ADA Price Analysis: Edges Higher As Cardano Prepares To Roll Out Blockchain-Based ID for 5 Million Ethiopian Students

Highlights

• Cardano (ADA) found positive traction at the $1.01 support and edged higher
• ADA was exchanging hands at $1.29, up by 4.38% in the last 24 hours and 5.81% weekly
• IOHK announced its partnership with Ethiopia’s Ministry of Education to create a blockchain-based national ID

The cryptomarket is regaining back its greenish glow as a majority of the crypto assets especially in the top 100 are recording positive gains on a 24-hour time frame. Cardano (ADA) found positive traction at the $1.01 support and edged higher on Apr. 26. Just like most crypto assets, Cardano recorded massive declines in the prior week, tumbling down from record highs of $1.57 to as low as $0.89 before the bears took a breather. As of press time, ADA was exchanging hands at $1.29, up by 4.38% in the last 24 hours and 5.81% weekly. Ranking 6th largest, ADA has a present market cap of $40.6 billion and $2.88 billion in trade volume over the last 24 hours. Cardano’s parent company, IOHK media wrote in Apr. 27 tweet ”announcing our partnership with Ethiopia’s Ministry of Education to create a blockchain-based national ID and attainment recording system. Rolling out to 5M students, this is the world’s largest blockchain deployment”

Key Levels
Resistance Levels: $1.6000, $1.5472, $1.4540
Support Levels: $1.1962, $1.1000, $1.0333

ADA/USD Daily Chart: Ranging

ADA/USD Daily Chart

Cardano (ADA) resumed the positive climb on Apr. 26 after embracing support at $1.03. The RSI is reflecting the pickup in momentum, rising steeply from the bearish territory to above the mid 50 reading. The bulls have managed to push ADA price above the MA 50 ($1.20) and are presently tackling the barrier at $1.34. ADA has confirmed resistance at this level on a few counts.

Should ADA bulls conquer this barrier, they could then propel for the $1.45 barrier and the all-time high of $1.57. On the contrary, if ADA price declines and returns to trade below the MA 50, bearish traders may target the $1.03 support. A bullish bounce may occur from here but on the contrary, a new downtrend targetting $0.89 and $0.68 may be on the cards in case the support falters.

ADA/USD 4-Hour Chart: Ranging

ADA/USD 4-Hour Chart

On the 4-hour chart, ADA/USD is retreating in search of higher support after failing to settle above $1.34. on the downside, initial support may commence from the $1.26 level until the MA 200 at $1.23. If ADA price retracts below the MA 200 as well, the ADA/USD pair may then sink to test a key support base from the MA 50 ($1.18) to reinforce a bearish comeback.

In this case, ADA price may consolidate before a decline towards the $0.90 support level. Conversely, ADA price may hold above the MA 200 support at $1.23, then further gains above the $1.34 resistance level are still possible. In the event, ADA price breaks the $1.34 and $1.46 resistance levels, it could start afresh increase towards all-time highs of $1.57.

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