Cardano creates EMURGO Africa as ADA cryptocurrency price experiences a 17% breakout
- Cardano price is consolidating within a symmetrical triangle, hinting at a 17% breakout.
- The ADA cryptocurrency price surge appears to be capped at $ 2.76 USD or 70.5% of the Fibonacci retracement level.
- Cardano’s commercial arm creates EMURGO Africa to help 100 startups, among others.
The price of the Cardano (ADA) cryptocurrency is currently consolidating with no directional bias in sight. Additionally, bullish momentum is undermined by stacked resistance barriers, making a bullish scenario an uphill battle.
Emurgo settles in Africa
EMURGO, a trading arm of the Cardano blockchain, recently announced the creation of EMURGO Africa. As a wholly owned subsidiary of the Cardano ecosystem, EMURGO will invest in “the first emerging and growing companies focused on creating social impact solutions powered by Cardano. The investment process will be carried out by EMURGO Africa and EMURGO Ventures ”.
The grand vision of this branch is to make Cardano the standard technology infrastructure platform in Africa to provide financial empowerment.
The announcement further added,
To mark the official launch of EMURGO Africa and its first portfolio investment, it has forged a strategic partnership with Adanian Labs, a successful pan-African venture capital studio and incubator currently serving across Africa with a focus on building a tech-driven startup. by the impact. -uppressions in key sectors.
Cardano price at a tipping point
The price of the Cardano cryptocurrency set three lower highs since September 18 and two higher lows during the same time period. The connection of these oscillation points with the help of trend lines results in the formation of a symmetrical triangle.
This technical pattern does not have a directional bias, but a goal is achieved by adding the distance between the first swing up and down to the breakout point.
Assuming that Cardano price breaks the upper trend line around $ 2.27 USD, the pattern predicts a 17% rise to $ 2.65 USD, coinciding with the Fibonacci retracement level of 62%. However, this preparation will not be easy as it would force the ADA cryptocurrency price to break through the $ 2.39 and $ 2.51 USD resistance barriers.
If the Cardano price manages to break through this milestone and retest $ 2.27 USD, there is a chance that further bullish momentum will trigger a retest of $ 2.76 USD.
Cardano 12-hour chart (ADA / USDT)
On the other hand, if the ADA cryptocurrency price fails to break the upper trend line, it is likely to risk going down and retest the sloping trend line of the symmetrical triangle. A move below this barrier to around $ 2.09 USD will forecast a 17% decline to $ 1.73 USD.
Similar to stacked resistance barriers in the event of a bullish breakout, Cardano price has stable support levels at $ 1.99, $ 1.91 and $ 1.81 USD. Therefore, investors can expect the selling pressure to ease after retesting either of them before setting the target at $ 1.73 USD.
By Akash Girimath, FXStreet
Akash has worked in the crypto industry as a content writer and analyst for over two years. He is a mechanical engineer interested in emerging technologies and financial markets. Attracted by the chaos of trading, he invested in cryptocurrencies and maintains a small crypto fund for his friends and family.
The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you should do your own research when making a decision.
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