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Cardano Ecosystem

Finbold

03/08/2024

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Machine learning algorithm predicts Cardano (ADA) price on March 31, 2024

Cardano (ADA) has been having several interesting months marked by significant rallies and deep dropps. Such performance continued into 2024 as ADA started the year on a decline, only to experience two...

Machine learning algorithm predicts Cardano (ADA) price on March 31, 2024

Cardano (ADA) has been having several interesting months marked by significant rallies and deep dropps. Such performance continued into 2024 as ADA started the year on a decline, only to experience two separate rallies – and corrections – in January alone.

More recently, however, as the crypto market has been climbing caught up in the enthusiasm over Bitcoin’s (BTC) upcoming halving – and falling briefly but sharply as BTC experienced a strong correction after touching $69,000 in early March – Cardano has also started a strong uptrend.

Cardano’s price performance, which has, amidst the rises and the falls, nonetheless seen the token gain 131.69% in 52 weeks, was also accompanied by a surge in the number of smart contracts created, with January itself adding roughly as many as the entire 2023.

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Still, despite the strong growth, Cardano’s tendency to enter significant retracements and corrections – especially with its most recent weekly period of stagnation – leaves some room for worry about whether the cryptocurrency can keep up the uptrend through the rest of March.

AI algorithm projects Cardano price at the end of March

Despite the slowdown in the uptrend, the AI-driven predictive algorithms of PricePredictions – a platform specializing in projecting future prices of various assets – forecast that Cardano is likely to continue its climb throughout March.

The rise is projected to take a slow but steady trajectory – sharply contrasting ADA’s recent habit of making rapid surges – and could see the token gain 6.22% over the course of 3 weeks and stand at $0.781823 on March 31.

ADA March 31 price projection. Source: PricePredictions

Furthermore, the machine learning algorithms project the climb will continue into early April and see Cardano stand slightly higher, at $0.790113, in one month’s time.

Cardano (ADA) technical analysis

While not offering a dollar-value prediction for Cardano, technical analysis (TA) provided by TradingView is also generally bullish when it comes to ADA. 

The results based on the token’s daily and monthly performance rate is an overall “buy” with oscillators recording “neutral” and moving averages reading “strong buy.” and the weekly performance upgrades Cardano to a “strong buy.”

ADA technicals. Source: TradingView

Cardano price chart

In terms of performance, Cardano has been rising steadily in 2024 and is 20.91% in the green year-to-date (YTD). The last 30 days have also been strong and saw ADA increase in price by as much as 39.16%.

ADA YTD price chart. Source: Finbold

More recent trading has, however, brought a slowdown for the token. In the last 7 days, ADA is up 8.30% and the latest 24 hours even saw it drop 1.31% to $0.72419.

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

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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