Recently, Cardano (ADA) has enjoyed a positive upside movement that has seen it gain value in the previous period, with its price set at the $0.32 mark at the time of writing.
ADA has recently presented a new research paper on its scaling solution called Mithril – “a stake-based signature protocol to improve the efficiency of the node sync, increase decentralization through blockchain snapshot validation by multiple pools signing to attest to a specific certificate, and introduce an aggregator to create the certificate chains and deliver snapshots.”
With the notable innovations presented recently by Cardano, as traders are curious whether it will have such a positive price action in the near future, Finbold decided to turn to machine learning algorithms that will help us predict the price of this asset by the end of November. PricePredictions offers a utilization of AI to predict the possible trajectory of this cryptocurrency in a month.
Data retrieved on November 3 by Finbold signals that the ADA price will retain the existing value in the month’s time with a marginal increase from $0.316 to settle at the $0.32 mark for now.
Cardano chart analysis
Cardano is presently trading, changing hands at $0.32. It has experienced a positive 2.34% change in the 24-hour period, which topped a positive week of 10.80% increase. As the eighth-ranked cryptocurrency by market capitalization, ADA has witnessed a sharp decline over the last year, registering a contraction of 20%.
At the time of press, ADA is positioned above its 200-day simple moving average, which usually indicates a bullish sentiment. In the recent 30-day span, bullish momentum was evident on 16 occasions, accounting for 53% of the days.
However, from its all-time high, Cardano has shrunk by a significant 90%, showcasing the distance it has to make up to revisit its all-time highs.
Finally, it is important to note that ADA has been outperformed by 57% of the top 100 digital assets over a year. Notably, Bitcoin and Ethereum have outpaced Cardano’s performance during this period.
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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