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Deep learning algorithm predicts Cardano could surge to $2.90 by September

Deep learning algorithm predicts Cardano could surge to $2.90 by September
Ana
Nicenko
1 month ago
2 mins read

After a long period of bearishness, the cryptocurrency industry finally seems to be catching its breath, and with it, so are its major assets, including Cardano (ADA), which has witnessed a slight uptick in the previous 24 hours, demonstrating a renewed confidence ahead of the Vasil hardfork.

In line with the bullish sentiment, NeuralProphet’s PyTorch-based price prediction algorithm that uses an open-source machine learning framework has predicted that ADA would reach the price of $2.90 by September 1, 2022.

ADA price prediction/day. Source: Cardano Blockchain Insights

The prediction model covers the period from July 31 to December 31, 2022, and although it is not an accurate indicator of future prices, its predictions up until the abrupt market collapse of the algorithm-based stablecoin project TerraUSD (UST) have historically proven to be relatively correct.

CoinMarketCap community predicts $0.79

It is also worth noting that the crypto community at CoinMarketCap is also bullish on the Cardano token, although its predictions for the same period are slightly lower. In fact, the community votes have predicted that on August 31, ADA would trade at $.079.

Social Cardano price estimates for the end of August. Source: CoinMarketCap

When it comes to more near-future predictions – for July 31, the community has estimated that ADA could be trading at $0.88. On the other hand, the algorithm for the same period predicts the price to reach $1.63.

As things stand, Cardano is trading at $0.4593, an increase of 0.65% across the previous 24 hours. However, its price is still 2.66% lower than seven days before, with a total market cap of $15.59 billion, according to CoinMarketCap data.

Meanwhile, Cardano has begun the mainnet countdown for its Vasil hardfork that guarantees lower costs, higher throughput, improved performance, and better developer experience. The blockchain’s developer Input Output (IOHK), has recently successfully launched the hardfork on its testnet.

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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Ana Nicenko
Author

Ana Nicenko has a plethora of knowledge and experience as a journalist covering the cryptocurrency and blockchain industries, having written for a variety of projects and organizations. Additionally, Ana has a master's degree in English Language and Literature. At Finbold, she reports news on the digital assets sector.