Cardano price rose to a ten-day high as most altcoins rebounded, and after Charles Hoskinson unveiled a partnership with Globant.
Cardano (ADA) rose to $0.80 on Saturday, up by about 55% from its lowest level this month. At last check, its market cap is around $28.5 billion with a fully diluted valuation of $35.7 billion.
Cardano partners with Globant
Cardano’s rise also happened after founder Charles Hoskinson confirmed that they had reached a deal with Globant, a publicly traded company with a market cap of almost $10 billion.
Hoskinson said that the deal will see the company use Cardano’s blockchain to build decentralized applications. Cardano and Globant will launch AI projects and applications in the near term as part of the deal.
Globant is an Argentinian company that helps other firms build applications, implement artificial intelligence, and other digital solutions. Its top clients are firms like Walt Disney, Nissan, and Royal Caribbean.
The announcement came as Cardano enthusiasts wait for the upcoming meeting between Hoskinson and a VIP on March 1. He has not revealed who the VIP person will be, but fans suspect that it could be Elon Musk, Donald Trump, or David Sacks, the crypto and AI czar.
Cardano fans hope that a meeting with Musk would be a game-changer as he would make the case for the Department of Government Efficiency or DOGE to use Cardano’s blockchain. These fans point to Cardano’s low transaction fees, 100% uptime, and the fact that it is a Made in USA blockchain.
However, Hoskinson’s statements should be taken with a grain of salt as he has a record of overpromising and underdelivering. For example, in January, he hinted of a Chainlink (LINK) partnership, but a deal has yet to be announced.
Cardano also revealed a deal to digitize Ethiopia’s education sector in 2021, but it has not materialized.
Cardano price technical analysis
The weekly chart shows that Cardano price has stabilized and retested the crucial resistance level at $0.802, its highest point in March 2024.
It is being supported by the 50-week moving average.
Cardano has now completed the second phase of the Elliot Wave pattern. If the Elliot Wave pattern works out, Cardano will move into the third phase, which is highly bullish soon.
If this happens, the next level to watch will be the 61.8% retracement point at $2, which is about 155% above the current level.
