Highlights:
- Cardano sellers are losing momentum despite a weak broader market
- Cardano price rebound could be triggered by news of adoption in Brazil
- Rebound could push Cardano to $2 if the $1.230 resistance gives way
Cardano (ADA) is in a downtrend today, reflecting the selloff across the cryptocurrency market. At the time of writing, ADA was trading at $0.83, down by 8%. This downturn is coming following the general market correction. It is also driven by mixed messaging following Charles Hoskinson’s comments regarding the upcoming crypto white house summit.
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In a broadcast on March 6, Charles Hoskinson expressed his opinion, stating that he was not invited to the summit. Along with the evident frustration from the attendees regarding the lack of attention given to them, there is considerable anger from attendees who have been ostracised from crucial regulatory discussions for cryptocurrencies.
Japan https://t.co/peiPttXCpE
— Charles Hoskinson (@IOHK_Charles) March 6, 2025
However, it later emerged that the updated attendees list included Charles Hoskinson, among other big names in the US cryptocurrency space. This has triggered uncertainty among investors, especially because the broader market is mainly bearish.
Cardano Enters Strategic Partnership with Brazilian Government
Nonetheless, Cardano remains bullish despite facing a short-term price decline. A recent partnership with Serviços Federais de Processamento de Dados (SERPRO), the Federal Government of Brazil’s largest technology company, will likely drive adoption further.
We're partnering with @SERPRO—the world's largest state-owned IT company. 🌎
This collaboration brings Cardano’s blockchain to Brazil’s government infrastructure, enhancing security, transparency, and digital service efficiency for millions.
Read more: https://t.co/It40EKzIAG https://t.co/TSKZA4SFEW pic.twitter.com/ZjCIiGxodQ
— Cardano Foundation (@Cardano_CF) March 6, 2025
This partnership, announced on March 6, aims to implement blockchain technology in the public sector. SERPRO powers digital solutions with over 90% coverage of the federal administration’s services to citizens. This collaboration is a big step towards blockchain adoption in Latin America.
Fostering innovation and blockchain education are the most important objectives of this collaboration. Cardano is looking to clinch the Latin America belt as it has opened to decentralized technologies. The integration will facilitate digital services and infrastructure integration and open doors toward the potential usage of blockchain in government services.
Reshaping Cardano’s Academy with 2,000 New Developers
In collaboration with Cardano Academy, SERPRO will implement blockchain training for over 8,000 employees, including 2,000 developers. This action is intended to train developers to create public sector solutions frameworks based on blockchain technologies.
🚨 Big News: Cardano Foundation partners with SERPRO, Brazil's largest IT company, to accelerate blockchain adoption in the public sector! 🇧🇷
🔹 Transforming Brazil's government services
🔹 Blockchain education for 8,000 employees
🔹 Strengthening digital infrastructure &… pic.twitter.com/JfJKrzzsRk— Collin Brown (@CollinBrownXRP) March 7, 2025
Director president of SERPRO, Alexandre Gonçalves de Amorim, stressed the importance of the said partnership. He explained that with the public administration capabilities of SERPRO and the Cardano blockchain infrastructure, Brazil would have the opportunity to lead digital government transformation globally.
Cardano Foundation Chief Executive Officer Remarks on the Partnership
Gregaard, the Cardano Chief Executive, emphasized the added value of working alongside a government body. In Cardano’s case, it serves as a landmark achievement in the quest to extend blockchain utilization worldwide. He further explained that blockchain technology could assist in achieving better public service delivery and facilitate unprecedented transparency.
Technical Analysis – Cardano Price Still Trading In A Narrow Range
Cardano is in a correction but is still trading in a broad range between the $1.230 resistance and $0.620 support. If bulls regain momentum and push Cardano through the $1.230 resistance, a rally to $2 could follow.
On the other hand, if bears take control and push Cardano through the $0.620 support, a correction to Cardano’s recent low of $0.58 could follow. Of these two scenarios, the odds are higher for a rally back to the $1.230 resistance. That’s because, after the last 5-days of corrections, Cardano bears are yet to erase the long bull candle of March 2. It goes to show that the underlying bullish momentum is strong.
Recap
The current ADA price dip brought on by the market’s downturn does not affect the underlying fundamentals of Cardano’s ecosystem. Through fostering government relationships and adoption in Latin America, Cardano could be headed for a strong rebound.
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