Cardano’s bullish case strengthens as IOHK and UN team up

IOHK and the United Nations have offered a $10,000 bounty for developers to use Cardano’s blockchain.

While major altcoins look to bounce off last week’s sell-off, Cardano’s strong performance over the past three days continues this Monday.

The ADA token has jumped 10.64% in the past 24 hours to see the crypto asset’s price hit $0.105. The 9th ranked cryptocurrency is the top-performing coin among the top 10, ahead of Bitcoin SV, ChainLink, and Bitcoin Cash.

Meanwhile, the rest of the market is looking to consolidate fresh gains after a largely green weekend extended during the Asian trading session.

Bitcoin has gained 2% to hit highs of $10,920 before retreating to around $10,850 as of writing. Ethereum, which has struggled below $400 for over three weeks, has gained around 1.46% to trade at $358. XRP/USD remains mostly unchanged on the 24-hour log as bulls try to keep bears at bay around $0.24.

Cardano flips bullish

ADA/USD sank to lows of $0.075 on September 23 to see bears threaten to push prices lower and drop Cardano out of the top 10 cryptocurrencies by market cap. The past five days have however included 4 green daily candles, with higher highs and higher lows seeing bulls break above $0.10 for the first time in a week.

Yesterday, ADA/USD gained by more than 5% to register a daily close at $0.102 before rallying in the Asian trading session to reach an intraday high of $0.106.

Cardano may thus have plenty of upside room if bulls sustain pressure above prevailing levels amid a confluence of bullish technical and fundamental indicators.

For the latter, the network’s move to a new epoch in the next five days will see decentralization introduced via the Shelley upgrade move to 38%.

Recently, IOHK also announced a partnership with the United Nations that aims to promote the use of blockchain to help achieve the UN’s sustainable development goals (SDG) on poverty, inequality, and the environment among others.

The partnership includes a $10,000 bounty set aside for developers who will use Cardano blockchain infrastructure to create open-source and scalable projects geared towards the above goals.

ADA/USD technical

Cardano is looking to break above an ascending channel on the 4-hour chart, with a nice head and shoulder trend formation on the cards. The cryptocurrency is also looking strong on the daily chart where the 50 SMA and 100 SMA provide the next target at $0.109 and $0.113 respectively.

If the expected breakout happens, action will likely push ADA/USD to $0.12, with an extended bullish scenario bringing $0.15 into play. On the flip side, the 20SMA and 50 SMA provide support at $0.09 and $0.08 on the 4-hour chart.