Experts are bullish on Cardano as it crosses over 1 million delegate wallets


  • Cardano’s delegate wallets have crossed 1,021,952 before the end of 2021. 
  • Cardano is working on launching a DeFi loan service in Africa, fueling a bullish narrative for the altcoin. 
  • Analysts have predicted a rally in Cardano, once the correction in the current cycle ends.

The number of wallets that delegated their Cardano stake has climbed beyond one million. This spike in numbers is indicative of a bullish outlook on the altcoin. 

Cardano gains popularity among investors 

A high number of delegate wallets indicate a spike in interest from investors. Cardano’s delegate wallets have crossed 1,021,952 at the end of 2021. The altcoin’s team is working on the launch of a DeFi loan service in Africa. 

Charles Hoskinson, the CEO of Cardano has announced plans to improve the adoption of DeFi and the altcoin in Africa. Hoskinson revealed that 2022 will be packed with interesting activities to attract users to the altcoin’s network. 

Analysts are bullish on Cardano price and have predicted a rally in the altcoin once the current cycle ends. @GertvanLagen, a crypto analyst and trader has evaluated Cardano price trend. The analyst observed no signs of an incoming bear market in the altcoin. 

Cardano’s uptrend is holding well, the structure formed at the start of the bull market has not broken. @GertvanLagen compares the current price trend with the 2018 cycle and believes that the 2018 top acts as a strong support for Cardano price. 

The price is currently at the bottom of key support zone and the lower trendline of rising channel and analysts believe that the correction of the cycle is nearing an end. 

FXStreet analysts believe that Cardano price is on track for hitting $1.50. 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

PEPE hits new all-time high, meme coin could extend gains

PEPE hits new all-time high, meme coin could extend gains

PEPE hit a new all-time high at $0.00001725 on Monday, May 27. The frog-themed meme coin noted a surge in active addresses and social dominance amidst rising price. 

More PEPE News

Fantom price could rally 20% but needs to test major support level first

Fantom price could rally 20% but needs to test major support level first

Fantom (FTM) price has lost some steam after the sharp increase registered from May 15 to May 20 but looks poised for further gains, technical indicators and on-chain data show.

More Fantom News

FLOKI, MAGA tokens post double-digit rally with bullish on-chain metrics

FLOKI, MAGA tokens post double-digit rally with bullish on-chain metrics

Crypto intelligence tracker Lookonchain identified a large wallet investor who has accumulated FLOKI (FLOKI) and MAGA TRUMP (MAGA) tokens, in exchange for Ether, since April 8. 

More Cryptocurrencies News

XRP ETF could gain approval in 2025, Ripple holders await lawsuit ruling

XRP ETF could gain approval in 2025, Ripple holders await lawsuit ruling

Ripple (XRP) holders are awaiting a ruling in the Securities and Exchange Commission’s (SEC) lawsuit against the payment remittance firm. A court ruling was awaited in May 2024, however there is no update, as of Monday, May 27. 

More Ripple News

Bitcoin: BTC struggles, but $80K is at striking distance Premium

Bitcoin: BTC struggles, but $80K is at striking distance

Bitcoin (BTC) price is in a good position to resume the bull rally despite the recent struggle. Optimism will restart if BTC overcomes a critical hurdle and flips it into a foothold. In such a case, the pioneer crypto will be slated to push to a new all-time high (ATH). 

Read full analysis

BTC

ETH

XRP