One of the tools used to estimate the potential Cardano (ADA) price is CoinCodex’s machine self-learning technology. Data from the tool on March 3 revealed that ADA would sell at $0.49 on December 31, 2023. Compared to Cardano’s price, the expected worth implies a rise of almost 44%.
ADA/USD 4-hour chart | Source: TradingView
At the time of publication, Cardano had daily losses of roughly 4% and was trading at $0.34. ADA has experienced weekly losses of roughly 12% after failing to overcome the $0.40 resistance level.
The one-day technical analysis for Cardano likewise shows bearish views. Moving averages are for a “strong sell” at 13, while a summary of the TradingView gauges is for a “sell” emotion at 15. Oscillators gauge at 7, making them neutral.
ADA technical analysis | Source: TradingView
Cardano’s value development is currently dependent on the market price movement, which is still bearish. But, the ADA community is placing its long-term bets on network activity like development and adoption to serve as the main stimulus for a rally.
Cardano added over 50,000 wallets in January, which was notable on-chain activity. The network also saw a spike in whale activity. The platform ranks second among all crypto projects regarding weekly development on GitHub, another indicator of Cardano’s ongoing development effort. The platform had 670 entries as of March 2.
The Cardano community will be keeping an eye on developments at the network’s founder Charles Hoskinson, who has faced backlash for his contingent staking idea. Hoskinson contends that his concept is the best way to fend off authorities at a time when regulators are tightening down on staking.
Read more:
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