The cryptocurrency market functions in a similar manner. One of the most important contributions that cryptocurrencies have made to the financial world is enabling many people to earn substantial quantities of money through digital assets.
Cryptocurrency, sometimes known as crypto-currency or crypto, is any type of digital or virtual currency that employs encryption to safeguard transactions.
To keep track of transactions and issue new units, cryptocurrencies use a decentralized system rather than a single issuing or regulating authority.
Ethereum Price Prediction
After the recent turbulent events, the price of ethereum is showing a lack of impetus. ETH was motivated by the run-up to create another swing high. The smart contract token may continue to fall to crucial support levels as a result of rejection at this level.
Between December 12 and December 14, the price of ethereum soared by 8.8%, reaching three consecutive highs of $1,350. This movement revealed a lack of bullish momentum, which led to a swift reversal. ETH lost 8.4% as a result and is currently trading around $1,270.
The Relative Strength Index (RSI) is currently bouncing off the midway at 50, which is the only consolation after previous gains were reversed.
Therefore, should buyers decide to make a comeback, a jump in the RSI here may give them the opportunity. In this scenario, for the price of Ethereum to signal the return of purchasing pressure, the $1,350 resistance level must be converted into a support floor.
Ethereum price could retest the $1,422 and $1,545 barriers as a result of this development.
The ideal situation would involve a regression to the $1,195 support level first, even though the aforementioned scenario is a bit of a reach.
On the other hand, the first indication of weakness will be if the price of Ethereum breaks through the $1,195 support level. The bullish thesis will be refuted if there is a sustained uptick in selling pressure and the daily candlestick closes below $1,150, forming a lower low.
Bitcoin Price Prediction
Bitcoin’s price is currently $17,469, and there are $25 billion worth of transactions every day. The cost of Bitcoin has decreased by more than 1% since yesterday. Bitcoin is selling poorly after having passed over a significant resistance mark of about $18,150.
Leading technical indicators, such as the moving average convergence divergence (MACD) and relative strength index (RSI), are currently optimistic and suggest that Bitcoin’s price may increase after finishing the 61.8% Fibonacci retracement at $17,440.
Around $18,125 represents the next significant resistance level for Bitcoin; a break over this level might trigger further gains toward $18,600. The price of Bitcoin may find support at $17,440 on the downside.
As a barrier in the past, this level is likely to support BTC’s upward trajectory. On the other hand, a bearish crossover below this area could cause the price of BTC to fall as low as $16,850.
Cardano Price Prediction
Since the second week of November, the price of Cardano has been oscillating between support at $0.30 and resistance at $0.33. The time of consolidation has prolonged longer since the smart contracts token was unable to get beyond these restrictions.
Positive activity helped ADA cross the lower trend line; however, since then, the upward momentum has slowed, and the stock has not yet established an uptrend over the second trend line. The $0.32 50-day Simple Moving Average reinforces this resistance even more.
Cardano’s price may undergo another powerful breakthrough if the Moving Average Convergence Divergence (MACD) indicator’s future sessions are promising. As the MACD approaches the mean line and moves into the positive region, more buyers are expected to show up, possibly pushing ADA above $0.30.
For the bulls’ power to be confirmed, the price must rise above the 100-day exponential moving average at $0.3399. Whether Cardano can go toward $1.00 will depend on its capacity to overcome resistance at the 200-day exponential moving average.
Santiment’s on-chain statistics show that Cardano is still in a favorable buying range, with the Market Value Realized Value (MVRV) increasing from a 30-day low of -15.59 to -5.70. If the MVRV ratio increases over the mean line at 1.00, some holders would consider selling, but this continuous rising trend suggests investors are getting more confident about ADA’s recovery.
Despite ongoing uncertainty in the cryptocurrency market and the global economy, addresses holding 10,000 and 100,000 ADA have continued to add tokens. Even though the Federal Open Market Committee (FOMC) may slow down on interest rate rises, inflation is still high.
