Cardano, one of the largest cryptocurrencies by market capitalization is receiving attentions from speculator and investors as the digital currency continues to make steady progress over the past few weeks. While crypto traders and investors are eager to know about its next development, a machine learning algorithm has forecasted that the digital token would stay in a narrow range until the end of May yet with relatively lower price than present conditions.

At present, Cardano is trading with a price tag of $0.3938, experiencing 2.26% of gains in the past 24 hours and minor growth of 1.5% in the past 30 days. Despite this recent growth, the digital asset has experienced a 1.92% downward market trend due to data collected on May 4th.

PricePredictions, a cryptocurrency monitoring and prediction platform that uses machine learning algorithm to forecast the future prices, projects that Cardano will further drop by 5% at the moment of May 31st, 2023 with a forecasted price of $0.3741. To make such predictions the platform takes into account several technical indicators including average true range (ATR), relative strength index (RSI), moving average convergence divergence (MACD), Bollinger Bands (BB) among others.

Although the machine learning algorithm strongly predicts a downtrend for Cardano at the end of May, the analysis for its one-day technical assessment is yet to be finalized. The TradingView financial and crypto analytics platform shows that both oscillators and moving averages suggest a ‘sell’ at 8. The decision at the present moment lies upon the shoulders of crypto traders and investors regarding the future of Cardano.

What could be the returning wave pushing the price of Cardano up is the recent deployment of the Djed stablecoin protocol and the general market trend within the crypto and macro sector. In order to make sure that Cardano does well in the next few weeks, investors should keep their eyes and ears open about the cryptocurrency market and its developments in order to make the most beneficial decision for their portfolios.



Other News from Today