The commercial arm of the Cardano Blockchain, EMURGO, has recently made an announcement regarding the establishment of EMURGO Africa. As revealed, being the wholly-owned subsidiary of the Cardano ecosystem, EMURGO will reportedly be investing in early startups and companies where growth can be foreseen. Basically, they are going to invest in companies that are dedicated to building socially impactful solutions backed by Cardano.
The company has released a statement mentioning the aim to establish Cardano as the standard tech infrastructure platform in Africa in order to bring financial empowerment. As per the announcement:
“To mark EMURGO Africa’s official launch and first portfolio investment, it has forged a strategic partnership with Adanian Labs - a successful pan-African venture studio and incubator currently provides services all over Africa with focuses on building impact-driven tech start-ups across key sectors.”
Talking about the price actions of Cardano, the price of ADA has witnessed three lower highs since September 18 and two higher lows within the same time frame. Though this technical platform has no directional bias, a target is acquired by adding the distance between the first swing high and swing low to the breakout point.
If the Cardano price breaks the upper trend line around the mark of $2.27, the setup expects a 17% upswing to the mark of $2.65. In case, the price of ADA fails to slip through the upper trend line, it is highly likely to venture lower and retest the inclined trend line of the symmetrical triangle.
In addition to this, it should be noted that if the price of the native token of Cardano, ADA, manages to retest the level of $2.27, there is a chance that an increased bullish momentum could trigger a retest of $2.76.