The cryptocurrency market appears to be regaining its breath after a long period of bearishness, like Cardano (ADA), which has seen a tiny uptick in the recent 24 hours, suggesting fresh optimism ahead of the Vasil hardfork.
In keeping with the bullish sentiment, NeuralProphet’s PyTorch-based price prediction algorithm, which employs an open-source machine learning framework, forecasts that ADA will reach $2.90 by September 1, 2022.
Although the prediction model does not anticipate future values, its projections up until the dramatic market collapse of the algorithm-based stablecoin project TerraUSD (UST) have historically shown to be reasonably reliable.
It is also worth mentioning that the crypto community at CoinMarketCap is bullish on the Cardano coin, although with significantly lower forecasts for the same time period. Indeed, community votes indicated that ADA would trade at $.079 on August 31.
In terms of more immediate forecasts, the community has calculated that ADA might trade at $0.88 on July 31. The algorithm, on the other hand, predicts that the price will hit $1.63 during the same time period.
Cardano is currently trading at $0.4593, a 0.52% increase over the previous 24 hours. However, according to Coincu data, its price is still 2.63% lower than seven days ago, with a total market worth of $15.59 billion.
Meanwhile, Cardano has started the mainnet countdown for its Vasil hardfork, which promises lower costs, more throughput, faster speed, and a better development experience. Input Output (IOHK), the blockchain’s creator, just successfully launched the hardfork on its testnet.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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