AI predicts Cardano (ADA) price for July 31
Cardano (ADA) is extending its bullish streak, climbing to $0.81 after a strong 29% weekly gain that positions it as the second-best-performing cryptocurrency in the top 10. The surge has pushed ADA’s market...
Cardano (ADA) is extending its bullish streak, climbing to $0.81 after a strong 29% weekly gain that positions it as the second-best-performing cryptocurrency in the top 10. The surge has pushed ADA’s market cap from $22 billion just a month ago to over $29 billion today.
Finbold’s AI price prediction model now forecasts that ADA will reach $0.84 by the end of July, implying a potential upside of 3.21% from current levels.
The model, which pulls data from six key technical indicators, also shows a wide possible range, with the most bullish forecast projecting a 13.2% increase, while the most bearish sees a potential 7.69% decline.
Cardano price prediction analysis
The bulls are clearly in control right now. The Moving Average Convergence Divergence (MACD) has been climbing higher with good momentum, and the gap between short and long-term moving averages is widening, both solid signs that this uptrend has legs.
But there are some yellow flags worth watching. ADA’s Relative Strength Index (RSI) just hit 78, which puts it firmly in overbought territory. That’s not necessarily bad (it shows strong buying interest), but these levels often lead to at least a breather, especially if volume starts to fade.
The Stochastic Oscillator is also getting pretty stretched, sitting between 91 and 97. These levels suggest that ADA may be temporarily overextended, and while there’s no bearish crossover yet, the risk of consolidation is rising.
Notably, ADA is now trading above both its 50-day and 200-day simple moving averages, currently at $0.7103 and $0.7474, respectively. That’s a bullish sign, especially after months of trading below those levels.
However, both moving averages are still sloping downward, indicating that the broader long-term trend has not yet fully reversed. A sustained breakout above these trend lines, ideally accompanied by a bullish crossover in the coming weeks, would strengthen the case for a more extended move higher.
The AI model is targeting $0.84, which seems reasonable. But with momentum indicators running hot and the long-term trend still playing catch-up, ADA might need to take a breather first. Of course, if buying pressure keeps up, this rally could surprise to the upside.
Featured image via Shutterstock.
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