Cardano (ADA) is posting prolonged selling as bears take control of the asset after failing at key resistance levels. The decentralized finance (DeFi) asset has lost momentum in line with the overall crypto market cooldown.
Crypto community sets Cardano price for February 28, 2023
Despite ADA’s bearish trend, a cryptocurrency community is predicting a positive outcome for the asset in the coming days. Notably, leveraging the price prediction feature, the CoinMarketCap community predicts that ADA will trade at an average price of $0.43 on February 28, 2023.
If the prediction is reached, it means that ADA will trade at 20% higher than the price of the token at the time of issue. Price estimate is based on votes from 1,991 community members.
ADA community price forecast. Source: CoinMarketCap.
Meanwhile, a machine learning algorithm also predicts that ADA will most likely trade in the green zone in the coming days. Specifically, the PricePredictions tool suggests that ADA will likely be worth $0.391 on February 14, 2023.
Cardano’s ascension drivers
The community’s upward trend on Cardano can be attributed to factors such as increased network development. In line with this, the network has recently reached several milestones under its base metrics. For example, since the network introduced the functionality in September 2021, it has reached 5,000 smart contracts as of February 2nd.
Elsewhere, the blockchain took the market capitalization with a valuation of $10.4 billion, ranking second among the leading smart contract crypto projects. The network also tops the GitHub development event with 701 events.
Also, as the ADA price moves to target the $0.5 level, the network is also witnessing increased whale activity, a factor that could signal what to expect from ADA. As reported by Finbold, ADA addresses holding between 1 million and 100 million have increased by 36 since the start of 2023.
Cardano price analysis
At press time, ADA was trading at $0.36, down over 6% in the last 24 hours. On the weekly chart, ADA is down almost 10%.
ADA seven-day price chart. Source: Finbold
Currently, ADA is still facing resistance at $0.40, while $0.35 remains the support zone. At the moment, ADA will mostly depend on the influence of buyers to start any significant rally.
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