- Cardano price started its recovery as the Vasil hard fork draws closer, with increased activity on the project’s blockchain.
- As investors await the June hard fork, the Cardano ecosystem has accumulated over $300 million in user funds.
- Analysts believe ADA price could hit $1.70 as it continues its uptrend.
The Vasil hard fork is fast approaching, and the number of projects on the Cardano ecosystem has increased. Analysts have revealed a bullish outlook on ADA price as the altcoin begins its uptrend.
Cardano price begins recovery ahead of Vasil hard fork
Cardano price is on track to explode as Vasil hard fork draws close. The Cardano blockchain currently has nearly 900 projects under development, and activity on the network has exploded.
Nearly 44,800 Cardano wallet addresses hold over 6.79 billion ADA tokens, fueling a bullish narrative among investors. Transaction activity on the Cardano blockchain has increased with the rise in the number of holders and active wallet addresses.
The Vasil hard fork includes Cardano Improvement Proposal (CIP) 31, 32, 33 and 40. CIP 31 would allow dApps to access transactional output without spending or recreating them. This tackles the challenge of “one transaction per block,” a feature that received heavy criticism from dApp users.
CIP 32 will facilitate on-chain storage of data for Cardano users, decentralizing Ethereum-killer’s blockchain further. Meanwhile, CIP-33 would reduce the usage of data on the network and increase the throughput of Cardano and the CIP 40 is the upgrade that would protect users from losing Cardano held as collateral.
Charles Hoskinson, the founder of Cardano, is bullish on ADA as the ecosystem added 100,000 new addresses over the past month.
FXStreet analysts have evaluated the Cardano price trend and predicted a rally in the altcoin. They have identified a breakout from the head and shoulders pattern and set a target of $1.70 for ADA price. There is also the possibility of a deviation from the uptrend above the $1.60 hurdle. Still, a daily close below $0.85 could trigger a bearish trend reversal, invalidating the optimistic outlook.
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.
Recommended Content
Editors’ Picks
Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment
Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet
CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.
Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon
Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?