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Machine learning algorithm sets Cardano price for April 30, 2023

Machine learning algorithm sets Cardano price for April 30, 2023

As Bitcoin (BTC) climbed above $30,000 for the first time since June 2022 and Ethereum (ETH) continued to record gains in April, closing in on $2,000, investors are now turning to altcoins such as Cardano (ADA) in hopes cryptocurrencies keep outpacing other major asset classes amid expectations that central banks will pause rate hikes. 

In this context, the machine learning-based algorithms over at the crypto price tracking and forecast platform PricePredictions have set the price of Cardano’s token at $0.42 by April 30, 2023, according to the most recent data retrieved by Finbold on April 11.

Cardano 30-day price projection. Source: PricePredictions

Using technical analysis (TA) indicators like moving averages (MA), moving average convergence divergence (MACD), Bollinger Bands (BB), and relative strength index (RSI), the algorithms project an increase of 3.6% compared to ADA’s price at the time of publication.

Cardano price analysis

Meanwhile, Cardano was at press time changing hands at the price of $0.41, recording a rise of 5% on the day, according to the charts.

Cardano 1-day price chart. Source: Finbold

The sentiment on the one-day gauges over at the finance and crypto analytics platform TradingView is extremely bullish for Cardano and suggests a ‘strong buy’ at 17, as summarized from the oscillators standing in the ‘buy’ zone at 3, and MAs pointing to a sell at ‘strong buy’ at 14.

Cardano 1-day price gauges. Source: TradingView

Notably, Finbold reported on April 10 that Cardano whales (large holders) have been engaging heavily in the market over the past two weeks.

These whales have acquired a total of 560 million ADA tokens, amounting to a $218.4 million in value. This trend suggests that Cardano is becoming increasingly attractive to institutional investors and high net worth individuals. 

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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