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.
2/2 $ADA / $BTC [1W] | Price is currently at:
— Gert van Lagen (@GertvanLagen) December 30, 2021
+ bottom of key support zone (0.618 of bear market high to low);
+ lower trendline of rising channel;
+ bottom of III-IV correction of macro bullcycle impulse. pic.twitter.com/Cz3YmAkjEw
FXStreet analysts believe that Cardano price is on track for hitting $1.50.
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.
