Cardano

In line with the general atmosphere in the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency market</a>, Cardano (<a href="https://finbold.com/cryptocurrency/cardano/" rel="noopener noreferrer nofollow">ADA</a>) has been making modest advances, interrupted by occasional declines in recent weeks but still hanging onto its 60% gain since the year’s turn, leaving <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">crypto traders</a> and <a href="https://finbold.com/guides/investing/" rel="noopener noreferrer nofollow">investors</a> to wonder about its next possible move.With this in mind, Finbold has consulted the <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> monitoring and prediction platform PricePredictions, which relies on machine learning algorithms to <a href="https://pricepredictions.com/forecast/cardano" rel="noopener noreferrer nofollow">forecast</a> the future price of <a href="https://finbold.com/guide/how-to-buy-cardano/" rel="noopener noreferrer nofollow">Cardano</a> for May 31, 2023, and projects it would reach $0.3741 at that time, according to the data accessed on May 4.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/3772be32779146ff960dd40541ef59e0.png" />Cardano 30-day price forecast. Source: <a href="https://pricepredictions.com/forecast/cardano" rel="noopener noreferrer nofollow">PricePredictions</a>In other words, the algorithms which take into account technical indicators, such as moving average convergence divergence (<a href="https://finbold.com/guide/macd-indicator/" rel="noopener noreferrer nofollow">MACD</a>), average true range (<a href="https://finbold.com/guide/atr-indicator-definition/" rel="noopener noreferrer nofollow">ATR</a>), Bollinger Bands (<a href="https://finbold.com/guide/bollinger-bands-definition/" rel="noopener noreferrer nofollow">BB</a>), relative strength index (<a href="https://finbold.com/guide/rsi-indicator/" rel="noopener noreferrer nofollow">RSI</a>), and others, predict that the price of Cardano would decrease by 5% by the end of May.<h2 id="header-0">Cardano price analysis</h2>At press time, Cardano was changing hands at the price of $0.3938, up 2.26% in the last 24 hours and 1.5% over the previous month, despite a 1.92% loss it accumulated during the past seven days, according to the latest charts retrieved by Finbold on May 4.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/a823e22da44a4ccfaf5bfa8c7a6eb5e8.png" />Cardano 30-day price chart. Source: <a href="https://finbold.com/cryptocurrency/cardano/" rel="noopener noreferrer nofollow">Finbold</a>As far as the one-day technical analysis (<a href="https://finbold.com/guide/technical-analysis/" rel="noopener noreferrer nofollow">TA</a>) gauges over at <a href="https://finbold.com/guides/finance/" rel="noopener noreferrer nofollow">finance</a> and <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> analytics platform TradingView are concerned, they are still largely <a href="https://www.tradingview.com/symbols/ADAUSDT/technicals/?exchange&#61;BINANCE" rel="noopener noreferrer nofollow">undecided</a>, standing in the ‘neutral’ zone at 9. This is the summary of <a href="https://finbold.com/guide/stochastic-oscillator-definition/" rel="noopener noreferrer nofollow">oscillators</a> standing in ‘neutral’ at 8 and moving averages (<a href="https://finbold.com/guide/moving-average/" rel="noopener noreferrer nofollow">MA</a>) suggesting a ‘sell’ at 8.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/c7542121779b4529bf1821c155baa4a5.png" />Technical 1-day gauges for Cardano. Source: <a href="https://www.tradingview.com/symbols/ADAUSDT/technicals/?exchange&#61;BINANCE" rel="noopener noreferrer nofollow">TradingView</a>Whether Cardano drops by the end of May, as predicted by the machine algorithm, or reverses the trend and moves in the other direction, will depend on further developments in its <a href="https://finbold.com/topic/cardano/" rel="noopener noreferrer nofollow">ecosystem</a>, such as the <a href="https://twitter.com/DjedAlliance/status/1652088019980042241" rel="noopener noreferrer nofollow">latest deployment</a> of the Djed <a href="https://finbold.com/guide/stablecoins/" rel="noopener noreferrer nofollow">stablecoin</a> protocol, as well as the general atmosphere on the crypto and macro scene.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Machine learning algorithm sets Cardano price for May 31, 2023

Table of Contents

Finbold

Other articles published on May 5, 2023

Assessing the Centralized Exchanges as They Record Sharp Dip in Trading Volumes

SEC probes First Republic Bank executives for alleged insider trading

Make MILLIONS With Polygon!! How much MATIC Do You Need??

BULLISH Crypto AI Altcoins | Get in EARLY!!

V25 Daric development update - formal testing begins!

Cryptoys Announces Launch of Star Wars NFT Collection

Join our free newsletter for daily crypto updates!