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Machine learning algorithm sets Cardano price for February 28, 2023

Machine learning algorithm sets Cardano price for February 28, 2023

The implementation of the SECP update for Cardano (ADA) is scheduled to begin on February 14, 2023, according to an announcement made by Input Output Global (IOG). ‘Valentine’ is the name of the update that will make Cardano more interoperable while also improving its security.

In particular, the mainnet of Cardano will be upgraded to version 8 as a result of this new implementation. Investors are hopeful that the recent update will have a beneficial influence on the price of ADA by the time the month is out.

The artificial intelligence (AI) hype has led the machine learning algorithms at the cryptocurrency monitoring platform PricePredictions to project that the price of Cardano will trade at $0.346 on February 28, according to the data that was retrieved on February 13. Meanwhile, the CoinMarketCap community leveraging the price estimate feature forecasts that ADA will trade at an average price of $0.43 by the end of the month. 

Cardano 30-day chart price prediciton. Source: PricePredictions

In order to arrive at an estimate for the price of Cardano, the AI compiles the most recent indicators from technical analysis (TA), moving averages (MA), the moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and more, to come to the price estimate for ADA.

Cardano price analysis

The price of Cardano reached a high of $0.399 on January 31 after a 68% rise over the month of January. The price continued to trend upward for two more days, but it has been trending down ever since. 

A bearish divergence in the daily RSI occurred just before the decline. This is an indication that a negative trend is present and might suggest that the upward movement has reached its conclusion. Currently, the price of ADA is trading at $0.355, down 4.07% on the day and a further 8.98% across the previous week.

Cardano 7-day chart. Source: Finbold

Cardano and KYC

Charles Hoskinson, the creator of Cardano, tweeted on February 13 on the question of whether or not the Cardano blockchain should have to Know Your Customer (KYC) in its Layer 1 protocol. He contends that the KYC process and a decentralized protocol can co-exist.

Calvin Koepke, head engineer at SundaeSwap Labs, began the debate with a tweet in which he stated that even if some users may not want to utilize a chain with KYC support on the L1, it would be vital for broad adoption of the technology in the future.

Hoskinson then added his two cents, supporting the notion that a decentralized protocol would have users, both regulated and unregulated, who create software for their own particular needs.

At this point, tensions flared as Monad accused Hoskinson of trying to centralize Cardano, prompting Hoskinson to accuse Monad of creating a false narrative. This discussion highlights the persistent conflict between proponents of centralized control and those who value decentralization and privacy in the pursuit of widespread adoption. 

It remains to be seen how the Cardano platform will handle these complicated concerns as the Cardano community expands.

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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