Cardano (ADA) remains one of the cryptocurrency market’s notable players despite the token being on the brink of falling out of the top ten digital assets by market cap.
In the last 24 hours, the cryptocurrency has gained 3.34%, presently priced at $0.342. Cardano has shown a modest recovery following some recent downward pressure having lost 11% over the past week.
ADA 7-day price chart. Source: Finbold
In spite of its 24-hour gains the DeFi token is trading below its 200-day simple moving average (SMA), a key indicator often seen as a gauge of long-term market trends and one that, in its current position, suggests a prevailing bearish sentiment.
To make matters worse, over the past 30 days, Cardano has recorded only 13 green days, or 43% of the time, as well as the fact that it is underperforming 65 of the top 100 crypto assets over the past year.
AI Cardano price forecast
To gain further insight into Cardano’s potential trajectory for August 31, Finbold has used the sophisticated machine learning algorithms from PricePredictions.
The AI analysis predicts that by the end of August 2024, Cardano’s price will fall to around $0.299, representing a drop of around 12% from its current price.
ADA price prediction for August 1, 2024. Source: PricePredictions
Technological Cardano developments
However, despite the bearish ADA price market dynamics, Cardano is on the brink of a significant technological milestone with the near completion of its Node Version 9.1.0 upgrade. Now 70% complete, this update is crucial for the anticipated Chang hard fork, a major network upgrade that promises to enhance Cardano’s on-chain decision-making capabilities.
At 70% of Cardano’s validators or Stake Pool Operators (SPOs) update to the new node, the Chang hard fork will move forward, potentially reshaping the network’s future and price performance.
Yet amid the developments, critical voices in the crypto community, such as BitBoy Crypto, have recently declared that “Cardano will die. Cardano is dead. ADA is dead.”
Neverthless, judging by its online community, the project continues to attract attention from developers and investors eager to see how these changes will bolster Cardano’s position in the blockchain space.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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