Crypto Community Sets Cardano Price for February 28, 2023

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Cardano (ADA) is seeing extended selling as the bears appear to be taking control of the asset after failing at clear key resistance levels. The decentralized finance (DeFi) asset lost momentum in line with the overall crypto market cooling.

Despite the bearish sentiment in ADA, a cryptocurrency community predicts a positive outcome for the asset in the coming days. In particular, the CoinMarketCap community relying on the price estimation feature predicts that ADA will trade at an average price of $0.43 on February 28, 2023.

If the prediction is met, it means that ADA would be trading 20% ​​higher than the price of the tokens at press time. The price estimate is based on votes from 1,991 community members.

ADA Community Price Prediction. Source: CoinMarketCap.

Meanwhile, a machine learning algorithm also predicts that ADA will likely trade in the green zone over the next few days. In particular, the PricePredictions tool suggests that ADA will likely be valued at $0.391 on February 14, 2023.

Bullish Cardanos Drivers

The bullish stance of communities on Cardano can be attributed to factors such as the increased development of the network. In this line, the network has recently passed several milestones within the framework of its key indicators. For example, the network has reached 5,000 smart contracts as of February 2 since integrating the feature in September 2021.

Elsewhere, blockchain emerged in second place among the top smart contract crypto projects by staking market capitalization with a valuation of $10.4 billion. The network also ranks high in GitHub development activity, with 701 events.

Additionally, as ADA price moves to target the $0.5 level, the network is also witnessing an increase in whale activity, a factor that could indicate what to expect for ADA. As Finbold reported, since the start of 2023, ADA addresses holding between 1 million and 100 million have increased by 36.

Cardano Price Analysis

At press time, ADA was trading at $0.36, having plunged more than 6% in the past 24 hours. On the weekly chart, ADA is down almost 10%.

Seven-day ADA price chart. Source: Finbold

Elsewhere, Cardano’s sentiment on TradingViews’ technical analysis indicators on the 1-Day Gauges is mostly bearish, with the summary going short at 10. The same score is also recorded for the moving averages while the oscillators are in the neutral zone at 7.

ADA technical analysis. Source: Trading View

As it stands, ADA is still facing resistance at $0.40, while $0.35 remains the support zone. For the moment, to embark on a meaningful rally, ADA will mainly depend on the impact of buyers.

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

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