Over the past week, Cardano (ADA) has experienced a decline of 10% amid legal challenges directed toward leading exchanges such as Binance and Coinbase. These lawsuits have posed a significant threat to the digital asset’s presence on these platforms, raising concerns about the possibility of delisting.
In response to these developments, Finbold has leveraged machine learning algorithms and PricePredictions to provide investors with insights into the potential trajectory of Cardano by the end of the month, in addition to conducting an extensive chart analysis, delving into market sentiment surrounding ADA and closely examining the latest blockchain advancements on the Cardano network.
The machine learning algorithm developed by the analytics and forecast platform set the price for ADA for June 30, 2023, at $0.307. If these projections come to fruition, it would signify a notable -6% decrease from the current price level of Cardano.
Cadano chart analysis
At present, Cardano was being traded at a value of $0.3269, indicating a decline of 2.16% within the past 24 hours and a 10.35% decrease over the course of the previous seven days.
Cardano 7-day price chart. Source: Finbold
It is observed that ADA has found support around the $0.30234 mark, which has provided stability amidst the recent downturn.
On the other hand, a resistance level has emerged at approximately $0.34771, suggesting a price point where ADA faces selling pressure. In terms of market capitalization, Cardano currently holds a value of $11.4 billion.
Elsewhere, Cardano has achieved a remarkable milestone by surpassing a historic achievement, with its Total Value Locked (TVL) exceeding 500 million ADA on June 8.
This accomplishment is a testament to the thriving ecosystem of decentralized finance (DeFi) on the Cardano network, which has experienced a significant surge in activity despite the bear market.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
