Cardano price ready to breakout with the arrival of bonds on the Ethereum-killer’s blockchain
- Cardano price is on a downtrend despite the arrival of new dApps on the blockchain network.
- NFT bonds are a new feature on the Cardano network, allowing traders to buy or sell using their wallet.
- Analysts predict a breakout in Cardano price, setting a target of $1.6 for the Ethereum-killer.
The Cardano network has witnessed a spike in adoption with the rising number of decentralized applications on it. The Ethereum-killer is on track to recover from the downtrend with the arrival of new features on the network.
Cardano could breakout with spike in utility and adoption
A Cardano-based decentralized finance platform has implemented a new feature: NFT and regular bonds on the network. Implementing NFT and regular bonds offers investors on the network massive possibilities.
The goal of NFT bonds on Cardano is to create a platform similar to AAVE on the Ethereum-killer’s blockchain, with exciting features to drive the altcoin’s adoption. The implementation of bonds on the ADA network could fuel a spike in on-chain activity on the Cardano infrastructure.
NFT bonds are two different types of assets, an actual digital asset or collectible and a guarantee to return the collateral at maturity. Therefore, users will now be able to borrow, lend, transfer and trade loans on the Cardano network.
The Cardano ecosystem now has borrowing functionalities to draw interest from new investors.
Cardano recently hit a new milestone with 5.1 million holders and a new all-time high in terms of investors on the altcoin network.
Analysts have evaluated the Cardano price trend and predicted a breakout in the altcoin. @TrendRidersTR, a crypto analyst, has set a target at $1.3 for Cardano price. The analyst has predicted profit-taking along Cardano’s climb to the target level.
$ADA: Will reduce my position by 20% if this signal confirms and put some orders at 1.10USD.
— Trend Rider (@TrendRidersTR) April 5, 2022
Still looks good, just following the process and locking profits.#RiderAlgo #altcoins pic.twitter.com/OsnSOcl1eT
FXStreet analysts believe Cardano price is heading to $1.6, despite the slowdown of momentum in the Ethereum-killer. Analysts believe the more the price tests $1.21, the daily breaker, the higher the probability of a price rally in Cardano.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
