Cardano Partners With Singapore’s IBS: ADA Turns Bullish

Emurgo, one of the founding entities of the Cardano blockchain, has officially announced a partnership with the Institute of Blockchain Singapore (IBS) today. This strategic alliance, revealed via X (formerly Twitter), accentuates the rising importance of blockchain education on a global scale, while also highlighting Cardano’s commitment to the same.

Cardano Expands Its Presence In Singapore

Emurgo, a firm established to drive the adoption of Cardano’s Web3 ecosystem, stated “We are proud to share that after productive discussions we have now signed a partnership with the Institute of Blockchain Singapore (IBS) and planned a joint initiative focused on driving education of Cardano. IBS is the pioneer of blockchain education & training in Singapore.”

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The significance of this partnership is further bolstered by the fact that IBS has already trained more than 2,000 learners from 9 different countries.

While the partnership aims to further the outreach and education of Cardano, IBS has its own storied background in the blockchain educational sector. Founded in January 2018, IBS operates both as a social enterprise and an online blockchain academia.

Their mission revolves around the propagation of blockchain knowledge and the certification of professionals in the field. Their flagship program, the Certified Blockchain Consultant® Credential, is a testament to this commitment.

Emurgo’s announcement also hints at a deeper collaboration, urging followers to “follow Emurgo to get updated,” indicating that this partnership might be the beginning of a series of joint initiatives between the two entities.

Moreover, IBS’s association with entities like Skillsfuture, a training provider for the Institute of Banking and Finance, showcases the depth and breadth of their commitment to education, specifically within the intersections of blockchain, finance, and banking.

ADA Price Pushes Into Bullish Territory

A look at the 1-day chart of Cardano shows that the price has returned to bullish territory today, with confirmation still pending on the daily close. At press time, ADA was trading at $0.301 after breaking above the 200-day moving average (EMA) at $0.298.

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In 2023, ADA only traded above the 200-day EMA for a full five days. Apart from that, the trend indicator proved to be an extremely strong resistance. It is often used to identify the long-term trend. Unlike simple moving averages (SMAs), the EMA puts more weight on recent price data, making it more responsive to recent price changes. This feature provides a smoother and more timely representation of the trend.

Investors often use the 200-day EMA to identify potential buy (bull market) or sell (bear market) signals. When the price crosses above the 200-day EMA, it can be a sign of a nascent uptrend. Thus, a daily close above $0.298 today could take the Cardano price back into bullish territory for the first time since mid-April this year.

The next price targets would then be the Fibonacci retracement levels of 0.382 at $0.313, 0.5 at $0.341, 0.618 at $0.37, 0.786 at $0.411, and ultimately the year-to-date high at $0.463.

Featured image from iStock, chart from TradingView.com