Cardano’s ADA coin has become a popular choice in the world of decentralized finance (DeFi). With its accelerated network development and rising onchain activity, the cryptocurrency’s community has become optimistic about its future. However, due to the volatile nature of the crypto market, it is hard to predict how these factors will directly impact the value of ADA. To gain an idea of what may be in store, investors can use AI-backed tools to forecast the asset’s pricing.
One such tool is CoinCodex’s machine self-learning, which predicts that ADA will be trading at $0.49 by the end of 2023. This would be an increase of around 44% on the asset’s current market value.
Cardano Price Analysis
At the time of writing, ADA was trading at $0.34 and had declined by nearly 4% in the last 24 hours. Over the course of the week, the asset had dropped approximately 12%, due to a failure to break the $0.40 resistance.
The short-term technical analysis is also bearish. The asset has been slowly decreasing over the past few days, with the RSI nearing the oversold zone. The MACD is also trending in the red, thus the bears will need to break the $0.34 support for the bearish momentum to continue.
AI technology has predicted that Cardano (ADA) is set for a surge in value by the end of 2023, despite currently exhibiting bearish sentiments. Analysis from TradingView has revealed that sentiment for the cryptocurrency is ‘sell’ at 15, and ‘strong sell’ at 13. Oscillators are currently neutral, at 7.
Impact of Cardano’s development activity is also set to play a role in the surge of value. The network has seen an increase in wallets, with 50,000 accounts added in January. Cardano is also ranked second amongst crypto projects with weekly development on GitHub, with 670 entries as of March 2.
Charles Hoskinson, founder of Cardano, has come under fire for his staking proposal, which he argues is a way to keep regulators away.
It is advised to be wary when investing, as the value of cryptocurrency can be unpredictable.