Amid a challenging cryptocurrency market, Cardano (ADA) is showing signs of a good recovery, with artificial intelligence (AI) models predicting an upward trend in the coming weeks.
A month to regroup
While the cryptocurrency market goes back and forth between good and bad news, Cardano is doing well.
At the beginning of the month, the price of ADA dropped significantly, to $0.4051. But now ADA has made a significant recovery and overcome significant obstacles.
In April, the price of ADA first fell sharply from around $0.60, and passed through key price levels at $0.550 and $0.500.
Now it looks like ADA is going up again. At the moment, the price of ADA is even above the important $0.500, which could mean that the bad period is over.
According to computer predictions like those from CoinCodex, things are looking good for ADA in the short term.
By May 23, 2024, ADA is expected to rise 4.55% to approximately $0.534035. Before then, the price of ADA is expected to be approximately $0.494680 by May 1, 2024.
Favorable scenario for Cardano
The forecast made is in line with the general positive conditions observed in the market, despite the neutral sentiments currently prevailing.
With the Fear & Greed Index at 71 points, there appears to be a shift towards ‘Greed’, which further supports the favorable forecast.
Over the past week, the value of ADA USDT has risen significantly, from $0.444295 on April 17, 2024 to $0.509638 on April 23, 2024.
This showed a significant recovery, along with more people trading, meaning a lot of people were interested in buying.
Technical analysis says it may be difficult for the price to rise further after reaching this week’s high of $0.519864.
But if the price drops, it looks like it won’t drop much further than $0.505011. If the price stays above $0,500, it could mean that many people want to buy it and it could become a solid support for the price.
Charles Hoskinson, the founder of Cardano, remains optimistic about the future of the network. Even after all the recent criticism.
He emphasizes Cardano’s strong position within the blockchain ecosystem and highlights its innovative strategies. Especially in the areas of scalability, governance and community engagement.
So it looks like the next few weeks are promising. Can Cardano keep this up?
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