Deep learning algorithm sets Cardano price for Christmas Day 2022 - BitcoinEthereumNews.com

Cardano (ADA), the DeFi asset, is heading into the Christmas season and still listed among the top ten largest cryptocurrencies by market capitalization. This is the case despite recent price fluctuations. Cardano’s network is still expanding strongly even though it has been hit hard by the consequences of the FTX catastrophe.

NeuralProphet’s PyTorch-based price prediction algorithm, which makes use of an open-source machine learning framework, forecasts that the value of the ninth most valuable asset based on market capitalization will rise by 45.8% by December 25, 2022.

At the time of publishing, the price of ADA was $0.3016; the deep learning algorithm projects that by Christmas Day it will trade at $0.43.

ADA price analysis

Since the cryptocurrency market has lately shown signs of revival, investors are looking to the performance of assets such as ADA in order to make predictions about the price of ADA over the next month. 

According to statistics retrieved by Finbold, the current price of Cardano in circulation is $0.3016, representing a decrease of 3.04% over the course of the last 24 hours and 3.14% over the course of the previous week. The overall market value for Cardano is now $10.4 billion.

At the same time, Cardano’s technical analysis (TA) indicators on 1-week gauges remain relatively bearish, as their summary stands in the ‘sell’ position at 1, as opposed to 3 indicating ‘buy’ and 9 pointing towards ‘neutral.’

This summary is taken from moving averages (MA), which are also firmly in ‘strong sell’ at 13, whereas they point towards ‘buy’ at 1 and ‘neutral’ at 1, respectively. Lastly, oscillators are slightly more optimistic, as they stand in the ‘neural’ zone at 8.

Cardano network development

Despite the bearish prognosis from the technical perspective of the 1-week gauges, traders may be more optimistic over the long term when taking into account its network development. Indeed, Cardano has added over 20,000 new staking addresses on average monthly for over a year.

What’s more, Cardano’s wallet growth continued to accelerate amid the FTX collapse, adding 30,000 wallets in a week. In addition, the number of Cardano-based smart contracts also surpassed 4,000 for the first time, growing over 300%.

Finally, the Cardano network continues to beat all other crypto platforms in monthly development activity. For instance, in November, Cardano recorded the highest development activity according to the analysis carried out by the on-chain market intelligence platform Santiment. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.