Cardano (ADA) Price Stable Despite the Launch of Girolamo, It’s New AI-Powered Chatbot

Cardano (ADA) Price Stable Despite the Launch of Girolamo, It's New AI-Powered Chatbot
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Cardano, the fifth-largest cryptocurrency by market capitalization, has recently announced the beta launch of its AI-powered chatbot, Girolamo. The chatbot, which is named after the Italian mathematician and polymath Girolamo Cardano, is designed to provide a range of functionalities, such as content generation, image generation, and image interpretation, using the latest advancements in artificial intelligence and blockchain technology.

Girolamo is the result of a collaboration between CardanoGPT, a project that aims to integrate generative AI models with the Cardano blockchain ecosystem, and OpenAI, a research organization that develops and promotes friendly AI. The chatbot leverages the power of OpenAI’s GPT-3, a state-of-the-art natural language processing model that can generate coherent and diverse texts on various topics and domains.

To access the chatbot, users need to hold a minimum of 5000 CGI tokens, which are the native tokens of the CardanoGPT project. Users can then join the CardanoGPT Discord server, where they can undergo a wallet verification process and interact with Girolamo in a designated chat channel. According to CardanoGPT, the chatbot is still in its beta phase, and the feedback from the users will help improve its performance, user experience, and overall functionality.

Crypto Market Did Not React to Cardano’s Recent News As Expected

Cardano (ADA) Price Stable Despite the Launch of Girolamo, It's New AI-Powered Chatbot

Despite the launch of Girolamo, which could potentially boost the adoption and innovation of the Cardano blockchain, the price of ADA has remained relatively stable in the past few days. According to CoinMarketCap, ADA is trading at around $0.38 as of November 27, 2023, with a slight increase of 0.8% in the last 24 hours. 

ADA has been consolidating below the $0.41 resistance level, which corresponds to the 0.786 Fibonacci retracement level of the previous downtrend. Some analysts believe that ADA needs to retest the support at the $0.37 level, which coincides with the 20-day exponential moving average, before making the next move higher. 

If the support holds, ADA could target the yearly high at $0.463, which would represent a 22% rally from the current price. However, if the support breaks, ADA could face further downside pressure and revisit the $0.34 level, which is the 0.5 Fibonacci retracement level. The launch of Girolamo is one of the many developments that Cardano has been working on to enhance its blockchain platform and expand its ecosystem. 

Cardano is also preparing for the release of its smart contract functionality, which is expected to be deployed in the first quarter of 2024. With these milestones, Cardano hopes to become a leading platform for decentralized applications, digital identity, and social impact projects.


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