Cryptocurrency Price Prediction: ETH, BTC, Cardano, 16th Jan 2023

The popularity of cryptocurrencies persisted in 2021. Cryptocurrencies are now accepted by Goldman Sachs. In April 2021, Coinbase became the first big cryptocurrency business to go public, and in October that year, the first U.S. exchange-traded fund with a concentration on Bitcoin debuted.

The most well-known cryptocurrency, Bitcoin, had a prosperous year. The value of the digital currency has surged by about 70% since the start of 2021, pushing the entire market value of cryptocurrencies past $2 trillion.

Investors can anticipate a fantastic trip if the history of cryptocurrencies is any indication of the future. The following are some crucial bitcoin projections for 2023:

Ethereum Price Prediction

The price of Ethereum has risen to its ideal level of $1,450, confirming the rising trend seen during the winter. Since ETH crossed the $1,230 support level at the start of the month, many have anticipated that the mid-$1,400 barrier will likely be tested.

At the moment, ethereum costs $1,458. Since January 1, ETH has increased 22%, therefore traders who took the bullish trade are doing well.

The following significant objectives are within $1,600. The price zone, an important liquidity level, has gone untagged ever since ETH fell from $1660 to $1,073 during the first week of November.

The trade concept might be disproved using the pivot point of $1,344 that developed during the current trend. The $1,250 area can serve as support in the event of a breach of the barrier, which can result in a deeper correction. The price of ETH would drop by 15% if the bears were to win.

Bitcoin Price Prediction

Due to the 6% daily gain in the price of bitcoin, the current relief rally has grown by 20% since January 1. The daily rise, which has broken through a trendline that had previously prevented previous uptrend attempts during the fall, is currently the largest daily gainer of the month.

One bitcoin is currently valued at $20,017. Zooming out, the preceding range shows converging trendlines from the high on August 15 and low on June 18, as the BTC price failed to breach either side of the range during the summer and fall.

Elliott Wave theory practitioners suggest a “Ending Diagonal” as a possible explanation for the contracting range.

If the recently breached trend line is a component of an ending diagonal pattern, the bullish target zones might be the fialnals origin point above the August high, resulting in an additional 25% increase from Bitcoin’s present price (often observed around market reversals).

A Fibonacci retracement level from the positive cross of the 8-day exponential moving average and 21-day simple moving average at $16,655 and the $25,000 high points to resistance levels at $20,430 and maybe $21,440.

These levels may act as a temporary barrier before BTC moves in the direction of the forecasted target zone.

Cardano Price Prediction

As the value of the digital token for smart contracts, Cardano, has noticeably increased since the year 2023 began, cryptocurrency traders continue to discuss its pricing.

By January 12, those who had invested in ADA had seen a 35% return. The unpleasant sense that the ADA coin may have achieved its macro bottom is created by the recent relief rally.

After five days in a row of profitable trading, Cardano is now biding at $0.3287. Bulls can now take advantage of the liquidity above December’s monthly high of $0.3290 because the trend’s slope is almost vertical.

The Relative Strength Index, a tool for evaluating the potential of moving markets, shows optimistic signs despite the present rise.

The volume indication more than tripled to $400,000 from the average $200,000 in transactions witnessed over the winter, validating the upbeat hypothesis.

At some point, there will undoubtedly be a market pullback. The RSI landing zone at the midpoint and an increase in volume in connection to any upcoming red days are therefore two things that traders should watch out for.

Bullish targets would be the psychological $0.4000 price level and liquidity over $0.3700, which would represent increases of up to 21% from Cardano’s current market value.

The first sign of a trend change would be a breach below the most recent ascending trendline. The key level is now trading around $0.2800, but if Cardano’s price stays high and in line with the trend, it might increase.

If the trend were to break, the $0.2440 bottom in 2022 may be in danger because the lows might be retested. The price of ADA would decrease by 27% under the adverse scenario.

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