Cardano is a major player in the cryptocurrency arena in terms of market capitalization, coming number 3 after Bitcoin and Ethereum. On April 2021, PricePredictions, a crypto price tracking and forecast platform, used machine learning-based algorithms to project a value of Cardano (ADA) at $0.42 by April 30, 2023. This prediction is based on technical analysis indicators like moving averages (MA), moving average convergence divergence (MACD), Bollinger Bands (BB), and relative strength index (RSI).

At the time of publishing, April 11, 2021, Cardano was trading at a price of $0.41, exhibiting a five percent rise in value on the day. Additionally, whale activity (large holders) had picked up exponentially in the preceding two weeks, with a total of 560 million ADA tokens being acquired, adding up to a total value of $218.4 million. This has drawn in speculation that Cardano is becoming increasingly attractive to institutional investors and high net worth individuals.

Cryptocurrencies have seen a surge in its popularity in recent times, with Bitcoin climbing past the $30,000 mark in June 2022 and Ethereum closing in on the $2,000 mark in April 2021. The collective expectation of the market is that this bullish behavior will continue to outpace other major asset classes, while central banks are expected to pause rate hikes.

This concurrence of factors has certainly put Cardano in the spotlight. By analyzing the sentiment of related gauges on TradingView, the platform supports a ‘strong buy’ for Cardano with 17 oscillators standing in the ‘buy’ zone, and 14 MAs correlating to ‘strong buy’.

In conclusion, all the signs indicate that the value of Cardano is on the cusp of a major surge and has attracted investors from all corners. However, readers are warned that this writing should not be considered as investment advice and that investing in cryptocurrency does come with its inherent risks.



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