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Machine learning algorithm sets Cardano price for May 31, 2023

Machine learning algorithm sets Cardano price for May 31, 2023

In line with the general atmosphere in the cryptocurrency market, Cardano (ADA) has been making modest advances, interrupted by occasional declines in recent weeks but still hanging onto its 60% gain since the year’s turn, leaving crypto traders and investors to wonder about its next possible move.

With this in mind, Finbold has consulted the cryptocurrency monitoring and prediction platform PricePredictions, which relies on machine learning algorithms to forecast the future price of Cardano for May 31, 2023, and projects it would reach $0.3741 at that time, according to the data accessed on May 4.

Cardano 30-day price forecast. Source: PricePredictions

In other words, the algorithms which take into account technical indicators, such as moving average convergence divergence (MACD), average true range (ATR), Bollinger Bands (BB), relative strength index (RSI), and others, predict that the price of Cardano would decrease by 5% by the end of May.

Cardano price analysis

At press time, Cardano was changing hands at the price of $0.3938, up 2.26% in the last 24 hours and 1.5% over the previous month, despite a 1.92% loss it accumulated during the past seven days, according to the latest charts retrieved by Finbold on May 4.

Cardano 30-day price chart. Source: Finbold

As far as the one-day technical analysis (TA) gauges over at finance and crypto analytics platform TradingView are concerned, they are still largely undecided, standing in the ‘neutral’ zone at 9. This is the summary of oscillators standing in ‘neutral’ at 8 and moving averages (MA) suggesting a ‘sell’ at 8.

Technical 1-day gauges for Cardano. Source: TradingView

Whether Cardano drops by the end of May, as predicted by the machine algorithm, or reverses the trend and moves in the other direction, will depend on further developments in its ecosystem, such as the latest deployment of the Djed stablecoin protocol, as well as the general atmosphere on the crypto and macro scene.

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