Cryptocurrency Price Prediction: ETH, BTC, Cardano, 21st July 2023

Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. It is decentralized, meaning it operates on a peer-to-peer network without the need for intermediaries like banks.

The most well-known cryptocurrency is Bitcoin, which was created in 2009 by an anonymous person or group of people using the pseudonym Satoshi Nakamoto.

One of the key features of cryptocurrencies is their potential for anonymity and pseudonymity. While transactions are recorded on the blockchain, the identities of the users involved are often masked or represented by cryptographic addresses.

Besides Bitcoin, numerous other cryptocurrencies have emerged over the years, each with its own features and objectives. Some popular ones include Ethereum, Ripple, Litecoin, and Bitcoin Cash. These cryptocurrencies serve various purposes, such as facilitating smart contracts, enabling faster transactions, or focusing on privacy.

Cryptocurrencies have gained significant attention due to their potential as an alternative form of money and investment. They offer benefits like borderless transactions, reduced fees, and the potential for substantial returns on investments.

However, they also come with risks, including price volatility, regulatory uncertainties, and security vulnerabilities.

Overall, cryptocurrencies represent a fascinating intersection of technology, finance, and cryptography, with the potential to revolutionize the way we transact and store value.

However, it’s important to approach the cryptocurrency market with caution and do thorough research before engaging in any transactions or investments.

Bitcoin Price Prediction

Bitcoin (BTC) price volatility is decreasing, indicating a large forthcoming price change to the upside or downside. The price is moving on a short leash, with upside and downside limits of $31,500 and $29,872, respectively.

The next direction will be determined by a decisive break and following candlestick close above or below the range.

With momentum indications indicating diminishing buying pressure, Bitcoin might go below the lower support level of $29,872.

Notably, considerable uncollected liquidity is below this level, acting as a downward pull for BTC as traders look for suitable entry points.

As a result, a significant break below the critical support level of $29,872 might see Bitcoin price fall below the $27,500 zone. Both the RSI and the Moving Average Convergence Divergence (MACD) indicators point south, indicating declining momentum.

The 50-, 100-, and 200-day Exponential Moving Averages (EMA) around $29,235, $28,130, and $26,562 respectively give entry points for investors who have been sidelined or who want to enhance their holdings.

As Bitcoin price falls below crucial support, the resulting purchasing pressure from these levels may create more tailwinds for BTC to return north, potentially breaking the $31,500 mark to confirm an uptrend.

Ethereum Price Prediction

As the decline continues, the price of Ethereum (ETH) is testing critical support. The largest altcoin by market capitalization, at $1,907, is on the verge of breaching below its bullish consolidation along the uptrend line or continuing to post gains above it.

Momentum indicators such as the RSI and MACD suggest to a drop unless bulls take advantage of the current low-risk purchasing opportunity to reject the downside. If cautious trading prevails and bulls remain on the sidelines, a verified breach below the ascending trendline might send ETH down the drain.

This might cause the altcoin to re-register the July 7 lows around $1,824, or it could hit the 50-day EMA at $1,868. This is indicated by the support convergence of the 100-day EMA and the horizontal line, indicating a strong buyer congestion zone.

Alternatively, purchasing pressure from the EMAs could facilitate a north swing, allowing ETH to continue along the uptrend line and eventually shatter the $1,959 resistance level. In extreme scenarios, the Proof-of-Stake (PoS) token might recapture its mid-April highs above $2,120.

Cardano Price Prediction

ADA price forecasts are expected to stay optimistic.

While the cryptocurrency may fall all the way back to its earlier pennant structure in the $0.30 range, this may give a favourable opportunity for bulls to re-enter the market.

With ADA having already cut through $0.35 resistance, making it less of a psychological barrier for future retests, bulls are still likely to aim for a test of yearly highs over $0.46.

After all, the XRP decision should call into question the US Securities and Exchange Commission’s (SEC) allegation that ADA is a security.

Risk-averse investors may now be more motivated to invest in the token, which is still very inexpensive by historical standards, as well as transfer cash into the Cardano blockchain’s Decentralised Finance (DeFi) ecosystem.

This should continue to benefit ADA in the coming weeks and months.

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