Cardano

2024

Gold

<div class="finbold">
 <p class="paragraph">Cardano (ADA), renowned for its innovative third-generation blockchain technology, is currently navigating a challenging market landscape. After a short-lived rally earlier in the month that momentarily pushed its <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> from $0.45 to $0.46, ADA has since retreated, hovering around the $0.45 mark.&nbsp;</p>
 <p class="paragraph">This pattern of rapid gains followed by setbacks reflects the ongoing volatility and investor uncertainty surrounding the cryptocurrency. Despite a rise in active addresses signaling a renewed interest in the platform, the overall market sentiment remains tepid.&nbsp;</p>
 <p class="paragraph">Technical indicators and a notable decline in trading volume cast shadows over ADA’s immediate price prospects, suggesting a continuation of the current bearish trend.</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picks for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Buy signal for two strong cryptocurrencies this week <span class="self-center text-xs text-slate-500">28 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    2 cryptocurrencies to reach $5 billion market cap in May <span class="self-center text-xs text-slate-500">2 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Here’s when Gold <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> could hit $3,000 <span class="self-center text-xs text-slate-500">3 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Britain's famous YouTuber and "The Nightmare" in the ring - KSI's net worth revealed <span class="self-center text-xs text-slate-500">4 hours ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">A concerning ‘death cross’ formation in ADA’s moving averages further complicates the outlook, typically indicating a potential sell-off phase.</p>
 <h2 class="wp-block-heading" id="h-ai-predictions-and-market-sentiments">AI predictions and market sentiments</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="357" src="https://cdn.thebittimes.com/images/2024/05/08/93c8d6caa4ed1ae866b99607d42345e1.webp" alt class="wp-image-174548" srcset="https://cdn.thebittimes.com/images/2024/05/08/93c8d6caa4ed1ae866b99607d42345e1.webp 1024w, https://cdn.thebittimes.com/images/2024/05/08/93c8d6caa4ed1ae866b99607d42345e1.webp 300w, https://cdn.thebittimes.com/images/2024/05/08/93c8d6caa4ed1ae866b99607d42345e1.webp 768w, https://cdn.thebittimes.com/images/2024/05/08/93c8d6caa4ed1ae866b99607d42345e1.webp 1231w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Cardano 1-month price prediction. Source: CoinCodex</em> <br>
  </figcaption>
 </figure>
 <p class="paragraph">The short-term outlook for ADA, according to AI predictions from sources like <em>CoinCodex</em>, remains somewhat optimistic. By May 31, 2024, ADA is expected to see an increase of 2.06%, potentially reaching approximately $0.4613.This prediction suggests that despite current market struggles, there may be a modest upward movement in the coming weeks.</p>
 <h2 class="wp-block-heading" id="cardano-price-today">Cardano price today</h2>
 <figure class="wp-block-image size-full"><img decoding="async" width="720" height="524" src="https://cdn.thebittimes.com/images/2024/05/08/99e9f8ac3b4cf208ec378fc6ffd4a4c7.webp" alt class="wp-image-174546" srcset="https://cdn.thebittimes.com/images/2024/05/08/99e9f8ac3b4cf208ec378fc6ffd4a4c7.webp 720w, https://cdn.thebittimes.com/images/2024/05/08/99e9f8ac3b4cf208ec378fc6ffd4a4c7.webp 300w" sizes="(max-width: 720px) 100vw, 720px">
  <figcaption class="wp-element-caption"><em>ADA 7 day price chart. Source: Finbold</em> <br>
  </figcaption>
 </figure>
 <p class="paragraph">ADA is currently trading at $0.453, marking a 1.69% loss in the last 24 hours and extending a retracement of 3.81% over the past week. The negative trend has persisted over the last 30 days, with Cardano losing 23.59% of its value.</p>
 <p class="paragraph">Additionally, <em>Ali Martinez</em> <a rel="noopener noreferrer nofollow" title="predicts" href="https://thebittimes.com/tag/predicts.html">predicts</a> a potential parabolic run for ADA, which could see a 2,480% increase to $9.98 in the next nine months, based on historical patterns. Despite the evolving crypto market dynamics, which now exhibit less volatility, Martinez suggests that the recent correction might offer one of the last opportunities to buy ADA at a dip, anticipating substantial future gains if trends follow past patterns.&nbsp;</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">In 2019, #Cardano consolidated within a parallel channel, signaling an end to the bear market.<br><br>Following the stagnant phase, $ADA broke out of the channel with a 75% surge, then underwent a 56% <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> correction, setting the stage for an impressive 4,095% bull run. pic.twitter.com/5C3GIHEvGp</p>— Ali (@ali_charts) May 3, 2024
   </blockquote>
  </div>
 </figure>
 <h2 class="wp-block-heading" id="h-network-developments-and-future-prospects">Network developments and future prospects</h2>
 <p class="paragraph">Cardano continues to achieve significant milestones, recently recording 90 million transactions on its network, a testament to its growing adoption and utility</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">ICYMI, the weekly development report is in. Find out what’s new in #Cardano core technology, education, ecosystem growth and more: https://t.co/6HvStRKAe1</p>— Input Output (@InputOutputHK) May 5, 2024
   </blockquote>
  </div>
 </figure>
 <p class="paragraph">The imminent deployment of the Ouroboros Genesis as part of network upgrades and enhancements to its Plutus smart contract platform is expected to significantly boost Cardano’s infrastructure, potentially increasing its market appeal.</p>
 <p class="paragraph">As Cardano approaches the end of May 2024, the AI-predicted slight <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> increase offers a beacon of optimism in a largely bearish market environment.</p>
 <p class="paragraph">Investors and stakeholders should monitor these developments closely, as the upcoming network upgrades could provide the catalyst needed for more substantial gains.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><strong><em> </em></strong><em>The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.&nbsp;</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ai-predicts-cardano-price-for-may-31-2024-tbt87695.html">https://thebittimes.com/ai-predicts-cardano-price-for-may-31-2024-tbt87695.html</a></p>

AI predicts Cardano price for May 31, 2024

Table of Contents

TheBitTimes

Other articles published on May 7, 2024

South Korea’s Growing Interest in Crypto-Friendly Policies

Solana-Based Meme Coin Set to Skyrocket 1000% in May 2024, Trading Under $0.01 Today

Microstrategy’s Remarkable 89% YTD Surge Linked to Bitcoin’s Bullish Market,

Bitcoin’s Strength Hits Record High with Outstanding 200-Day Moving Average Performance

Disney (DIS) Stock Dips Despite Surpassing Earnings Expectations and Boosting Streaming Revenue

Weekly Outflows Reach $251 Million in Digital Asset Investments: Impact on Crypto Coins and Symbols

Join our free newsletter for daily crypto updates!