardano into a multi-asset blockchain. But over the past few months, ADA has mostly traded sideways.

Read Also: Charles Hoskinson: Once Ethereum Users Wake Up, They Will Flock to Cardano for Lower Fees

So, as aforementioned, the current magnificent price uptrend, which resulted in recording its highest daily close ever, can simply be attributed to the record-breaking partnerships in Africa.

It’s also noteworthy that the community is anticipating the Alonzo hard fork that will bring smart contracts functionality to the Cardano blockchain.

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Tobi Loba

By Tobi Loba

Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.