With the Christmas season approaching, Cardano (ADA), a DeFi asset, is still in the top ten cryptocurrencies by market cap. This is the case despite recent price fluctuations. The Cardano network is still expanding aggressively even though it was hit hard by the consequences of the FTX disaster.
NeuralProphet’s PyTorch-based price prediction algorithm, which uses an open source machine learning framework, predicts that the value of the ninth most valuable asset based on market cap will increase by 45.8% by December 25, 2022.
At the time of publication, the price of ADA is $0.3016; A deep learning algorithm calculates that it will trade at $0.43 on Christmas Day.
ADA price analysis
As the cryptocurrency market has recently shown signs of recovery, investors are looking at the performance of assets such as ADA to make predictions about the price of ADA in the coming month.
According to statistics obtained by Coinphony, the current price of Cardano in circulation is $0.3016, which represents a decrease of 3.04% over the past 24 hours and 3.14% over the previous week. Cardano’s total market capitalization is now $10.4 billion.
Meanwhile, Cardano’s Technical Analysis (TA) indicators on one-week metrics remain relatively bearish, with its summary standing at a “sell” position at 1, as opposed to 3 indicating “buy” and 9 indicating “neutral”.
This summary is from moving averages (MAs), which are also “strongly sold” at 13, while indicating “buy” at 1 and “neutral” at 1, respectively. Stand in the “nervous” area at 8.
Cardano Network Development
Despite the bearish outlook from a technical perspective for the first week’s metric, traders can be more bullish on the long term when considering the development of their grid. In fact, Cardano has added more than 20,000 new staking addresses on average every month for over a year.
Additionally, Cardano’s portfolio growth continued to accelerate amid the FTX meltdown, adding 30,000 wallets in one week. In addition, the number of smart contracts based on Cardano also exceeded 4,000 contracts for the first time, an increase of more than 300%.
Finally, the Cardano network continues to beat all other crypto platforms in monthly development activity. For example, in November, Cardano recorded the highest development activity according to analytics Performed by Santiment’s cross-chain market intelligence platform.
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