As the price of Cardano (ADA) continues to follow the majority of assets on the cryptocurrency market in their largely bearish movements in recent days, machine algorithms do not see any improvement by the end of August – quite the opposite.
Indeed, the advanced machine learning algorithms used by the cryptocurrency analytics platform PricePredictions set the price of Cardano on August 31, 2023, at $0.271743, according to the most recent information retrieved from the website by Finbold on August 3.
As the above data suggests, the platform, which relies on indicators like moving average convergence divergence (MACD), Bollinger Bands (BB), relative strength index (RSI), and average true range (ATR), predicts that ADA could drop by 7.72% compared to its current price.
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Cardano price analysis
Meanwhile, Cardano was at press time changing hands at the price of $0.294473, demonstrating declines on all of its charts, including a loss of 3.67% on the day, dropping 4.95% across the week, and losing 0.38% in the last month, as the most recent data suggests.
As it happens, the eighth-largest crypto asset by market capitalization is currently meeting resistance between the levels of $0.307483 and $0.320479, whereas its support area is in the area between the levels of $0.281491 and $0.294487.
At the same time, the 1-day technical analysis (TA) gauges at the crypto and finance monitoring website TradingView show a bearish sentiment of ‘sell’ at 15, summarized by the oscillators being in the ‘neutral’ at 9 and moving averages (MA) suggesting a ‘strong sell’ at 14.
All things considered, Cardano is, indeed, showing the signs of a possible further price decline to the levels set by the machine algorithm. However, taking into account the team’s constant work on further developments, things could easily change for the better.
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