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Cardano (ADA) has been unable to capitalize on the rises in March and is currently trading under challenging market conditions. In the early days of the month, the price briefly rose from $0.45 to $0.46, but later fell back to $0.44.
Artificial Intelligence Predictions and Market Sentiment
Following these events, the uncertainties surrounding the cryptocurrency are increasing day by day. Despite the increase in active addresses indicating renewed interest on the platform side, the overall market sentiment currently appears calm.
The decline in technical indicators and trading volume is damaging ADA’s immediate price outlook, highlighting the potential for the current downtrend to continue.
A “death cross” emerging on ADA’s moving averages complicates the cryptocurrency’s situation further, typically indicating potential selling pressure.
CoinCodex’s artificial intelligence algorithm predicts a slightly more optimistic short-term outlook for ADA.
The algorithm estimates that ADA could see a 2.06% rise by May 31, 2024, potentially reaching about $0.4613.
This AI-generated prediction suggests that, setting aside the current market view, an optimistic price movement could occur.
How Much is Cardano Now?
As of this writing, ADA is trading at $0.44, indicating a 2.59% loss over the last 24 hours.
Looking at the past week, the price movement reflects a 3.81% pullback. Over the last 30 days, Cardano has seen a 23.59% decrease in value.
On the other hand, Ali Martinez points out the potential for a price movement in ADA, making an optimistic price prediction that considers a historical view, suggesting a possible rise to $9.98 in nine months, a 2,480% increase.
Despite hosting lower price fluctuations, the dynamics of the crypto market could still provide one of the last opportunities to buy ADA at a low level, according to Martinez.
If trends continue in alignment with past patterns, price movements could potentially proceed positively.
ADA’s strong stance and contributions from the development team continue to fuel discussions about potential rises to certain levels in the future market.
