In 2021, cryptocurrency’s appeal remained strong. Goldman Sachs started to accept cryptocurrencies. The first significant cryptocurrency company to go public was Coinbase in April 2021, and the first Bitcoin-related U.S. exchange-traded fund appeared in October.
Bitcoin, the most well-known cryptocurrency, had a successful year. Since the beginning of 2021, the value of the digital currency has increased by almost 70%, propelling the total market value of cryptocurrencies above $2 trillion.
If the history is any indicator of the future of cryptocurrencies, then investors may expect a thrilling ride. Several intriguing cryptocurrency forecasts for 2023 include:
Ethereum Price Prediction
The price of Ethereum is currently bidding at a barrier of $1,375, which also happens to be another barrier and has in the past caused two large corrections.
Therefore, a rejection followed by a shift in the market structure in favour of bearish may be the indication that investors are looking for to short ETH. However, the current resistance level may be broken, therefore traders must be generous with the size of their stop-loss orders.
The bullish thesis for the price of Ethereum will start to take hold if ETH is able to break through the $1.375 resistance and create a higher high. In reaction to such a scenario, the smart contract token may revert to the psychological level of $1,500.
Bitcoin Price Prediction
A sell signal, known as a bearish divergence, has been seen in the price of bitcoin. When the asset makes higher highs but the momentum indicator—in this case, the Relative Strength Index (RIS)—makes lower highs, a technical pattern known as this one emerges.
This lack of confirmation demonstrates that, despite price increases, momentum is weakening, that there is no fundamental underpinning for the price of bitcoin, and that it may soon start to collapse.
Along with this sell-signal, investors should also be aware of the previous article’s discussion of the cyclical nature of Bitcoin and local top formations.
This may be a sign that a new downleg is about to start for the most popular cryptocurrency, especially when combined with the fact that the price of Bitcoin is in a longer-term decline. Investors should keep a watch on the $15,443 support level as a last line of defence if a sell-off happens.
A four-hour candlestick close of over $17,800 for the price of Bitcoin will invalidate the pessimistic forecast. In such a case, BTC might try to retest the $19,000 psychological hurdle.
Cardano Price Prediction
The cost of Cardano has recently increased after first dropping to under $0.30 and hitting a low of $0.24 at the beginning of the year. With a $9.3 billion market cap, near to $200 million in 24-hour trading activity, and a price of $0.2645 following a retracement, it is now trading.
If the rally continues and ADA rises beyond $0.30, Cardano may surpass Dogecoin and move up to the eighth-largest cryptocurrency by market capitalization.
An inverted H&S pattern’s appearance is bullish and indicates that the trend will change to one of upward movement. The validity of the pattern is increased by a break above the neckline resistance. Cardano’s price increase of 11.7% to $0.29 has already been confirmed by the H&S.
Cardano’s price has dropped steadily since hitting a weekly high of $0.27. Bullish traders are waiting for a rebound from the $0.26 region of the 100-day EMA in the meanwhile.
Trading participants should aim to sell long positions in Cardano at the 200-day EMA (in purple) and $0.29, respectively. Investors with greater caution, however, might hold off until ADA tags $0.30 and, ideally, $0.33.
[embedpost slug=”/cryptocurrency-price-prediction-eth-btc-cardano-12th-jan-2023/”]
