Cryptocurrency Price Prediction: ETH, BTC, Cardano, 12th Dec 2022

The cryptocurrency market is no exception. Cryptocurrencies, as one of the most important contributors to the financial world, 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 uses cryptography to secure transactions.

Cryptocurrency employs a decentralized system rather than a central issuing or regulating authority to track transactions and create new units.

Ethereum Price Prediction

The price of Ethereum is currently auctioning at $1,272 as bulls and bears battle within a coiling congestion zone. Several bearish divergences have been detected on the Relative Strength Index, with traders considering a short.

On smaller time frames, the bulls are still holding support above the 8-day exponential moving average at the time of writing. A 4-hour candlestick close beneath the aforementioned indicator would cause a 4% decline towards the 21-day simple moving average at $1,220. If the market is truly bearish, the bulls should avoid retesting the divergent highs near $1,300.

Bitcoin Price Prediction

Bitcoin price has forced traders to look at smaller time frames in order to predict where the peer-to-peer digital currency will go next. On the 2-hour chart, the November 8 upswing back above $17,000 broke oversold conditions on the Relative Strength Index (RS). The RSI is a technical indicator that is used to assess market participants’ strength and intentions.

The RSI’s entry into oversold territory is a good sign because it indicates bulls are still willing to take a risk in the market. Nonetheless, a bearish divergence between recent swings should be noted. On the RSI, the Monday high at $17,424.95 appears to be a weaker uptrend move than the recent Friday high at $17,199.

Bearish divergences are frequently the trigger for market reversals. If the market is truly bearish, a break below the 8-day exponential moving average at 17,010 could trigger a 5% drop into the $16,200 support zone.

Cardano Price Prediction

The altcoin is poised to rally, according to the ADA chart. Its relative strength index (purple) has risen from more than 30 in November to around 45 now, and it appears to be gaining traction.

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

Because of the fragile global macroeconomic environment, investors may still have to wait for a truly significant ADA surge to materialise. The same is true of the FTX issue, which continues to erode investor confidence and the market, with additional troubled companies likely to follow in FTX’s footsteps.

However, once these drawbacks are addressed, Cardano’s extremely strong fundamentals position it so that ADA can continue to grow significantly.

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

It’s worth noting that Cardano has experienced recent growth, with over 3,900 Plutus scripts—the platform’s take on smart contracts—being deployed since the network enabled smart contracts last September. This demonstrates how builders are actually building on the network, which is gradually approaching a critical mass.

This perception is supported by the aforementioned GitHub data, which consistently identifies Cardano as either the network with the highest daily activity or among the highest.

Even though Cardano does not top these rankings every day of the week, it does so on a regular basis, demonstrating how it is expanding faster than most other networks. This implies that in the not-too-distant future, it will become one of the busiest and most popular platforms, benefiting ADA in the process.

Cardano currently has a total value of $60 million locked in. Despite the fact that this is still a small sum, it is important to remember that it was essentially $0 a year ago and only slightly more than $1 million at the start of the year, when ADA’s price was significantly higher.

Despite its low TVL, ADA is still the ninth-largest coin in the market by market cap. As a result, as Cardano grows and gains more adoption, the value of ADA may approach that of Ethereum (ETH).

If its market cap approaches that of ETH, which is now $150 billion, ADA could trade for around $4.40 in the not-too-distant future. Naturally, if the market enters a new bullish phase, the coin’s long-term target price may rise even further; some analysts have set the coin’s long-term target price at around $5.30.

Notably, a $10 ADA coin may be attainable in the future, but it may take some time if Cardano maintains its current trajectory and demand for the platform continues to grow.

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