Cardano’s (ADA) value has recently experienced sideways trading, with the asset failing to hold above the $0.40 resistance level. Despite depending on the general market movement, ADA is banking on increased network development activity and adoption to trigger a price rally making the asset’s future value a point of interest.
In this case, Finbold has reviewed price projections based on the machine algorithm provided by PriceProjections. As per the platform, ADA is likely to sustain a bullish momentum in the coming days to trade at $0.39035 on March 1, 2023, according to data obtained on February 23.
The price estimates represent gains of less tha 1% from ADA’s value at the time of publishing.
The ADA price prediction is based on different technical indicators, such as the Bollinger Bands (BB), moving averages (MA), moving average convergence divergence (MACD), relative strength index (RSI), and others.
ADA price analysis
At the momentum, the value of ADA stands at $0.39 with daily gains of about 0.5%. On the weekly chart, Cardano is down over 2%.
Elsewhere, a review of Cardano’s one-day technical analysis on TradingView suggests bullishness for the decentralized finance (DeFi) token. A summary of the gauges is for ‘buy’ at 11, while moving averages also recommend ‘buy’ at 9. Oscillators are for ‘neutral’ at 8.
Bullish triggers for Cardano
As ADA’s sentiments remain bullish, the asset is banking on the increased network development that seeks to elavate Cardano to take over entities such as Ethereum (ETH). One of the most recent upgrades touted to inspire a price rally is the Valentine (SECP) upgrade, which aims to improve security and interoperability features on the blockchain.
Other decisive network activities include the growth around the smart contracts feature that continues to surge, with the number of Plutus scripts nearing the 6,000 milestone. Similarly, the Cardano blockchain transactions have surpassed the 61.4 million mark.
Furthermore, the crypto community is monitoring happenings around Cardano founder Charles Hoskinson who has come under criticism for suggesting that switching to contingent staking might help align the crypto sector with regulator demands. This is after U.S. regulators launched a crackdown on staking activities.
As reported by Finbold, Hoskinson fired back at critics stating that contingent staking is an optional hypothetical feature that has yet to make it to Cardano’s development stage.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/machine-learning-algorithm-sets-cardano-price-for-march-1-2023/