Machine learning algorithm sets the price of Cardano (ADA) on February 29, 2024

Still considered an Ethereum (ETH) killer, the Cardano blockchain’s native token – ADA – is no stranger to sudden price rises and falls. Since its launch in 2017, it has seen sharp surges and almost equally large declines, having skyrocketed quickly in 2021 to as high as $3 before stabilizing below $0.5 by mid-2022.

Last year, however, rampant speculation gave way as the ecosystem focused on security, scalability and sustainability finally took off, and after following an overall downward trajectory for more than a year, ADA recorded a surge in the last quarter.

In early 2024, however, the cryptocurrency entered a correction, and with a drop of nearly 20% since January 1, Finbold decided to consult the AI-driven predictive algorithms of CoinCodex about how the ADA might perform by the end of February.

AI sets ADA price at the end of February

The machine learning algorithms of CoinCodex assess that ADA will likely trade with significant volatility throughout February, albeit on an overall upward trajectory. The token is estimated to rise 8.53% from its price at press time of around $0.5 and will be at $0.543316 on February 29.

The platform also estimates that ADA will decline slightly in early March and end up closer to $0.519478 in a month.

Given that the token has had 14 green days out of the last 30, it is perhaps not surprising that cryptocurrency market sentiment is considered neutral. The “Fear & Greed Index” – the index that tracks investor attitudes towards an asset – however records “greed” when it comes to ADA.

ADA price analysis

While ADA’s future fortunes are difficult to predict, it has delivered a mostly strong performance recently. In total, it has risen by 27.88% over the past 52 weeks, but given the decisive break from its long downtrend in October, it has risen as much as 70.36% over the past 6 months.

Looking ahead to 2024, the token has gone through a volatile period of correction following its surge lasting from mid-October to mid-December and is down 19.62% year-to-date (YTD). More recently, it has started to rise again, albeit slowly, and is in the green by 0.63% over the past week, but in the red by 0.53% in the past 24 hours, after falling to $0.50.

Disclaimer: The content of this site should not be considered investment advice. Investing is speculative. When you invest, your capital is at risk.

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