The cryptocurrency industry has been going through a prolonged period of bearishness, and although it appears to be catching its breath, the price of one of its leading assets, Cardano (ADA), has struggled over the past month in comparison to some of it counterparts, declining over 8% from $0.4316 on October 4.
Despite the fall in price, NeuralProphet’s PyTorch-based price prediction algorithm that uses an open-source machine learning framework has predicted that ADA would reach the price of $0.57 by November 30, 2022.
Although it is not a perfect forecast of future values, the model covering the period of July 31, 2021, through December 31, 2022, has shown a fair track record of accuracy up until the sudden market collapse of the algorithm-based stablecoin project TerraUSD (UST).
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Cardano price analysis
Given that the cryptocurrency market seems to have momentarily recovered some of its vigors, and its prices have not been impacted too much by the latest rate hike, investors are now examining the movements of assets such as ADA to forecast its future price over the next month.
It’s also worth pointing out Cardano looks to be in a “long-term, massive area to buy for investments,” crypto trading expert and analyst Michaël van de Poppe observed on October 30.
Currently, Cardano is changing hands at $0.3955, up 0.59% in the last 24 hours but down 2.27% across the previous week, with a total market cap of $13.61 billion, according to data retrieved by Finbold from CoinMarketCap.
Notably, the price prediction of the deep learning algorithm marks a 44.12% price increase from the price of ADA at the time of publication.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
