Cardano (ADA), the 8th largest cryptocurrency, has been predicted to rise a little further above the $0.5 resistance level by February 29, 2024.
As a normal phenomenon in the crypto sphere, crypto enthusiasts have always devised means to be ahead of anticipated happenings revolving around their favorite cryptocurrencies.
Being steps ahead entails knowing the possible price trajectories of these cryptocurrencies. Also, it involves knowing how some events in the crypto sphere could influence prices.
Read Also: Cardano (ADA) 2024 Trajectory: ChatGPT Has An Astonishing Prediction
In this insight, we shall reveal the Cardano possible price target for February 29, 2024, using Artificial Intelligence tools employed at Coincodex, one of the leading crypto assets price analytical platforms.
Before revealing Coincodex’s Cardano price prediction, it is worth noting that the digital asset is trading at approximately $0.48, reflecting a 2% decline in the past 24 hours, according to CoinMarketCap.
In addition, the crypto tracking platform noted that sentiment on Cardano is bearish, and volatility is high, with the “Fear and Greed Index” at 64.
Having assessed several variables ranging from Relative Strength Index (RSI), Simple Moving Averages (SMAs), Exponential Moving Average (EMA), etc, the machine learning algorithm at Coincodex projected Cardano to attain a $0.54 price mark by February 29.
Cardano (ADA) to $0.54 would imply a surge of approximately 8% from its current price. Whether the price projection will play out as projected remains to be seen by February 29.
The Cardano (ADA) price trajectory painted a bearish pattern for most of 2023, trading below $0.5 for 11 months, during which it touched the $0.4 price level transiently.
Around October, Cardano (ADA) dropped to a $0.24 yearly low, which undoubtedly devastated most ADA holders, as most had to reconsider their investment decisions.
Read Also: Cardano Is No Ghost Chain: Daily Large Transaction Volume Hits 27.59 Billion ADA
Surprisingly, the decline in October was short-lived and rapidly turned into a support level that saw ADA almost triple its 2023 all-time price low. The digital asset reached a yearly high of $0.66 in December.
2024 started on a relatively fair note for the cryptocurrency. It managed to maintain levels between $0.6 and $0.45 despite the not-so-good Bitcoin (BTC) outlook since the beginning of the year.
Meanwhile, we earlier reported ChatGPT and Google Bard’s Cardano (ADA) price predictions for the end of 2024. ChatGPT projected the crypto asset to hit prices around the $5 region. On the other hand, Bard gave a conservative forecast, speculating price levels between $1.5 and $0.5 for ADA by the end of 2024.
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