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Cardano (ADA) has been struggling during the ongoing bear markets, despite being among the largest altcoins by market value. Although it had a challenging two years, Cardano managed to maintain its position among the top 8 cryptocurrencies in terms of market capitalization. So, when will the price reach $10?
Cardano (ADA) Price Prediction
How can we make price predictions for any cryptocurrency? It is done through technical and fundamental analysis, along with the personal forecasts of the analyst. However, it is important to remember that both humans and artificial intelligence (AI) can be wrong with their predictions, even when examining similar data and historical performance charts. Today, we will discuss the price prediction of ADA Coin by ChatGPT and keep in mind that it can be as fallible as a human.
A user asked GPT to predict the price of ADA Coin by the end of the year after introducing it with RSI and a few technical indicators. GPT wrote that a price of $10 by the end of 2023 could be reasonable.
So, do you think $10 is a reasonable target? AI tools are programmed to think like humans, but their predictions can only be as accurate as the data they receive. For instance, a $10 target would normally be highly unrealistic because factors such as RSI and other technical indicators have a low influence on the price. Moreover, what happens on the on-chain side for Cardano and the developments in the fundamental aspect are also crucial. Consider all of these in addition to the general market conditions, macro-level developments, and even the possibility of an ETF approval.
ADA Coin Price Prediction
So, what would have been the most reasonable prediction for the end of 2023 when we look at the monthly chart? The monthly chart indicates a Cardano that approaches its levels in 2020 but manages to bounce back from the support level. The price, which reached up to $0.2, recovered due to optimism about the ETF approval and the Fed’s halt on interest rate hikes.
Bulls that were rejected at $0.38 in July could reach up to $0.457 if they can extend the current rally and surpass the region. If this region is also surpassed, the resistance levels of $0.57 and $0.67 will be targeted.
But can these resistance levels be tested? This is largely determined by the flow of money into the market. There are hundreds of factors that determine the flow of money. The global economic situation, the future policies of the Fed, ETF approvals/rejections, ongoing cryptocurrency lawsuits, and many more. There are too many variables, and it is impossible to accurately predict and see the future by correctly predicting all of them at the same time. The situation remains the same for both humans and robots.
