By Cardano Price Prediction as Machine Learning Anticipates Subtle Dip to $0.23 by October End – What’s the Cause?
The Cardano price has declined by nearly 1% today, weakening to $0.245331 as the wider market experiences a 1.5% dip in the past 24 hours.
ADA’s current price means it has lost 5.5% in a week and 1.5% in a month, with the altcoin also down by a slight 0.5% since the beginning of the year.
Such declines find Cardano in a weakened position, with the algorithms used by PricePrediction.com suggesting yesterday that the coin would slip to $0.23 by the end of the month.
Yet it’s arguable that overselling could end up making ADA very attractive to traders looking to buy the dip, with the coin potentially on course to see a strong end-of-year rally.
Cardano Price Prediction as Machine Learning Anticipates Subtle Dip to $0.23 by October End – What’s the Cause?
If there’s one positive thing to be taken from ADA’s chart, it’s that its indicators are all currently screaming that the coin is oversold and should really rebound very soon.
ADA’s relative strength index (purple) has dropped to 40 in the past day or so, and it could fall further (to 30 or lower) before the coin begins recovering.
Having said that, ADA’s 30-day exponential moving average (yellow) has been substantially below its 200-day average (blue) for several months, meaning that a rebound is long overdue.
Yet what traders should watch now is the coin’s support level (green): if it can protect ADA from a fall below $0.240, then the token may be able to bounce back sooner rather than later.
But if this level is breached, we could see further losses before ADA recovers, something which the aforementioned PricePrediction.com website is forecasting.
Its forecast is based on the use of AI algorithms that have taken multiple data points regarding ADA’s recent performance, with these algorithms evidently picking up on an ongoing loss of momentum for ADA.
Yet the thing is, ADA’s fundamentals remain as strong as ever, with the token and its native platform doing nothing in themselves to justify ongoing losses.
Indeed, Cardano continues to expand and evolve steadily, with the platform now boasting a total value locked in of $153 million, which is roughly half of Solana’s and also a 212% increase from where it was in January.
This means that 2023 has been a year of growth for Cardano, even if its native token has not performed well as an asset.
Cardano now has 146 apps and projects operating on its network, with around 1,280 currently buidling on it.
Such figures speak to why many investors believe that Cardano is a sleeping giant, and that ADA is a neatly criminally undervalued altcoin.
Based on this, ADA is likely to return to $0.30 by the end of November, before seeing out the year at around $0.40, depending on how bullish the market is as a whole.
Other Alts With Big Potential
There are alternative alts for traders who may be perhaps a little too impatient for ADA to make its eventual recovery, with 2023 seeing no shortage of promising new projects that have held presales and then gone on to have big exchange listings.
Probably the strongest example of this is Wall Street Memes, which more than doubled its final presale price after listing earlier this month.
And while WSM’s sale has ended, there are a few other promising presales currently ongoing, with TG.Casino’s being one of the most notable.
As its name suggests, TG.Casino (TGC) is a decentralized casino platform that combines popular social messaging app Telegram with online betting and gaming.
TG.Casino has already raised $800,000 in its presale in just under three weeks, a sign of the interest it’s already attracting from investors, traders and users.
What’s interesting about TG.Casino is that it operates through Telegram, something which has enabled it to harness the messaging app’s large network of users in order to quickly grow its own community of users.
Its operation on Telegram also gives its casino a very strong social element, in the sense that users are motivated to continue logging on with TG.Casino not only to bet, but also to interact with their online friends and contacts.
This perhaps helps to explain why its presale has raised a significant sum so quickly, although this has also been helped by the fact that it has already launched its casino, something which has likely provided investors with further confidence.
New investors can join the ongoing sale by heading over to the official TG.Casino website, where 1 TGC costs $0.125 and will do for the entire sale.
TGC will have a hard supply cap of 100 million, with the presale receiving 40% of this, whereas 20% is going to staking rewards and 10% to gaming rewards.
Visit TG.Casino Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
