Throughout 2024, Cardano (ADA) has stood out from the crowd of other major cryptocurrencies, albeit mostly for the wrong reasons.
Indeed, unlike other coins and tokens such as Bitcoin (BTC), Ethereum (ETH) and Solana (SOL), ADA started the year with a big price spike followed by an equally big drop and has been trading mostly sideways since then.
However, Cardano has recently followed up a 10% one-day drop in early July with a strong rally, and is up 16.72% in the green over the past seven days. The price of ADA is currently $0.45 at press time.
The strength of the ongoing rally – and how suddenly it started – is also supported by the fact that Cardano has only had 16 green days out of the last 30. Furthermore, the real strength and sustainability of the surge is likely to be tested soon, as ADA is currently facing an immediate resistance zone just above $0.45.
However, even if a further breakout is rejected, Cardano will likely have another chance to continue its rally as long as it remains above the support level around $0.43.
With the major Chang hard fork looming and set to happen before the end of July, and given the recent positive price dynamics, Finbold decided to consult a number of advanced artificial intelligence (AI) models and platforms to see how ADA might perform by August 1st.
AI sets ADA price for August 1, 2024
Predictive algorithms of the platform specializing in forecasting prices in cryptocurrency markets – Price forecast – showed conservatism, but at the same time some optimism in assessing the likely price of Cardano on August 1.
According to the platform, the ADA rate will be relatively flat in the next two weeks, and at the beginning of next month it will be $0.487693.
By comparison, the most advanced version of OpenAI’s flagship AI platform, ChatGPT-4o, was slightly more optimistic. Taking into account factors such as the current bullish market sentiment and upcoming upgrades, it concluded that Cardano would trade at $0.52 on August 1.
On the other hand, Google’s (NASDAQ: GOOGL) Gemini was algorithmically compliant PriceForecasts as he set a price target of $0.48. However, he offered much of the same reasoning as ChatGPT, although he also highlighted Cardano’s strong fundamentals.
Finally, Microsoft’s (NASDAQ: MSFT) Copilot – or rather its “balanced” mode – appears to be slightly bearish, as it estimates the likely price on August 1 at $0.42, taking into account recent developments surrounding Cardano.
Interestingly, the company then stated that ADA is likely to remain in the $0.55 to $0.75 range, well above its stated target, and reiterated the controversial forecast after being asked to clarify it.
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