Cardano ADA adoption sees a new shift as the research and development company behind ADA, IOHK, revealed a new partnership. However, Cardano's price fails to perform as it hints at a correction shortly.

Earlier today, IOHK notified the public blockchain that it had been partnering with the Ethiopian government to implement a national blockchain-based, student-teacher ID and attainment recording system.

This solution is often used to digitally verify grades, remotely monitor school performance, and boost education and employment nationwide.

Cardano ADA price looks to correct 10%

The announcement reads,

We’ll deliver this using our identity solution – Atala PRISM, built on Cardano ADA – which can enable authorities to make tamper-proof records of educational performance across 3,500 schools,750,000 teachers, 5 million students, and to pinpoint the locations and causes of educational under-achievement and allocate educational resources effectively.

Cardano ADA blockchain development has increased rapidly over the past year. This progress has not only caused Cardano prices to catapult but also help increase its collaborations.

IOHK further added that it's in talks with two other multi-million user applications platforms, hinting that more partnerships are likely heading toward Cardano's project.

Cardano's price recently sliced through the 500 Fibonacci retracement level at $1.26 but is heading back lower due to price bullish exhaustion. Adding credence to this down move is the Momentum Reversal Indicator, which flashed a red ‘one’ candlestick pattern on the 6-hour chart. This cycle top signal forecasts a one-to-four candlestick chart correction.

Considering that the demand zone for Cardano ADA ranges from $1.02 to $1.13, a minor correction seems likely. Investors can expect a price bounce from within this zone to extend to the local swing top at $1.48.

If the buyers fail to cushion the price in the said demand zone and cause a breakdown level of the $0.99 level, it'll invalidate the bullish thesis.

If this were to happen, Cardano's price could slide 7% to $0.92.

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