Cardano Price Prediction: Here's What Next For ADA Price in the Month Of May

Despite the impressive developments within the Cardano ecosystem, the price of ADA has remained down. While there have been fantastic fundamental advancements on the Cardano blockchain, the persistent decline in price can be attributed to these economic principles and the gloomy sentiment of the broader cryptocurrency market.

As most cryptocurrencies are currently experiencing a downturn, ADA has not been an exception. Nevertheless, the crypto community remains optimistic about its future price performance.

The average price prediction for Cardano by members of the crypto analytics platform CoinMarketCap is $0.3951 by May 31, 2023, based on 1,112 aggregated votes. This indicates a potential increase of 9.36% from the current price of the seventh-largest digital asset by market capitalization. 

Cardano’s price has been experiencing a bearish trend since May 6, with a 3% drop to as low as $0.3499 in the last 24 hours. Over the past week, ADA has declined over 6% after reaching a high of $0.39. The next resistance point is currently at the $0.40 mark, while support is set at $0.312 based on the current trend. At the time of writing, the token is trading at $0.34.

Cardano Ecosystem Grows

AnetaBTC has announced that its Wrapped Bitcoin (cBTC) on the Cardano blockchain has new capabilities, marking a new era in the Cardano ecosystem. AnetaBTC provides a decentralized and secure protocol that allows users to unlock the value of their Bitcoin on Ergo and Cardano. 

The cBTC can now be used for everyday transactions, traded on decentralized exchanges, and secured loans. 

The Wrapped Bitcoin was launched on the Cardano testnet in April and has a 1:1 representation of Bitcoin on the Cardano blockchain, allowing users to create tokens and use them for trading or liquidity provision on the Cardano network. AnetaBTC aims to attract Bitcoin holders to Cardano and contribute to the DeFi explosion on the web.