An Artificial Intelligence price prediction model that tracks cryptocurrency prices since 2017 predicted Cardano (ADA) prices will increase 530% from its current prices by September this year. Currently, ADA trades at $0.46 in the bear market and is expected to hit $2.90 by September.
This AI technology comes from the NeuralProphet’s PyTorch-based price prediction algorithm that analyzes the prices over the years to show where each crypto coin stands in the market through an open-source machine learning framework.
In a bear market where all prices have dipped to record-breaking lows, this AI technology is helping traders realize the direction of the market for the remaining year. The model has already shown its authenticity when it made accurate predictions for Terra’s LUNA/UST.
The technology predicted the crypto prices from February 2021 to May 2022 when the bear market hit after the Terra ecosystem crashed.
For Cardano, the AI model predicts that the prices will increase from $0.46 to $2.90 by September and then hit a low of $1.11 again by the end of the year. Although the prices will drop by December, it will still be higher than its current market price, which means it’s worthy of investment.
Why will ADA prices surge?
The AI model’s prediction seems to be accurate based on Cardano’s latest announcements and updates. According to the Cardano team, the blockchain network will update to Vasil hard fork, which is said to improve the network’s performance. This upgrade seems to be quite a major development in the system that will include four Cardano Improvement Proposals (CIPs).
The team has already delayed the upgrade before due to Terra’s ecosystem crash. The network announced it will further research and improve the upgrade before it is uploaded officially in the system.
The official statement read: “The IOG engineering team is extremely close to finalizing the core work, with just seven bugs still outstanding to complete the hard fork work, with none currently ranked as ‘severe’. After some consideration, we have agreed NOT to send the hard fork update proposal to the testnet today to allow more time for testing.”
Now that the market is somewhat settled but still in bear market, Cardano might finally announce the upgrade anytime soon. This hard fork upgrade has even raised the blockchain network to compete against Ethereum and Solana updates in the investment market.
Experts believe Cardano’s development activity is much higher and shows promising results to investors which will directly affect ADA prices.
In other words, the Cardano team seems optimistic about this upgrade. Based on the official statement, the developer team will first test the upgrade and then give an update to the community of its official launch on the main server.
Cardano completes its testing
According to the recent announcement by IOHK on July 4, Cardano has successfully completed the Vasil hard fork testnet and is now inviting developers to test the new upgrade before the official launch on mainnet.
The Twitter account also shared that the mainnet upgrade will take place at least 4 weeks from now.
Compared to other blockchains, Cardano has continuously shown a stable yet progressive performance over the years gaining its trust from the users.
As of now, Cardano has seen a 1.41% increase in the last 24 hours with a market cap at $15B based on CoinMarketCap.
Will the Vasil hard for upgrade push Cardano up? The AI price prediction model says it definitely will!