Cryptocurrency Price Prediction: ETH, BTC, Cardano, 11th Dec 2022

The cryptocurrency market is no different. As one of the most important contributors to the financial world, cryptocurrencies have enabled many people to earn significant amounts of money through digital assets.

Cryptocurrency, also known as crypto-currency or crypto, refers to any type of digital or virtual currency that secures transactions with cryptography.

To track transactions and create new units, cryptocurrency uses a decentralized system rather than a central issuing or regulating authority.

Ethereum Price Prediction

A shorter-term view of the price of ETH shows that the cryptocurrency is moving lower while still being contained by a bearish flag. However, ETH is currently probing the upper limits of this flag pattern and appears to be poised to break higher once more, towards $1,300.

The stimulus that the Ethereum bulls need might be a further rise in US stock markets and a decline in the value of the US dollar as the week’s end approaches, potentially helped if Friday’s US inflation data are softer than expected. The recent support that ETH has found at its 21-Day Moving Average and the 23.6% Fibonacci retracement level from the post-FTX collapse lows under $1,100 back to the pre-FTX collapse highs in the $1,600s may also aid with technical purchasing.

Bitcoin Price Prediction

The price of bitcoin is at $16,844 and there are $17 billion worth of transactions every day. With barely a 0.20% increase from yesterday, the price of bitcoin is largely steady today.

More losses are anticipated to occur if Bitcoin prices linger below $16,900, a key technical resistance mark. The $16,900 level served as support on the 4-hour period and was extended by an upward trendline; however, the presence of Doji candles suggests that a downturn may be developing.

On the downside, the next level of support for Bitcoin is $16,500. The price of BTC may drop much further, to $16,000 or $15,450, if this barrier is crossed.

A solid rally to at least $17,350 is anticipated if Bitcoin is unable to maintain its recent falling trend and instead shows a positive break over $17,000. The price of bitcoin may hit $17,650 or $18,000 if the upward trend holds.

Cardano Price Prediction

According to the ADA chart, the altcoin is ready to rally. Its relative strength index (purple) has increased from over 30 in November to around 45 at the moment and appears to be picking up steam.

At the same time, for the majority of the year, the coin’s 30-day moving average (red) has been comfortably lower than its 200-day average (blue). Technically speaking, this indicates that ADA is overdue for a significant resurgence and continued growth.

It goes without saying that investors may still have to wait for a really significant ADA surge to materialise because to the fragile global macroeconomic environment. The same is true of the FTX problem, which also continues to harm investor confidence and the market, with additional troubled companies probably following in FTX’s footsteps.

However, once these drawbacks are addressed, Cardano’s extremely solid fundamentals position it in a way that ADA can continue to experience significant growth.

For instance, the Cardano ecosystem has been rapidly expanding over the past several months, with more than 1,100 apps and projects presently building on its network and more than 100 projects having released, despite the bear market of 2022.

It’s interesting to note that Cardano has had recent growth since more than 3,900 Plutus scripts—the platform’s take on smart contracts—have been deployed since the network enabled smart contracts last September. This demonstrates how builders are in fact constructing on the network, which is gradually reaching a critical mass.

The aforementioned GitHub data, which constantly identifies Cardano as either the network with the highest daily activity or among the highest, serves to support this perception.

Even while Cardano doesn’t top these rankings every day of the week, it usually does, demonstrating how it is expanding more quickly than most other networks. This implies that it will thereafter become one of the busiest and most popular platforms in the not-too-distant future, benefiting ADA in the process.

The current total value locked for Cardano is $60 million. Despite the fact that this is still a little sum, it is crucial to keep in mind that it was essentially $0 a year ago and only a little over $1 million in the beginning of the year, when ADA’s price was significantly higher.

The key aspect is that ADA is still the ninth-largest coin in the market by cap, despite having a low TVL. As a result, ADA will increase in value as Cardano grows and gains greater adoption, possibly approaching Ethereum (ETH).

In the not-too-distant future, ADA might trade for about $4.40 if its cap approaches that of ETH, which is now $150 billion. Naturally, if the market enters a new bullish phase, it might increase even further; some analysts have placed the coin’s long-term target price at about $5.30.

Notably, a $10 ADA coin may be attainable in the future, but it might take some time to get there, assuming Cardano maintains its current trajectory and demand for the platform keeps growing.

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