Despite Cardano (ADA) taking a cue from Bitcoin (BTC) and the rest of the crypto sector in recent sluggishness, a deep learning algorithm has predicted it still has enough room to recover, perhaps even hitting the price of $0.50 by September 1, 2023.
Indeed, NeuralProphet’s PyTorch-based prediction algorithm that relies on an open-source machine learning framework has projected that ADA would hit $0.51 in the next month, an increase of 73.4% from its current price, as per the most recent data seen by Finbold on August 4.
Although the above model, which covers the period between January 1 and December 31, 2023, is not an accurate indicator of future prices and should not be taken as such, its predictions have historically proven to be relatively correct.
At the same time, the advanced machine learning algorithms deployed by the cryptocurrency analytics and forecasting platform PricePredictions are more bearish, having set the price of Cardano on September 1, 2023, at $0.275974. according to the latest information.
Cardano price analysis
As things stand, Cardano is currently changing hands at the price of $0.29429, which is an advance of 0.09% in the last 24 hours, a decline of 5.59% across the previous seven days, and a 2.75% gain over the past month, as the charts show.
Meanwhile, the Cardano blockchain development team has continued to make strides, including with the recent launch of Mithril, a stake-based signature protocol to improve the efficiency of the node sync, and its founder Charles Hoskinson debunking the “ghost chain” myth, all of which could contribute to ADA’s price.
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