The appeal of cryptocurrencies persisted in 2021. Cryptocurrencies are now accepted by Goldman Sachs. In April 2021, Coinbase became the first significant cryptocurrency company to go public. The first U.S. exchange-traded fund with a focus on Bitcoin debuted in October of the same year.
The most well-known cryptocurrency, Bitcoin, had a prosperous year. The value of the digital currency has grown by about 70% since the start of 2021, pushing the total market value of cryptocurrencies past $2 trillion.
The majority of the major coins’ values have significantly increased this year, which has been great for the cryptocurrency market. Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP) are three other digital currencies doing well.
If the history of cryptocurrencies is any indication of the future, investors can look forward to an amazing journey.
The important Crypto predictions for 2023 are as follows:
Bitcoin Price Prediction
The current price of bitcoin is $21,700, with a $22 billion 24-hour trading volume. In the past day, Bitcoin has lost 0.14%, and according to CoinMarketCap, it is currently ranked 1. $418 billion is the market capitalization of it.
Technically speaking, Bitcoin has demolished a key support level at $21,700 and is now tumbling towards the following support area at $21,290. The 38.6% Fibonacci retracement level of $21,290 may act as resistance if the price declines further.
However, if the bearish trend continues, Bitcoin may drop to the $20,300 level of the 50% Fibonacci retracement.
However, if candles close above the $22,375 mark, there may be a chance for a bullish bounce in the price of bitcoin. The next resistance level for BTC is $24,260, and it could be reached if buyers step in and exert more pressure.
Ethereum Price Prediction
Ethereum’s current live price is $1,500, with a $8.1 billion 24-hour trading volume. With a live market cap of $183.78 billion, CoinMarketCap currently ranks 2 in the world.
The 38.2% Fibonacci retracement level of $1,500, which also serves as a double-bottom support level, is where Ethereum is currently trading. There is a chance for an uptrend to reach the $1,560 level if the candles close above $1,500.
An earlier break in an upward channel is what caused the current resistance level. ETH might reach the $1,600 or $1,680 level if it breaks above $1,560.
Breaking through the $1,560 mark would support the maintenance of Ethereum prices and improve trading opportunities for ETH. If this is not done, ETH prices might fall, possibly all the way to $1,435 level.
Cardano Price Prediction
Cardano (ADA) price is getting close to a key support level at $0.327 after breaking down from a short-term pattern.
The native token of the Cardano network is called ADA. Charles Hoskinson, the company’s founder, recently tweeted about whether the Layer 1 protocol of the Cardano blockchain should include KYC. He contends that KYC validation and a decentralised protocol are compatible.
The price of Cardano rose by 68% in January, reaching a high of $0.399 on January 31. After two more days of upward movement, the price started to decline.
The daily RSI experienced a significant bearish divergence prior to the decline (green line). The indicator is currently in danger of dropping below 50. This denotes a bearish trend and might mean that the upward movement is finished.
In any case, the 0.5 Fib retracement support level and a horizontal support area that they formed formed the $0.327 support area are also within striking distance of the current price. This combination may cause the area to begin a bounce back to $0.40.
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