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.
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
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