The cryptocurrency sector continues to struggle with maintaining its position above the $1 trillion psychological threshold, and the proof-of-stake (PoS) blockchain platform Cardano (ADA) has been no exception, its price dropping more than 8% over the past week, with the danger of continuing the trend.
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 $0.3022 by March 31, 2023, according to the most recent data retrieved by Finbold on March 8.
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 a decrease of 6.25% compared to ADA’s price at the time of publication.
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In the meantime, the sentiment on the one-day gauges over at the finance and crypto analytics platform TradingView is generally bearish for Cardano and suggests a ‘strong sell’ at 16, as summarized from the oscillators standing in the ‘neutral’ zone at 8, and MAs pointing to a sell at ‘strong sell’ at 14.
Cardano price analysis
Meanwhile, Cardano was at press time changing hands at the price of $0.32, recording a decline of 1.37% on the day, as well as 8.28% across the previous week, as it added up to the accumulated losses of 17.64% over the past 30 days, according to the charts.
As it happens, the algorithm’s projections are below Cardano’s support level of $0.3069, and its chance of turning the tide and moving toward the resistance level at $0.35 will depend on the crypto and macro sentiment, as well as the network growth, such as non-fungible tokens (NFTs), which founder Charles Hoskinson recently boasted as its “most vibrant part.”
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