- Cardano partners with Chainlink to drive the development of smart contracts for DeFi applications.
- Chainlink’s oracles would be integrated into the Ethereum killer protocol to support developers.
- Cardano also recently entered into an agreement with a US television and wireless service provider.
Cardano recently announced a strategic partnership with Oracle’s decentralized blockchain chainlink network. The third generation blockchain is preparing to create smart contracts for decentralized finance (DeFi) applications.
Cardano reveals major partnerships
At the Cardano Summit 2021, Input Output Hong Kong (IOHK), the development company behind Cardano, revealed that blockchain will partner with Chainlink to integrate its oracles to support developers.
Ethereum’s killer recently became smart contract compatible for the first time after Alonzo’s hard fork, which took place on September 12.
The integration of Chainlink oracles on the Cardano blockchain would allow developers to deliver institutional-grade data in their smart contracts. The oracles would support market price feeds and eventually support other decentralized Chainlink services as well.
Cardano also announced that it has entered into an agreement with Dish Network to provide digital identity services to the TV and wireless service provider’s customers. Speaking at the summit, IOHK founder Charles Hoskinson said the partnership will boost Cardano adoption while benefiting Dish users.
Cardano price could fall further ahead of recovery
Cardano’s price imprinted a descending wedge pattern on the 12-hour chart, suggesting that the ADA still has room to move lower before reaching the bullish technical pattern target.
Ethereum’s killer has fallen nearly 30% from its all-time high as ADA continues to consolidate. Cardano’s price may drop further to test the reliability of the master chart setup before the 35% rebound given by the falling wedge pattern hits the radar.
The first line of defense for ADA is at the 23.6% Fibonacci retracement level at $ 2.19. Should Cardano’s price lose this support level, the token could drop to the lower limit of the chart pattern at $ 1.87, near the twelve-hour simple moving average (SMA) of 200.
12 hour ADA / USDT chart
If the ADA bulls took charge, Cardano would see its first hurdle at 38.2% of the $ 2.36 Fibonacci retracement level. Additional obstacles may appear at the 100 twelve hour SMA at $ 2.41, where the resistance line given by the Reversal of Dynamics Indicator (MRI) and the upper trend line of the descending corner coincide.