Cardano has partnered with Brazil’s SERPRO to promote blockchain use in government, potentially driving ADA’s price up to $2 if it surpasses the $1.14 resistance. The partnership includes employee education and service integration, enhancing transparency and operational efficiency.
Cardano has entered into a strategic partnership with Brazil’s state-owned IT giant, SERPRO, aiming to enhance blockchain adoption within government processes. SERPRO, which handles over 33 billion transactions annually, presents a substantial opportunity for blockchain integration. Analyst Ali Martinez believes that if ADA surpasses the $1.14 resistance level, it could reach $2.
This collaboration involves significant initiatives, particularly in educating SERPRO’s workforce of 8,000 employees through Cardano Academy, offering training on blockchain technology. Moreover, Cardano’s network will be incorporated into SERPRO’s services, potentially improving operational transparency and efficiency within Brazil’s federal administration.
SERPRO oversees over 750 digital solutions and processes vast amounts of governmental data. Successful integration of Cardano’s blockchain could set a precedent for other nations to consider similar initiatives. Cardano has previously launched efforts in Brazil, partnering with Petrobras in December 2023 to extend blockchain education.
Despite this positive news, ADA has faced recent challenges, experiencing an 8% decline in value to $0.88 within 24 hours. Nevertheless, according to Martinez’s technical analysis, ADA has been forming a right-angled descending broadening wedge pattern, suggesting that a breach of the $1.14 resistance could lead to a significant price increase toward $2.
In summary, Cardano’s partnership with SERPRO could facilitate substantial blockchain adoption in Brazil, potentially influencing ADA’s price trajectory. The collaboration focuses on educating government employees and integrating Cardano’s services, which may enhance operational efficacy. Although ADA has seen recent price declines, analysts predict a potential surge if key resistance levels are breached.
Original Source: coinpedia.org
