The cryptocurrency market is no exception. Cryptocurrencies, as one of the most important contributors to the financial world, have enabled many people to earn significant amounts of money through digital assets.
Cryptocurrency, also known as crypto-currency or crypto, refers to any type of digital or virtual currency that uses cryptography to secure transactions.
Cryptocurrency employs a decentralized system rather than a central issuing or regulating authority to track transactions and create new units.
Ethereum Price Prediction
The current price of Ethereum is $1,275, with a 24-hour trading volume of $6 billion. In the last 24 hours, Ethereum has gained nearly 0.80%, and CoinMarketCap currently ranks second, with a live market cap of $156 billion.
Ethereum has bounced off a $1,220 support level and crossed above the 50-SMA line at $1,250, which is now acting as a support on the 4-hour chart.
On the upside, the first level of resistance for ETH is $1,300, and a break above this level could expose ETH to $1,340.
Bitcoin Price Prediction
The current price of Bitcoin is $17,179, and the 24-hour trading volume is $13 billion. In the last 24 hours, the BTC/USD pair has gained nearly 0.15%, while CoinMarketCap currently ranks first with a live market cap of $360 billion, down from $360 billion yesterday.
Because of the lack of volatility, Bitcoin’s technical characteristics have largely changed, as it trades in a narrow range. Bitcoin has formed an upward channel on the 4-hour timeframe, which is supporting the bullish trend; thus, BTC may face resistance near the $17,400 level.
A bullish breakout above $17,400 could take Bitcoin to $17,650, while a bullish crossover above this level could take Bitcoin to $18,150.
A bearish crossover below $17,000, which is extended by the 50-day simple moving average, can initiate a selling trend that could last until $16,650.
Cardano Price Prediction
According to the ADA chart, the altcoin is on the verge of a rally. Its relative strength index (purple) has increased from more than 30 in November to around 45 now, indicating that it is gaining traction.
At the same time, for the majority of the year, the coin’s 30-day moving average (red) has been comfortably lower than its 200-day moving average (blue). This technically implies that ADA is due for a significant resurgence and continued growth.
Because of the world’s fragile macroeconomic environment, investors may have to wait for a truly significant ADA surge to occur. The same is true for the FTX situation, which continues to erode investor confidence and market sentiment, with additional troubled companies likely to follow in FTX’s footsteps.
However, once these drawbacks are addressed, Cardano’s extremely strong fundamentals position it for significant future growth.
For example, despite the 2022 bear market, the Cardano ecosystem has been rapidly expanding in recent months, with over 1,100 apps and projects currently being built on its network and over 100 projects having been released.
Cardano has seen recent growth, with over 3,900 Plutus scripts—the platform’s take on smart contracts—being deployed since the network enabled smart contracts last September. This shows how builders are actually constructing on the network, which is gradually approaching critical mass.
This perception is supported by the aforementioned GitHub data, which consistently identifies Cardano as either the network with the highest daily activity or among the highest.
Cardano does not top these rankings every day of the week, but it does so frequently, demonstrating how it is growing faster than most other networks. This implies that it will become one of the busiest and most popular platforms in the not-too-distant future, benefiting ADA in the process.
Cardano currently has a total market capitalization of $60 million. Despite the fact that this is still a small sum, it is important to remember that it was essentially $0 a year ago and only slightly more than $1 million at the start of the year, when ADA’s price was significantly higher.
Despite its low TVL, ADA is the market’s ninth-largest coin by market cap. As a result, as Cardano grows in popularity, its value may approach that of Ethereum (ETH).
If its market cap approaches that of Ethereum, which is currently valued at $150 billion, ADA could trade for around $4.40 in the not-too-distant future. Naturally, if the market enters a new bullish phase, the coin’s long-term target price may rise even further; some analysts have estimated the coin’s long-term target price to be around $5.30.
Notably, a $10 ADA coin is possible in the future, but it may take some time if Cardano continues on its current path and demand for the platform grows.
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