Cardano Foundation announced on Wednesday that it has signed a new partnership in Argentina, increasing the $ADA price. The deal comes as one of the plethora of expansion projects taken up by Cardano. The upscale in projects and growing investor interest will likely boost prices for ADA in the future, as predicted by many analysts.
Cardano's deal with Entre Ríos state to further blockchain adoption comes at a time when Argentina is trying to venture out into multiple crypto and blockchain adoption projects.
Cardano's Argentina Project Not The Only For The Country
Cardano's Blockchain project in Argentina is not the only one for the country. To increase the uptake of cryptocurrencies in Argentina, Argentine officials have recently collaborated with El Salvador, a country that led the way in bitcoin use.
According to a formal statement from the National Securities Commission (CNV), the securities regulator for Argentina, high-ranking representatives from the CNV met with the National Commission of Digital Assets of El Salvador on May 23 to talk about the usage of cryptocurrencies. The discussions centered on El Salvador's adoption of Bitcoin and its legal environment.
The usage of cryptocurrencies has increased dramatically in Argentina in recent years as its people flee the country's plummeting peso and skyrocketing inflation. And there have been encouraging advancements in the cryptocurrency industry since Javier Milei was elected president of Argentina last year. Diana Mondino, the Minister of Foreign Affairs, approved the usage of Bitcoin for contract settlements just one month after Milei assumed office.
ADA Price To Rise in the Future?
Soon after the deal announcement came out, ADA price rose nearly 1%, currently standing at $0.4619, according to CoinMarketCap. The previous trading sessions for the token ended up in negative territory, with the price of ADA decreasing by 2.91% by June 06. As per technical indicator analysis, the market is currently feeling Neutral Bearish 39% of the time, with a Greed score of 73 on the Fear & Greed Index. Cardano has experienced 3.22% price volatility and 12/30 (40%) green days during the past 30 days.
Crypto experts predict that in June 2024, the average ADA rate will be $0.455, based on the price variations of Cardano at the beginning of 2024. It is anticipated that the lowest and maximum prices will be $0.419 and $0.491, respectively. Based on a technical analysis of projected Cardano prices in 2024, the lowest price of Cardano will be $0.419. The ADA price is limited to a maximum of $0.485 but can see an upscale of approximately $0.550 given upbeat market conditions.
