The cryptocurrency industry is turning a new chapter in 2023. January has been touted to be one of the best months for the industry in quite some time. Bitcoin [BTC] was leading the rally and altcoins were slowly following suit. Amidst this, Cardano [ADA] was trying to keep up with its counterparts.
ADA was trading for $0.3931, at press time with a 1.92% daily increase. It should be noted that the asset started the month at a low of $0.2442. Now, the asset is on the verge of moving past the $0.4 level.
Artificial Intelligence forums believe that Cardano’s ongoing rally could be experiencing a slight correction. PricePredictions, a prominent machine learning algorithm noted that ADA would linger in the $0.3867 zone on Feb 1, 2023.
PricePredictions employs indicators such as Bollinger Bands, MACD, Moving Averages, along with Relative Strength Index to make this forecast.
However, despite the asset’s latest increase, most of its holders were enduring a loss. According to IntoTheBlock, 71% of Cardano owners were not making any money. Only 26% of these holders were pocketing profits. The percentage of those under loss is likely to increase as per AI calculations.
The market sentiment, however, remains positive.
Cardano beats Bitcoin to become the most active chain today
Cardano has been the talk of the crypto town for an array of reasons. One of them is due to its stablecoin Djed. Several Cardano DEXs are expected to extend support to the stablecoin this week. In addition, Cardano went on to take over Bitcoin [BTC] and Ethereum [ETH] in terms of chain activity.
Messari reported that Cardano’s 24-hour transaction volume surged to a high of $5.77 billion. While Bitcoin and Ethereum remained at $4.99 billion and $2.85 billion respectively.