Cardano (ADA) is making steady progress in expanding its ecosystem, as evidenced by the recent release of the Cardano Node version 1.35.6. This update, launched on March 16, primarily focuses on P2P support, enhancing the network’s resilience, boosting its mainnet.
Moreover, the number of ADA wallets has also seen a significant surge, surpassing 4 million on March 21 and continuing to grow steadily. With ongoing advancements in core technology, including wallets, services, smart contracts, scaling, and governance, the outlook for Cardano is positive.
In turn, Finbold has leveraged CoinCodex’s technical analysis indicators to forecast the price of Cardano on Easter Sunday, 2023, to see if the latest developments will have any bullish implications on ADA’s outlook.
According to information gathered on March 27, it is projected that Cardano will trade at $0.325 on April 9, Easter Sunday.
In comparison, the machine learning algorithm-based crypto tracking platform PricePredictions forecasts ADA investors should expect a slightly higher price at $0.358 on April 9, as per data retrieved at publication.
The AI forecast puts into consideration different technical indicators, such as the Bollinger Bands(BB), moving averages (MA), moving average convergence divergence (MACD), relative strength index(RSI), and others.
Cardano price analysis
Currently, ADA is trading at $0.3552, down 1.1% in the last 24 hours but up 3.8% across the previous seven days on the weekly chart, with a total market cap of $12.3 billion.
The latest price behavior is consistent with the positive forecasts of the cryptocurrency community for the average price of Cardano by the end of March, which indicated that ADA would be trading at $0.3861 on March 31, 2023. This forecast is supported by increasing participation in ADA from whales and institutional investors.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
