Kraken Launched Cardano Staking, ADA Targets $2: Analysis

Kraken launched Cardano staking on its platform and ADA awakened with a 14.4% rally on the daily charts as we can see more in our latest ADA news.

ADA consolidated around $1.30 to $1.40 and reached a new all-time high with more action preparing to keep smashing the future resistance. Kraken launched Cardano staking a day ago with up to 4% and 6% rewards for the users that help secure the network. In order to earn rewards, users need to deposit their funds in the spot wallet and there is a minimum of 1 ADA for the Kraken deposit with no additional fees. All there’s left to do later is to move funds to Kraken’s staking wallet and to click on ADA and start staking.

ADA with bullish momentum in the daily chart. Source ADAUSDT Tradingview

The users will receive their staking rewards each week and to withdraw their funds there’s a minimum of 2 ADA required. Anonymous trader EljaBoom believes that ADA started breaking out on major resistance zones so if ADA is able to break higher towards $1.55 the trader expects the next price target to be set at $2.3:

“Once it flips this spot I’m expecting #ADA to test +$2.3 zone! Alonzo Testnet & Adapay release is coming. If you own ADA you know the potential it has.”

There’s also been a lot of announcements and partnerships around Cardano so the coin is barely reacting to the price action over the past few weeks. In the coming months, Cardano’s deployment of the Defi capabilities could continue to push the price to uncharted territory as Eljboom expects. In the meantime, Cardano started his massive adoption phase in Africa after it closed deals with Ethiopia and other governments in the region. More than 5 million students will use the Atala PRISM solution to get more access to customized education and have their academic records available in the blockchain.

Source Trader EljaBoom

The local government will also use this integration to track resources and to allocate them with higher efficiency while Charles Hoskinson who invented Cardano and is a CEO of IOHK, said:

“And throughout the coming 24 to 36 months we are going to be scaling up very rapidly throughout the whole continent. This means many new classes. This means new initiatives. New relationships and also developing our talent (…).”

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