As traders kick off the last month of 2022, Cardano (ADA) is still among the top ten biggest cryptocurrencies by market capitalization, despite being affected similarly to the rest of the market by the aftermath of the FTX crash.
Currently, the ninth largest asset by market cap is predicted to increase its value by over 30% by the end of the month, according to NeuralProphet’s PyTorch-based price prediction algorithm that uses an open-source machine learning framework.
The deep learning algorithm forecasts that ADA will trade at $0.42 by December 31, 2022, a 32% increase from its price of $0.318 at the time of publication.
Even though it is not a perfect forecast of future values, the model spanning exhibited a fair track record of accuracy up until the sudden market collapse of the algorithm-based stablecoin project TerraUSD.
ADA price analysis
Since the cryptocurrency market has recently shown signs of recovery, investors are looking to the performance of assets like ADA to make predictions about its price over the next month.
Cardano is changing hands at $0.318, up 1.48% in the last 24 hours and 1.67% across the previous week, with a total market cap of $10.9 billion, according to Finbold data.
Cardano’s technical analysis (TA) indicators on 1-day gauges remain relatively bearish, as their summary stands in the ‘sell’ position at 12, as opposed to 5 indicating ‘buy’ and 9 pointing towards ‘neutral.’
This summary is taken from moving averages (MA), which are also firmly in ‘strong sell’ at 11, whereas they suggest ‘buy’ at 3 and ‘neutral’ at 11, respectively. On the other hand, oscillators are slightly more optimistic, as they stand in the ‘buy’ zone at 2, as opposed to 8 in ‘neutral’ and ‘sell’ with just.
Cardano network development
Notably, Finbold identified Cardano as one of the cryptocurrencies to watch for the week beginning November 28, given the network’s array of sustained developments. As a result of the expansion of the network, the number of ADA wallets has surpassed 3.7 million, with an increase of more than 100,000 in November despite the FTX debacle.
Furthermore, Cardano has also achieved more than 55 million transactions, and its smart contract feature contains more than 3,900 plutus scripts. In fact, in 2022, the number of Cardano smart contracts has grown over 300%. Along these same lines, the network has introduced a new resource website for developers called Plutus DApp.
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