Similar rules govern how the cryptocurrency market operates. The ability for many people to make substantial quantities of money through digital assets is one of the key advantages of cryptocurrencies.
Cryptocurrency, often known as crypto-currency or crypto, is any digital or virtual currency that uses encryption to safeguard transactions.
Cryptocurrencies employ a decentralized system to log transactions and issue new units, as opposed to a single issuing or regulating body.
Ethereum Price Prediction
So perhaps the Fed’s tightening bets will cause ETH to revert to where it started the week, at $1,200. However, given the strong technical picture, a revisit of these levels might spark significant buying interest. ETH bulls are aiming for an eventual test of the December highs in the $1,340 range as well as a probable test of the 200DMA at $1,390 after breaking out of a medium-term downtrend earlier this week.
But whether ETH could go through these points is a different matter. Since July 2022, the cryptocurrency has been stuck inside a channel that represents a declining trend.
A significant break higher may not be on the horizon in the upcoming weeks or months, according to persistent challenges to the larger crypto industry caused by a still very hawkish Fed and the deteriorating US economy.
Bitcoin Price Prediction
When the price of bitcoin bounced off the $16,624 support level, a rise began. When compared to the most recent higher high, this move changed the market’s structural makeup. The positive outlook is still present, but confirmation of the upward trend will only come into play if BTC can break $16,822, which has seen the largest trading volume since November 5.
The price of bitcoin may seek to rise to $17,306 if this attempt is successful, the range’s high at $18,401, and the level with the highest volume of transactions for 2022 at $19,237.
The prognosis remains positive, but a drop below $16,822 would be a sign of weakness. If the price of bitcoin falls below $16,221 in a four-hour candlestick closure, the optimistic claim will be proven wrong. In this case, Bitcoin might drop back to its $15,443 equal lows.
Cardano Price Prediction
The Cardano price finalised the auction in December. In the red, taking 22% of market value away from long-term investors. The ADA price has increased by 10% since January 1.
Cardano is presently auctioning for $0.2693. The bulls have effectively broken through both the 8-day exponential and 21-day simple moving averages, implying that Cardano has additional upward potential in the immediate term.
The recent price movement of ADA is a 38.2% correction, according to a Fibonacci retracement tool encompassing December’s trading range. The rally to the north could reach the 61.8% Fib mark near $0.2900 without invalidating the wider bearish narrative. As a result, the correction could produce an additional 8% before bears attempt to extend the downturn.
Because the countertrend is still a part of a bigger decline, traders should maintain a tight stop loss to reduce risk. If the bears can deliver a daily candlestick close beneath the previously breached 8-day exponential moving average at $0.2500, the countertrend bullish rally notion will be invalidated.
A break of the barrier might lead to a challenge of the 2020 liquidity level at $0.2290, resulting in a 13% drop in Cardano price from the current level.
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