UTrust (UTK) price is trading around 65% higher this month to continue its bullish run after gaining about 20% in the last two months of 2020.Fundamental analysis: Egyptian government picks UTrust among others to lead projects under the digital migration program
The Egyptian government has picked 16 Small and Mid-sized Enterprises (SMEs) that will manage 15 digital projects within government bodies, which will operate in four main areas including quality management and testing, GG Web Services, content digitization, analysis, design, and project engineering.
Among the selected companies, UTrust was picked for the Asset Management System, Pmaestro for the Egyptian Heritage System, Digital Blocks for the Complete Health Insurance System, and TestPRO for the Notary System.
The government said that these companies were picked to lead the projects as part of the “Our Digital Opportunity” initiative introduced in May last year. The aim of the initiative was to engage young local entrepreneurs in the process of national digital transformation. This will allow the Egyptian government to control costs while supporting local developers.
Two other enterprises will run projects in the GG Web Services category including BlueCloud and 3S Software. On the other hand, IT-Blocks, Smacrs, and Namaa InfoLogistics will run projects in the content digitization area for the Digital Portal of Egyptian Culture.
As for the other remaining areas including analysis, design and project engineering, 7 SMEs were picked to run 9 commercial projects. Companies selected include Ark Development which will run traffic applications, while Simple Way was picked to work on commercial registry applications.Technical analysis: UTK price soars in January, may hit new highs in February
UTK price is up about 2% today to increase weekly gains to about 6%. The buyers are attempting to consolidate gains after managing to gain 26.7% last week.UTrust weekly chart (TradingView)
The zone around $0.21 offers nearby resistance in case today’s gains increase before the end of the day. The bulls are likely to target a new high above $0.2750 with the area around $0.30 hosting Fibonacci extension resistance.Summary
Egypt’s Minister of Communication and Information Technology said the government has chosen 16 SMEs, including UTrust, to run projects under the digital migration program. In the meantime, UTK price is consolidating this week after recording strong gains a week earlier.