Billionaire investor Tim Draper has announced a groundbreaking partnership between Cardano Foundation and Draper University, starting the Cardano X DraperU Founder Residency Program. The project will increase the reach of the Layer 1 blockchain, and the application deadline is March 1, with selections announced on March 15th. Cardano and DraperU to Back UTxO-Based Bitcoin DeFi In a post on X (formerly Twitter), Draper confirmed the partnership with Cardano while adding that the duo will “support UTxO-based startups building the future of Bitcoin DeFi.” Cardano founder Charles Hoskinson noted that Draper’s presence in the crypto ecosystem will be beneficial for new projects. We are very excited to partner with @Cardano_CF on the @Draper_U x Cardano Founder Residency and support UTxO-based startups building the future of Bitcoin Defi 🙌 Apply now: https://t.co/fn27Y32Kxa — Tim Draper (@TimDraper) February 26, 2025 Related: Charles Hoskinson’s Encrypted Statement: What Is Cardano Up To? $42K ADA Grant & 5-Week Residency at Draper University Based on the official page, those who build on Cardano would get a 42K ADA grant (equity-free). The 5-week residency program will begin on March 31st and happen at Draper University, where housing will be covered for the participants for the length of the course. During the five weeks, the participants will receive technical training on Cardano blockchain development; workshops on entrepreneurship, product development, and fundraising; mentorship from industry leaders and networking opportunities; and a pitch day with venture capitalists and possible investment opportunities. ADA Price Prediction: Testing Key Support At press time, Cardano (ADA) is trading at $0.6627, down 3% in the last 24 hours, shows CoinMarketCap. The ADA daily chart below indicates that the Relative Strength Index (RSI) is at 35.15, which suggests that sellers are mostly in control of the ADA price movement. The gradient of the line points to lower prices. ADA Price Targets: Breakout or Further Decline? The ADA price action is currently testing the support at $0.6435 (the lower Bollinger Band). Related: Staked Cardano ETP Goes Live on Nasdaq Helsinki via Virtune If it holds, the altcoin could try to break out above the middle Band at $0.7478 and the upper Band at $0.85. If buying pressure increases, ADA could rally toward the $0.75 – $0.80 range, but if selling pressure continues, ADA may retest $0.64 – $0.63 before finding stability. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.