Cryptocurrency Price Prediction: ETH, BTC, Cardano, 1st Jan 2023

Bitcoin Price Prediction

The price of one bitcoin is currently $16,564, while in the previous day, $15 billion worth of trading was conducted. On the 4-hour time scale, Bitcoin is finding strong support at $16,460, which is being extended by an outward trend line that can be seen in the chart below.

If the $16,720 level is successfully broken, the price of bitcoin may rise to the next resistance level of $16,990. A bearish breakout of the $16,460 level might expose Bitcoin to quick support levels of $16,200 or $16,000 because the RSI and MCD are negative.

BTC might be exposed to the $15,500 level if today’s unfavorable collapse of $16,000 continues.

Cardano Price Prediction

Cardano’s price is expected to conclude the year in a seemingly infinite rabbit hole after falling 91.6% from its all-time high of $30.9 on September 2, 2021. In just one year, ADA lost 82.6% of its value, further crippling investors.

The Market Value Realized Value (MVRV) profit or loss model has been below its mean line at 1 for the majority of the year. Santiment claims that when the MVRV deviates from the mean line, an asset would be undervalued. In these circumstances, investors are more likely to keep their tokens for longer. Some people would even increase their purchases before a rally.

A buy zone for ADA is therefore indicated by an MVRV ratio of -15.09, which indicates that a rebound catalyst is still needed. On the other side, when the MVRV flips past the mean line, investors typically sell to book profits.

The call was answered by some investors, more specifically whales, who are now on a buying binge. Addresses with 1M to 10M ADA now possess 16.19% of the network’s total supply, up from 15.98% according to on-chain data from Santiment.

Whale and shark addresses with 10M and 100M ADA show a comparable growth pattern. The proportion of supply that this tier makes up has increased by 0.42% to 41.54% over the same time frame. Cardano’s value would start to rise as ADA demand grows, signalling the end of the market downturn.

A robust development team supporting the Cardano protocol is employed by Input Output Global (IOG). In the past year, the network has undergone numerous significant improvements, the most recent and intricate in the protocol’s history being the Vasil Hard Fork. These changes may have a favorable effect on the pricing of ADA in 2023.

The community anticipates that IOG will work to boost the volume to 80 KB and increase the block size of the network by 8 KB, enabling access to a greater bandwidth to support a higher transaction throughput. IOG is also striving to strengthen Cardano’s scalability to handle rising demand as a result of the switch to a proof-of-stake (PoS) system.

Cardano is an industry leader in blockchain technology thanks to its distinctive characteristics. The drop to $0.25 could be a little inconvenience before to a significant rally that could see the price of ADA recapture $3 once more as long as IOG stays devoted to the project, as it has been.

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