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Still considered an Ethereum (ETH) killer, the native token of the Cardano blockchain ADA is no stranger to sudden price rises and falls. Since its launch in 2017, it saw major surges and nearly as large declines, having in 2021 skyrocketed quickly to $3 before stabilizing below $0.5 by mid-2022.

Last year, however, saw rampant speculation give way as the security, scalability, and sustainability-focused ecosystem finally took off, and after following an overall downward trajectory for more than a year, ADA surged in the final quarter.

By the start of 2024, however, the cryptocurrency entered into a correction and, with it declining nearly 20% since January 1, Finbold decided to consult the AI-driven predictive algorithms of CoinCodex on how ADA might fare by the end of February.

The machine learning algorithms of CoinCodex assess that ADA is likely to trade with significant volatility throughout February albeit on an overall upward trajectory. They estimate the token will rise 8.53% from the press time price of approximately $0.5 and find itself at $0.543316 on February 29.

The platform also estimates that ADA will fall slightly in early March and find itself closer to $0.519478 in one months time.

Given that the token had 14 green days out of the last 30, it, perhaps, isnt surprising that the crypto market sentiment on it is gauged as neutral. The Fear & Greed index the index that tracks investor attitude toward an asset however, records greed when it comes to ADA.

While the future fortunes of ADA are hard to predict, it has recently offered a mostly strong performance. In total, it is up 27.88% in the last 52 weeks, but given the decisive break from its long downtrend in October, it is as much as 70.36% up in the last 6 months.

Zooming into 2024, the token has been in a volatile period of correction following its surge that lasted from mid-October to mid-December and is down 19.62% year-to-date (YTD). More recently, it has again started rising albeit slowly and is 0.63% in the green in the last week but 0.53% in the red in the last 24 hours, having dropped to $0.50.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Machine learning algorithm sets Cardano (ADA) price on February 29, 2024 - Finbold - Finance in Bold