While most of the cryptocurrency market continues to decline, Cardano (ADA) could not be removed from settings. However, the cryptocurrency community still shares bullish expectations for its price in the near future.
This data, based on predictions from the CoinMarketCap community, is for Cardano price to average $0.3951 on May 31, 2023.
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If the optimistic view of CoinMarketCap members is realized, the price will increase by 10% on average. This will present a good picture despite the negative developments.
Cardano Price Analysis
At the time of writing, Cardano is trading at $0.3613 and is down 7.51% in the last 7 days. 0.9% of this decrease occurred in the last 24 hours. Monthly performance is worse, down 8.33%.
Technical data from TradingView, on the other hand, paints a completely different picture for the price. While the indicators generally show a bearish trend, the “sell” side is dominant. Oscillators are “neutral” at 7, while moving averages show “strong selling” at 12.
Ultimately, only time will tell whether technical indicators or community optimism will prevail. In addition, details such as DeFi transactions, blockchain transactions and the Hydra protocol will be very important for the price.
You can follow the current price action here.