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ADA Price Approaches Critical Threshold as Cardano Foundation Boasts 13 Notable Collaborations

Mon, 12/27/2021 - 13:52
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Tomiwabold Olajide
Cardano Foundation lauds 13 major partnerships in 2021 as ADA price nears key level
ADA Price Approaches Critical Threshold as Cardano Foundation Boasts 13 Notable Collaborations
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Cardano Foundation lauds 13 major notable collaborations in 2021, highlighting significant growth for the year. Cardano's price may approach the critical $1.80 threshold to progress higher.

In a drive to create value and utility within its ecosystem, Cardano Foundation teamed up with 13 major organizations, among which are veritree, ScanTrust, Save the Children NGO, Taurus, HackerOne, COTI network, Ecoage, Coinfirm, NOWPayments, UBX, Aid Technology and BaiasWine.

The most recent partnership, with Ecoage, was announced on Dec. 22. Eco-Age, a sustainability consulting firm, was the driving force behind the Renaissance Awards, which honor activists from all across the world. Eco-Age decided to switch out the physical statuettes of mainstream award ceremonies with non-fungible tokens (NFTs) and, therefore, partnered with Cardano for NFT creation. The Cardano blockchain was used to create 13 one-of-a-kind works of digital art.

Cardano and Save the Children, one of the leading international non-profit organizations for children, formed a collaboration earlier this year to explore methods to leverage Cardano and the ADA digital token to assist their humanitarian operations in East Africa. Save the Children will create a financial gateway to collect ADA donations directly, without the use of intermediaries, as part of this agreement.

Cardano (ADA) price action

Cardano (ADA) has been on an impressive seven-day upswing since Dec. 21, rallying nearly 30% from lows of $1.182 to reach highs of $1.594 today. At press time, ADA was exchanging hands at $1.57, up 9.0% in the last 24 hours. With a present market cap of $52,563,324,199.66, Cardano has secured the sixth spot in cryptocurrency ranking, ahead of XRP.

ADA/USD Chart, Source: TradingView

ADA prices have risen past the $1.50 psychological level, which is a crucial area of interest, thanks to the present bullish trend. The price has now risen for the seventh day in a row and is yet overbought with the relative strength index (RSI) moving higher. Near-term action is expected to remain higher while above the RSI's midline of 50.

Next month may be quite eventful for Cardano as the average price forecast by end of 2021 remains above $1.50, with established lows of $1.18 since mid-December. Overall, ADA may continue to sustain its upside momentum into 2022.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.