- Advanced machine learning algorithms project a potential 7.72% drop in Cardano’s price by the end of August 2023.
- As of now, Cardano demonstrates declining trends across all charts, further corroborating the AI’s prediction.
As the broader cryptocurrency market follows a bearish trajectory, Cardano (ADA) is no exception. Predictions made by advanced machine learning algorithms suggest that this trend may continue, with ADA expected to drop further by the end of August 2023.
The algorithm, developed by the analytics platform PricePredictions, has given an estimated value for ADA at $0.271743 by August 31, 2023. The platform’s forecast hinges on various key indicators like the Moving Average Convergence Divergence (MACD), Bollinger Bands (BB), Relative Strength Index (RSI), and Average True Range (ATR). According to this prediction, we could see ADA depreciate by roughly 7.72% from its present price.
The Current Scenario for ADA
At the time of writing, ADA is trading at $0.294473. The asset has seen a downward trend in recent times, losing 3.67% in a day, 4.95% over the week, and a slight 0.38% decrease over the past month.
For ADA to break its current bearish trend, it needs to overcome the resistance levels pegged at $0.307483 and $0.320479. Meanwhile, its support area ranges between $0.281491 and $0.294487.
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TradingView’s 1-day technical analysis reflects a bearish sentiment with a ‘sell’ rating of 15. The oscillators stand ‘neutral’ at 9, and moving averages suggest a ‘strong sell’ at 14.
These pieces of evidence, taken together, suggest a possible further decline in Cardano’s price. The machine learning algorithm’s predictions appear to align with the present market indicators.
Nonetheless, the crypto market’s inherent volatility, combined with Cardano’s ongoing developments, could quickly turn the tables, leading to an unexpected shift in the asset’s value. The present bearish climate could be a precursor to a future uptrend, as the crypto market is renowned for its sudden price reversals.
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