Cryptocurrency Price Prediction: ETH, BTC, Cardano, 29th 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

On the four-chart, the price of Bitcoin (BTC) shows an ascending broadening wedge formation.

The current support level of $29,000 is important to monitor because a break of this level could signify a possibly negative scenario. Regardless of the current support, the overall uptrend is still intact.

Traders should keep an eye on the climbing support trendline, which is important in determining future price action.

However, a bearish scenario may emerge if the price falls below the ascending support trendline, which then functions as resistance.

This would imply a possible trend reversal and a move from bullish to bearish market sentiment.

If the price of Bitcoin falls below the trendline, the next major support level is $28,452, which is 2.93% lower than the current price. A break of this support level could result in even more downward momentum.

However, the Moving Average Convergence Divergence (MACD) histograms have recently crossed above the zero line, indicating a recent surge in buying activity, albeit in small volume.

Ethereum Price Prediction

The daily price of Ethereum (ETH) shows prices sliding below the 50-EMA and facing resistance at the 38% Fibonacci Retracement level of $1,873.

A break and closure above this level has the ability to change the trend, but technical indications indicate that this is unlikely in the near future.

The AO histograms suggest bearish pressure with a red colour below the zero line, and the RSI is moving in the middle.

Support is currently at the 50% retracement level of $1,827, which is around 1.7% below the current price level.

The market appears to be consolidating between $1,827 and $1,873, as the FOMC’s 25 basis point rate rise decision has already been priced in.

Cardano Price Prediction

Cardano’s (ADA) price has fallen by 0.5% in the last 24 hours, to $0.309603, as the larger cryptocurrency market has also down by around the same percentage today.

ADA is also down 1% in the last week, but it is up 12% in the last 30 days and 25% since the start of the year.

Cardano has surpassed Dogecoin (DOGE) in terms of capitalization, with ADA currently ranking eighth in the market, trailing only Lido Staked Ether (STETH).

And, with Cardano’s platform development proceeding apace, ADA is likely to see further rises in the coming months.

The chart of ADA implies that the coin is on the verge of another surge, with its relative strength index (purple) rising from 50 and appearing likely to increase further.

This change is complemented by ADA’s 30-day moving average (yellow), which has stopped falling in recent days and has now levelled out, suggesting that it, too, may begin climbing again.

This shows that, following a very disappointing week, ADA is going to have another bounce, potentially propelling it back up $0.325 in the near future.

However, the altcoin’s support level (green) remains rather weak, with its failure to increase regularly over the last fortnight signalling that a few losses are just as possible.

Despite this uncertainty, ADA remains in a mostly good overall position, with the cryptocurrency now ranking eighth in the market, surpassing DOGE.

This is partly due to DOGE’s dismal 2023, but there are obvious evidence that Cardano is expanding as a platform and that ADA’s trajectory is upward.

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