Similar principles govern the operation of the cryptocurrency market. One of the main benefits of cryptocurrencies is the possibility for many people to earn substantial sums of money through digital assets.
Any digital or virtual currency that uses encryption to secure transactions is referred to as cryptocurrency, sometimes known as crypto-currency or crypto.
Cryptocurrencies use a decentralized structure rather than a single issuing or governing body to track transactions and create new units.
Ethereum Price Prediction
The market value of Ethereum has decreased by 68%, mirroring the 75% decline in Bitcoin since all-time highs at $4,868. The price is currently above the 38.2% retracement line, according to a Fibonacci retracement tool that places the current value between the epidemic lows at $86 and the all-time highs at $4,868.
The price of ethereum is at $1,276 and is consolidating inside a narrowing range. A downtrend spike into the 50% ($645) and 61.8% ($401) Fib levels may result from the price action’s constriction at some point in the upcoming months.
Without invalidating Wave 1 of the Macro Count at $366.80, the bearish scenario allows for a decrease in Eth’s market value of up to 65%.
According to Elliott Wave Theory, ETH still has the potential for one more cryptocurrency rise in the years to come as long as Wave 1 is not broken. The market value would climb by 280% if the bulls made a second attempt to reach the All-Time Highs. As a result, when using a dollar-cost average technique to investing, the $366.80 level might be used as a benchmark.
Bitcoin Price Prediction
The price of bitcoin has decreased by 64% this year and by 75% since November 2021, when all-time highs of $69,000 were reached. The peer-to-peer digital currency is hovering on December 23 at the base of a protracted decline.
Significant cues must be present in the longer-term narrative for the decline to be considered over.
At this time, the price of one bitcoin is $16,843. BTC is currently sitting slightly above the unbroken 50% Fib level at $15,017, according to a tool that plots the Fibonacci retracement between the 2020 low at $3,850 and the all-time high at $69,000.
As a result, the price of Bitcoin can still drop by 10% without invalidating the well-liked macro Elliot Wave Count that was put forth earlier this year.
Cardano Price Prediction
Some traders are optimistic that the price of the cryptocurrency will soon stabilise given the recent rate of decline of ADA. ADA is deemed to be “over-sold” since its 14-day Relative Strength Index (RSI) score has been lower than 30 over the previous five days. In the days and weeks that have followed when the RSI has lately indicated that ADA is oversold, its price has often stabilised or even had a little short-term recovery.
The most recent decrease in ADA over the previous few weeks also breached a downward trend channel that has been in place since August. Traders have viewed this as further proof that the cryptocurrency’s value is falling at an unsustainable rate.
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