Cardano, the third-largest cryptocurrency, has fulfilled one of its 2021 Cardano summit announcements after it partnered with eSport and a gaming platform.
Cardano Collaboration with Rival
This development was announced by Yahoo finance on October 4. Cardano started a relationship with esports and gaming platform, Rival last week
The purpose of this collaboration is to broadcast, promote and establish NFTs and showcase the Rival sports franchise. This is a smart choice for both parties as Cardano enters an ecosystem of 2.8 billion game players worldwide.
Rival customer base includes the Premier League Club (EPL), sides Watford and Aston Villa, National Football League’s (NFL) Seattle Seahawks, and the National Basketball Association’s (NBA) Detroit Pistons.
Frederick Gregaard, CEO of the Cardano Foundation comments on working with Rival, which he said that the best way to accelerate adoption is entering a 2.8 billion global gamer market.
He also stated that their partnership with Rival is a natural next step since players are already familiar with tokenization as some early games included virtual currency applications.
Cardano Price Movement
Like other blockchain networks, Cardano is struggling to gain momentum in the ongoing upswing. The Smart contract tokens fail to break the small barrier of $2.4, and the next barrier of $2.5 has not yet been tested. The downtrend line also added upward pressure, triggering a sell-off to $2.1. At the time of writing, ADA/USD is trading at $2.11 and the bulls are working hard to hold the price and avoid dropping to $2.
It’s worth noting that sellers have the upper hand, aided by negative signals from MACD and RSI. Since the former is already below the average line, there is a high possibility that it will be short. Additionally, the RSI suggests that the bears have become more aggressive and could potentially bring Cardano to $2.
ADA/USD 4H Chart. Source: TradingView
After rising 11.6% a week ago, the price of Bitcoin is up about 26.9% this month. It rose 3.47% on the day and is currently trading at around $57,261, again surpassing the market value of $1 trillion. In contrast, altcoins like Ethereum and Cardano have performed poorly, rising 21% and 13% respectively over the past ten days.
In addition, Cardano ADA is built into a symmetrical triangle that is usually used as a continuation pattern. If the bears fall and hold the price below the triangular support line, the correction can resume. On the flip side, the demand zone near the 200 SMA will assist the bulls in their quest for safety when upside pressure breaks out.