Crypto community sets Cardano price for February 28, 2023
Cardano (ADA) is recording extended selling, with bears looking set to take control of the asset after failing clear key resistance levels. The decentralized finance (DeFi) asset has lost momentum in line with the general cooling of the crypto market.
Despite ADA’s bearish sentiment, a cryptocurrency community is predicting a positive outcome for the asset in the coming days. Special CoinMarketCap community utilizing the price estimate feature forecasts that ADA will trade at an average price of $0.43 on February 28, 2023.
If the prediction is achieved, it means that the ADA will act on it 20% higher than the token’s price at the time of publication. The asking price is based on votes from 1,991 community members.
Meanwhile, a machine learning algorithm also estimates that ADA is likely to trade in the green zone in the coming days. Special Price predictions the tool suggests that ADA is likely to be valued at $0.391 on February 14, 2023.
Cardano’s bullish drivers
The community’s positive attitude towards Cardano can be attributed to factors such as increased network development. Along these lines, the network has recently achieved several milestones during its key calculations. For example, the network achieved 5,000 smart contracts as of February 2 since the functionality was incorporated in September 2021.
Elsewhere, the blockchain has come second among leading smart contract crypto projects by betting market capitalization with a value of $10.4 billion. The network also ranks high in GitHub development activity, with 701 events.
Furthermore, as the ADA price moves towards the $0.5 level, the network is also witnessing increased whale activity, a factor that could signal what to expect for ADA. As reported by Finbold, since the start of 2023, ADA addresses with between 1 million and 100 million have grown by 36.
Cardano Price Analysis
At press time, ADA was trading at $0.36, having plunged over 6% in the past 24 hours. On the weekly chart, ADA is down almost 10%.
Elsewhere, the Cardano sentiment continues TradingView’s Technical analysis indicators on 1-day gauges are mainly bearish, with the summary going for “sell” at 10. The same score is also recorded for moving averages while oscillators are in the “neutral” zone at 7.
As it stands now, ADA still faces resistance at $0.40, while $0.35 remains the support zone. At the moment, to embark on a significant rally, ADA will mostly depend on the impact of buyers.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
