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
In the Wednesday trading session, bitcoin price succumbed to overhead pressure due to the 50-day EMA at $22,319, as shown in the chart below.
It is also under pressure from the 200-day EMA, which was at $21,790 on Thursday and could push it below the channel. As a result, we anticipate further price declines, possibly tagging the 100-day EMA at $21,309.
The price strength was 38 on the Relative Strength Index (RSI), indicating that the path with the least resistance was downward.
If selling pressure persists, Bitcoin’s price may fall towards the $19,000 support level. This would represent a 12.60% decrease from the current price of $21,746.
On the plus side, if bulls maintain their position above the channel’s lower boundary, Bitcoin’s price may rise. This would imply breaking through the resistance of the 200-day EMA at $21,790, as they did on January 14.
Bulls would have to break through the 200-day EMA as well as the 50-day EMA at $22,319. A daily candlestick close above this level would render the bearish thesis invalid.
They could make a run for Bitcoin price, aiming for the major resistance level of $25,242. This would represent a 16% increase over the current level.
Ethereum Price Prediction
The price of Ethereum (ETH), like Bitcoin, is bearish and struggling to hold above a key level. Overhead pressure from the 50-day EMA at $1,567 stomped its value on Wednesday, turning the 200-day EMA at $1,546 from support to resistance in the Thursday trading session.
As buyer momentum weakens, ETH may fall below the $1,509 support confluence due to the horizontal level and the 100-day EMA.
In the worst-case scenario, the Ethereum price could fall to $1,212 before reversing or returning to the $990 support floor.
In contrast, because the RSI had just risen, more buyers were rushing to the scene, and the price could rise. In this case, Ethereum would have to overcome overhead pressure and break through the 200-day EMA at $1,546 before confronting the 50-day EMA at $1,567.
A daily candlestick close above the aforementioned EMA will render the bearish narrative null and void.
In extreme cases, the Ethereum price could rise to the $1,727 resistance level before accelerating towards the major resistance at $1,853. This would represent a 20.55% increase over the current $1,539 price.
Cardano Price Prediction
Cardano (ADA) is under pressure as one of the industry’s largest and most successful payment services withdraws. Following the FTX meltdown and Terra’s LUNA collapse, the Silvergate Capital situation appears to be the next major failure.
Bullish sentiment is facing strong headwinds and appears poised to collapse, completing the bearish triangle in its path.
Cardano’s price had already dropped nearly 6% in the European session on Friday when initial reports about Silvergate exiting the crypto business surfaced.
Silvergate was a second-tier retail bank that pioneered a commercial gateway for cryptocurrencies and hard cash transactions.
Silvergate’s withdrawal now is almost analogous to Russia’s loss of access to the SWIFT network, and it may indicate that funding issues await battered crypto participants.
ADA, on the other hand, has recently traded to break out of the bearish triangle and has been met with some sharp rejections.
With the current headwinds for altcoins, expect another existential crisis, with a first drop towards $0.32. Once the level is under pressure from the bearish triangle’s completion, a 10% leg lower with $0.30 in hand appears to be granted.
Where one door closes, another may open, and a new service provider may replace Silvergate.
Several large banks have already established a cryptocurrency trading desk, and it would be a small step for them to take over the business and provide the services Silvergate previously provided.
This would result in some calm in the altcoin space, with ADA quickly breaking out of the red descending trendline and revaluing near $0.37.
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