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Machine learning algorithm sets Cardano (ADA) price for January 1, 2023

Machine learning algorithm sets Cardano (ADA) price for January 1, 2023

With 2023 fast approaching, the cryptocurrency market is still recovering from the difficult year in which most of its assets, Cardano (ADA) included, suffered significant losses, and investors are looking at signs that would hint at the token’s future movements.

In line with this, the machine learning algorithms at the digital asset tracking website PricePredictions have projected that the price of Cardano on January 1, 2023, would stand at $0.246958, according to data retrieved by Finbold on December 22.

Using various technical indicators, such as the Bollinger Bands (BB), moving averages (MA), moving average convergence divergence (MACD), relative strength index (RSI), and others, the platform predicts that the price of ADA would decrease by 2.35% compared to its price at press time.

Cardano 30-day price forecast. Source: PricePredictions

Cardano team development activity

Meanwhile, Cardano has been recording high development activity rates in its public GitHub repositories, beating all other blockchain platforms in these efforts during the previous month, as Finbold reported on December 2.

Furthermore, Cardano has reactivated testing of its DJED stablecoin with new capabilities, while the statistics from Cardano Blockchain Insights have revealed a rapid increase in the number of Plutus Scripts (a Cardano-based smart contract platform), which hit 4,445 on December 11.

Number of Plutus Scripts (smart contracts) on the network. Source: Cardano Blockchain Insights

On top of that, Cardano founder Charles Hoskinson has earlier detailed the progress on the company’s new privacy-focused blockchain, Midnight, which intends to solve the problem of confidentiality of smart contracts by introducing a confidentiality framework.

Finally, despite a difficult year price-wise, Cardano has achieved significant success in terms of an increase in the number of new crypto wallets, adding over 22,000 new staking addresses monthly for 13 months.

It is also worth mentioning that Hoskinson has criticized the crypto exchange Coinbase for its failure to include Cardano in its 2023 market outlook report despite the platform’s developmental successes over the year, as Finbold reported.

ADA price analysis

As things stand, ADA is currently changing hands at the price of $0.2529, which represents a decline of 0.38% on the day, 16.18% across the week, and 16.06% compared to 30 days before, as the charts demonstrate.

Cardano 7-day price chart. Source: Finbold

With an $8.72 billion market capitalization, Cardano retains its position as the ninth-largest cryptocurrency by this indicator after it was previously unseated by Dogecoin (DOGE), according to CoinMarketCap data retrieved on December 22.

Earlier, NeuralProphet’s PyTorch-based price prediction algorithm set the price of Cardano for Christmas Day of 2022 at $0.43, which would represent an increase of 70.03% from the current price if the prediction proves correct.

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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