Cardano (ADA) had been recently struggling to find solid support until it did so at $0.30, whereafter, bulls were able to successfully regain momentum. The price this week increased rapidly, eventually reaching the point of resistance at $0.35.
With this display of strength, the ADA chart has become bullish, and it’s possible that asthe set may climb higher later this week and towards the end of the month causing investors to turn to alternative methods to predict the future price of the cryptocurrency.
Notably, the machine learning-based algorithms over at the crypto price tracking and forecast platform PricePredictions have set the price of Cardano at $0.3022 by March 31, 2023, according to data retrieved by Finbold.
Elsewhere, the accumulated results of 1,229 votes cast by the members of the crypto monitoring platform CoinMarketCap by press time, Cardano is projected to reach the average price of $0.3861 by March 31, as per data retrieved on March 16. Should the community’s predictions come true, this would represent an increase of 17.71% or +$0.05809 to its current price.
Cardano technical analysis
That said, the sentiment regarding Cardano, based on its technical analysis (TA) on the one-day gauges over at the finance tracking website TradingView are mixed, aligning with summary gauage pointing to ‘sell’ at 13. This is the summarized result of moving averages (MA) hanging in the ‘strong sell’ area at 13, while oscillators are pointing to ‘buy’ at 2.
As things stand, the price of Cardano is trading at the price of $0.3265, recording a decline of 1.15% in the last 24 hours. However, in the last week ADA is up 1.83%, as recent charts indicate.
Notably, crypto trading expert Ali Martinez pointed out on March 16 the volume of large ADA transactions exceeding $100,000 on the Cardano network is on the rise. He revealed:
“This trend indicates institutional investors’ and ADA whales’ increasing engagement, shedding light on their investment strategies.”
Other bullish factors for Cardano include the fact that the total value locked (TVL) in Cardano has experienced significant growth this year. Specifically, the TVL has increased by 20% per month since the start of 2023, reaching a total of 358 million ADA.
ADA whale highlights if this growth trend continues, the TVL is projected to reach 1 billion ADA in one year’s time. Additionally, if the price of ADA were to return to its all-time high, the TVL of 1 billion ADA would be worth approximately $3 billion. It is important to note that these calculations do not take into account any upcoming launches or events that could further impact the TVL of Cardano.
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