With the bullish rally on the cryptocurrency market entering its third week, Cardano (ADA) has followed the overall enthusiastic sentiment, and investors are looking at whether there is room for more optimism for the eighth-largest cryptocurrency by market capitalization.
From the looks of it, this optimism wouldn’t be misplaced, as the machine learning algorithms over at the crypto monitoring platform PricePredictions have projected the price of Cardano to stand at $0.3867 on February 1, 2023, according to the data retrieved on January 24.
Indeed, aggregating the technical analysis (TA) indicators, including the moving averages (MA), moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and more, the platform’s artificial intelligence (AI) predicts a 1.74% increase on the price of ADA by early February.
Cardano price analysis
At press time, Cardano is changing hands at the price of $0.3801, representing an increase of 1.27% in the last 24 hours, as well as 9.21% across the week, adding up to the cumulative gains of 47.36% on its monthly chart.
As things stand, Cardano’s market cap currently amounts to $13.20 billion, as $177 million has poured into it over the past 24 hours. At the same time, the digital asset is facing resistance in the area around $0.41, whereas its support level is at about $0.34.
In terms of the sentiment on TradingView’s technical analysis indicators on 1-day gauges, they were rather bullish, pointing at a ‘buy’ at 12, as summarized from oscillators being in the ‘neutral’ zone at 8, and moving averages suggesting ‘strong buy’ at 11.
Cardano network development
Meanwhile, Cardano’s development team is working round the clock to advance the ADA ecosystem, including the launch of the first-ever smart contract written in Eopsin, an innovative Pythonic programming language, and an upgrade to introduce new built-in functions to the Plutus smart contracts.
Moreover, Cardano ranks as the most well-developed network in the crypto industry by GitHub activity, according to ProofofGitHub data shared by the platform on January 21, surpassing competitors such as Polkadot (DOT), Cosmos (ATOM), and Uniswap (UNI).
All things considered, Cardano looks set for success in 2023, primarily in terms of the development and advancement of the network as a whole, as the main concern of its community and developers isn’t the price of Cardano’s cryptocurrency, but rather its utility.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.