As the Asian trading session begins, worries about FTX’s financial stability have contributed to a general downward trend in the prices of all the most significant cryptocurrencies. This pattern has led to the first-ever decline in the market capitalization of all cryptocurrencies below $1 trillion. Bitcoin’s price significantly declined and was last seen trading at roughly $19,600, breaking through an upward trendline in the process. Ethereum’s price fell to $1,470 after a similar 7.5% drop.
Ethereum Price Prediction
Tuesday’s price of Ethereum was $1,446. The decrease from yesterday is 9%. With a market value of $178 billion, down from $193 billion, it is ranked second on CoinMarketCap.
A bearish engulfing pattern and three black crows pattern on Ethereum’s 4-hour chart suggest investor selling. Additionally, this trend points to a drop in price. The $1,460 price of Ethereum is below an uptrendline. Ethereum may drop to $1,380 if the upward trendline is broken.
Both signs signal that sellers may soon tyre, allowing bulls to buy. As a result, both are oversold. Both the RSI and the MACD show a bearish trend.
Bitcoin Price Prediction
Bitcoin currently costs $19,600, and there are $60 billion in daily transactions. A loss of around 6% of Bitcoins occurred during the Asian session. It is presently ranked #1 by CoinMarketCap with a market valuation of $378 billion, down from $438 billion yesterday.
The upward channel at $20,400 and the triple bottom support at $20,000 for Bitcoin have both been violated, changing the technical perspective from bullish to negative. On a 4-hour timescale, Bitcoin has formed a “three black crows” candlestick pattern, signifying a significant bearish bias among investors.
If this barrier is crossed, Bitcoin might drop to a price of $18,650 or less. On the downside, there is immediate support for bitcoin at $19,230. A negative trend is supported by both leading and trailing indicators, including the RSI, MACD, and 50-day moving averages. A breach below will allow for further selling to $18,000 and $17,650 if BTC is unable to stop the downturn at $18,650.
The next upside barrier for Bitcoin is still not far from $20,000; if it is crossed, BTC might rise to $20,635. The bias is still depressing.
Cardano Price Prediction
The short-term outlook for the ninth-largest cryptocurrency is bullish, which may create the framework for a favourable long-term trend. On the daily chart below, the Super Trend indicator has generated a buy signal, encouraging retail and sidelined investors to enter the market in expectation of a strong upward advance.
The Super Trend indicator overlays the chart and analyses market volatility using average true range (ATR) data, similar to a moving average. According to the chart below, a daily close below the Cardano price generates a buy signal. Until the Super Trend indicator switches above it to give a sell signal, the bulls will likely continue to control ADA.
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