Crypto community sets Cardano (ADA) price for March 31, 2023
The CoinMarketCap cryptocurrency community price estimates are based solely on the votes of users. Estimates do not guarantee end of month prices.
Cardano (ADA) had recently struggled to find solid support until it did so at $0.30, after which bulls managed to regain momentum. The price this week rose rapidly, eventually reaching the $0.35 resistance point.
With this strength, the ADA chart has turned bullish and it is possible that the set could climb higher later this week and towards the end of the month, prompting investors to turn to alternative methods of predicting the future price of the cryptocurrency.
Especially the machine learning based algorithms over on the crypto price tracking and forecasting platform Price predictions has set the price of Cardano at $0.3022 by March 31, 2023, according to data obtained by Finbold.
Elsewhere, the cumulative results of 1,229 votes cast by the members of the crypto monitoring platform CoinMarketCap as of press time, Cardano is expected to reach the average price of $0.3861 by March 31, according to data retrieved on March 16. Should the community’s predictions come true, this would represent an increase of 17.71% or +$0.05809 at today’s price.
Cardano Technical Analysis
That said, the sentiment regarding Cardano, based on its technical analysis (TA) on the financial tracking website’s one-day gauges TradingView is mixed, in line with the summary gauge pointing to ‘sell’ at 13. This is the summary result of the moving average (MA) hanging in the ‘strong sell’ area at 13, while oscillators are pointing to ‘buy’ at 2.
As of now, the price of Cardano is trading at the price of $0.3265, registering a decrease of 1.15% in the last 24 hours. However, in the last week, ADA has increased by 1.83% as recent charts indicate.
In particular, crypto trading expert Ali Martinez pointed out On March 16, the volume of large ADA transactions exceeding $100,000 on the Cardano network increases. He revealed:
“This trend indicates the increasing engagement of institutional investors and ADA whales, and sheds light on their investment strategies.”
Other positive factors for Cardano include the fact that the total value locked (TVL) in Cardano has experienced significant growth this year. In particular, TVL has increased by 20% per month since the start of 2023, reaching a total of 358 million ADA.
ADA whale highlights if this growth trend continues, TVL is estimated to reach 1 billion ADA in one year. Additionally, if the price of ADA were to return to the all-time high, TVL of 1 billion ADA would be worth approximately $3 billion. It is important to note that these calculations do not take into account any upcoming launches or events that may further affect the TVL of Cardano.
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