Throughout 2024, Cardano (ADA) has stood out from the crowd of other major cryptocurrencies, though mostly for the wrong reasons.
Indeed, unlike other coins and tokens such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), ADA started the year with a big price jump – followed by an equally large fall – and has mostly been trading sideways ever since.
More recently, however, Cardano has followed up on an early-July 10% one-day drop with a strong rally and, in the last seven days, as much as 16.72% in the green. ADA price today, at press time, stands at $0.45.
Picks for you
The strength of the ongoing rally – and how suddenly it came – is also exemplified by the fact that Cardano had only 16 green days out of the last 30. Additionally, the surge’s actual strength and staying power is likely to be tested soon as ADA is currently facing its nearest resistance zone just above $0.45.
Nonetheless, even should a further breakout get rejected, Cardano is likely to receive another chance to continue the rally as long as it remains above its support levels near $ 0.43.
With the major Chang hard fork on the way and set to occur before the end of July, and with the most recent positive price action in mind, Finbold decided to consult a selection of advanced artificial intelligence (AI) models and platforms on how ADA might fare by August 1.
AI sets ADA price for August 1, 2024
The predictive algorithms of a platform specilizing in forecasting the prices in the crypto markets – PricePrediction – proved conservative yet slightly optimistic when estimating Cardano’s likely price on August 1.
According to the platform, ADA is set for relatively smooth sailing in the coming two weeks and will find itself at $0.487693 at the beginning of next month.
In comparison, the most advanced version of OpenAI’s flagship AI platform – ChatGPT-4o – however, proved somewhat more optimistic. After taking into account factors such as the current bullishness in the market and the upcoming upgrades, it concluded Cardano will trade at $0.52 on August 1.
Google’s (NASDAQ: GOOGL) own Gemini, on the other hand, fell in line with the algorithms of PricePredictions as it set the price target at $0.48. Nonetheless, it offered much the same reasoning as ChatGPT, though it also highlighted Cardano’s strong fundamentals.
Finally, Microsoft’s (NASDAQ: MSFT) Copilot – its ‘balanced’ mode, to be precise – seemingly proved slightly bearish as it, after taking into account the recent developments pertaining to Cardano, estimated the likely August 1 price to be $0.42.
Interestingly, it followed up by stating ADA is likely to stay in the range between $0.55 and $0.75 – significantly above the assigned price target – and it doubled-down on the apparently contradictory prediction after being asked to clarify.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
