cardano As (ADA) continues to grow in the DeFi space, it creates more chances for the native token price to increase as well. The community continues to believe that on-chain activities will have a significant future contribution to the asset.
On the other hand, macroeconomic developments and developments in the network are the most important factors limiting the future price forecast. Investors, on the other hand, prefer to use tools that make use of applications such as artificial intelligence and machine learning to circumvent such details.
CoinCodex’s machine learning technology is often used to determine possible Cardano valuation. According to data obtained on March 3, ADA is likely to trade at $0.49 on December 31, 2023. The projected valuation represents an increase of approximately 44% from the ADA’s price at the time of publication.
Cardano Price Analysis
Cardano continues to maintain its bearish trend, in addition to recording a drop in the last 24 hours. Indicators on TradingView suggest a ‘sell’ sentiment at 15, while the moving averages represent a ‘strong sell’ at 13. Oscillators are neutral and level 7.
Cardano priceThe increase in price will depend on the overall market price action continuing the downward trend. However, in the long run, the ADA community is relying on network activities such as development and adoption to act as the primary catalyst for a rally.
In addition to increased on-chain activity, the network added 50,000 new wallets in January. Whale activity on the net also recorded a significant increase. In addition to these two important developments, GitHub weekly development activity is also quite good.
You can follow the current price action here.