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Crypto community sets Cardano price for May 31, 2023

Crypto community sets Cardano price for May 31, 2023

While a large part of the cryptocurrency market continues to swim in the sea of red, Cardano (ADA) has not stood out. However, the cryptocurrency community still holds bullish expectations for its price in the near future.

Specifically, the social estimates aggregated from 1,112 votes from members of the crypto analytics platform CoinMarketCap, have set the average price of Cardano for May 31, 2023, at $0.3951, according to the data accessed by Finbold on May 12.

Indeed, should the CoinMarketCap members’ optimism prove warranted, it would mean that the average price of Cardano would increase by +$0.03382 or +9.36% from the price of the seventh-largest digital asset by market capitalization at press time.

ADA end-of-May price estimation. Source: CoinMarketCap

Cardano price analysis

Meanwhile, the price of Cardano at the time of writing stood at $0.3613, showing a decline of 0.90% in the last 24 hours, in addition to a 7.51% drop in the previous seven days, as well as losing 8.33% to its value on the monthly chart.

Cardano 7-day price chart. Source: Finbold

Unlike the CoinMarketCap community, the one-day technical analysis (TA) gauges over at the finance and crypto monitoring website TradingView paint a slightly different picture for Cardano. As it happens, the gauges are generally to the bearish side, suggesting a ‘sell’ at 14 – the result of oscillators pointing toward ‘neutral’ at 7 and moving averages (MA) in the ‘strong sell’ position at 12, as the recent data indicates.

Cardano 1-day sentiment gauges. Source: TradingView

Whether the CoinMarketCap bulls or technical bears prevail will depend on the further developments surrounding the Cardano ecosystem, such as the rate of transactions on Cardano decentralized finance (DeFi) applications, demonstrated confidence of whales, the growth of Cardano blockchain through the Hydra protocol, and others.

In the meantime, Cardano is the second-best performer in terms of risk-adjusted returns among top cryptocurrencies by market cap, right after Solana (SOL), demonstrating the Sharpe ratio (the excess return of an asset per unit of volatility) of above 2.

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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