Cardano (ADA) recently struggled to find strong support until reaching $0.30. Afterwards, the bulls successfully regained momentum. This week, the price rallied rapidly and finally reached the $0.35 resistance point.
With increasing power ADA price It has been bullish, and it could rally later this week and towards the end of the month, causing investors to turn to alternative methods for predicting the future price of the coin.
According to PricePredictions’ machine learning algorithm, Cardano price can be traded at $0.3022 on March 31, 2023.
It estimates that it will reach an average price of $0.3861, based on the 1,229 votes cast by CoinMarketCap members. If the community’s predictions come true, this would mean an increase of 17.71%, or +$0.05809, from its current price.
Cardano Technical Analysis
Technical analysis of one-day indicators on TradingView shows sentiment quite complex. Data points to ‘sale’ at 13. This is a result of the moving averages (MA) hanging in the ‘strong sell’ area at 13, while the oscillators are pointing to ‘buy’ at 2.
Currently, Cardano price is trading at $0.3265 and is down 1.15% in the last 24 hours. However, as the latest charts show, ADA was up 1.83% last week.
Analyst Ali Martinez noted on March 16 that the volume of large ADA transactions exceeding $100,000 has increased on the Cardano network.
This trend shows the increasing participation of institutional investors and ADA whales and sheds light on their investment strategies.
Other bullish factors for Cardano include the fact that the total value locked in the network (TVL) has experienced significant growth this year. Specifically, TVL has increased by 20% per month since the start of 2023, reaching a total of 358 million ADA. If this trend remains bullish, it could reach 1 billion ADA within a year.
You can follow the current price action here.