- 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.
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
Monero Price Forecast: XMR soars over 19% amid rising demand for privacy coins
Monero (XMR) price is extending its gains by 19% at the time of writing on Monday, following a 9.33% rally the previous week. On-chain metrics support this price surge, with XMR’s open interest reaching its highest level since December 20.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC and ETH stabilize while XRP shows strength
Bitcoin (BTC) and Ethereum (ETH) prices are stabilizing at around $93,500 and $1,770 at the time of writing on Monday, following a rally of over 10% and 12% the previous week. Ripple (XRP) price also rallied 8.3% and closed above its key resistance level last week, indicating an uptrend ahead.
Ethereum Price Forecast: ETH ETFs post first weekly inflows since February
Ethereum (ETH) recovered the $1,800 price level on Saturday after US spot Ether ETFs (exchange-traded funds) recorded their first weekly inflows since February.
Defi Development Corporation files to offer $1 billion in securities to boost its Solana holdings
Defi Development Corporation (formerly Janover) filed a registration statement with the Securities & Exchange Commission (SEC) on Friday, signaling its intent to offer and sell a wide range of securities, including common and preferred stock, debt instruments and warrants for the purchase of equity
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.