With 2023 fast approaching, the cryptocurrency market is still recovering from the rough year when many of its assets, including Cardano (ADA), suffered significant losses, and investors are looking for signs that will hint at the token’s future movements.
The algorithm determines the price of Cardano (ADA) for January 1, 2023!
In line with this, machine learning algorithms on digital asset tracking website PricePredictions have predicted that Cardano’s price on January 1, 2023 will be $0.246958, according to data received by Finbold on December 22.
Using various technical indicators such as Bollinger Bands (BB), moving averages (MA), moving average convergence divergence (MACD), relative strength index (RSI), and others, the platform predicts ADA price to drop by 2.35 percent.
Cardano 30-day price forecast. Source: Price Estimates
Cardano team development event
Meanwhile, as reported on Dec. 2, Cardano is recording high rates of development activity on its public GitHub repositories, outpacing all other blockchain platforms in these efforts in the previous month.
Also, Cardano is re-enabling DJED stablecoin testing with new capabilities, while statistics from Cardano Blockchain Insights revealed a rapid increase in the number of Plutus Scripts (a Cardano-based smart contract platform), reaching 4,445 on Dec.
Number of Plutus Scripts (smart contracts) in the network. Source: Cardano Blockchain Insights
On top of that, Cardano founder Charles Hoskinson has previously detailed the progress on the company’s new privacy-focused blockchain, Midnight, which aims to solve the privacy issue of smart contracts by introducing a privacy framework.
Finally, despite a tough year in terms of price, Cardano has had significant success in terms of increasing the number of new crypto wallets, adding more than 22,000 new staking addresses per month for 13 months.
It’s also worth noting that Hoskinson criticized crypto exchange Coinbase for not including Cardano in its 2023 market outlook report, despite the platform’s developmental successes over the year, as Finbold reported.
ADA price analysis
Currently, ADA is changing hands at $0.2529; this represents a decrease of 0.38% on the day, 16.18% on the week and 16.06% from 30 days ago, as the charts show.
Cardano 7 day price chart. Source: Finbold
With a market cap of $8.72 billion, Cardano maintains its position as the ninth largest cryptocurrency by this indicator, after being replaced earlier by Dogecoin (DOGE), according to CoinMarketCap data retrieved on Dec.
Previously, NeuralProphet’s PyTorch-based price prediction algorithm set Cardano’s Christmas Day 2022 price at $0.43, which would represent a 70.03% increase from the current price if the prediction was correct.
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