The cryptocurrency market operates similarly. One of the most significant benefits of cryptocurrencies is that they have made it possible for many people to earn sizable sums of money through digital assets.
Any digital or virtual currency that uses encryption to protect transactions is referred to as cryptocurrency, sometimes known as crypto-currency or crypto.
Cryptocurrencies employ a decentralized structure rather than a single issuing or regulating authority to track transactions and create new units.
Ethereum Price Prediction
The price of ethereum is demonstrating a lack of momentum following the recent tumultuous events. The run-up inspired ETH to produce another swing high. Rejection at this level could cause the smart contract token to keep tumbling into important support levels.
Ethereum’s price increased by 8.8% between December 12 and December 14, hitting three consecutive highs of $1,350. A quick reversal resulted from this movement’s lack of bullish impetus. As a result, ETH dropped by 8.4% and is currently trading at about $1,270.
The sole solace after prior gains were reversed is the Relative Strength Index (RSI), which is currently bouncing off the middle at 50.
Consequently, should buyers choose to make a comeback, a spike in the RSI here might present them with the chance. In this case, converting the $1,350 resistance level into a support floor is necessary for the price of Ethereum to indicate the resumption of buying pressure.
This trend may lead to a retest of the $1,422 and $1,545 price ceilings for Ethereum.
Even though the aforementioned scenario is a bit of a stretch, the optimal scenario would require a retreat to the $1,195 support level first.
On the other side, if the price of Ethereum breaches the $1,195 support level, it will be the first sign of weakness. If selling pressure increases steadily and the daily candlestick finishes below $1,150, marking a lower low, the bullish thesis will be disproved.
Bitcoin Price Prediction
The price of bitcoin is at $16,730, and $22 billion worth of transactions take place every day. Since yesterday, Bitcoin’s price has decreased by almost 1.5%.
The BTC/USD pair is anticipated to find quick support on Saturday close to $16,560. The RSI and MACD indicators are in the oversold region, which might force BTC prices to surge to the $17,000 Fibonacci retracement level, or 23.6% of the price.
Further higher, the 38.2% Fibonacci retracement point and the 50-day simple moving average have extended the $17,250 level, which is where the BTC/USD pair is anticipated to run into new resistance.
A break below $16,570, on the other hand, may expose BTC to $16,150.
Cardano Price Prediction
The price of Cardano has dropped dramatically over the last few days, even dropping more than 4% in the last 24 hours. Now that it has fallen below the crucial $0.30 support level, some traders are worried.
It is currently trading at about $0.28 as traders try to keep the price stable and possibly raise it back above $0.30. It’s going to end up here.
On the daily chart, the price of Cardano can be observed getting closer to the falling channel’s bottom border support. Prior attempts to move the price above the channel’s middle border were failed since the price was unable to move over the $0.33 resistance level.
The ADA price is currently moving in the direction of the trendline support at $0.27.
Overhead pressure is likely to rise if the Moving Average Convergence Divergence (MACD) indicator displays a sell signal. The MACD (seen in blue) passing below the signal line will indicate to investors to step up their selling activities (shown in red).
It’s vital to keep in mind that the path of least resistance for Cardano is lower because the MACD is currently below the mean line (0.00).
If support ($0.27) at the channel’s bottom limit fails, the mounting bearish pressure on Cardano price may become more pronounced.
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