Cryptocurrency Price Prediction: ETH, BTC, Cardano, 29th Jan 2023

Web Desk

29th Jan, 2023. 12:15 am
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The appeal of cryptocurrencies persisted in 2021. Cryptocurrencies are now accepted by Goldman Sachs. In April 2021, Coinbase became the first significant cryptocurrency company to go public. The first U.S. exchange-traded fund with a focus on Bitcoin debuted in October of the same year.

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

The majority of the major coins’ values have significantly increased this year, which has been great for the cryptocurrency market. Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP) are three other digital currencies doing well.

If the history of cryptocurrencies is any indication of the future, investors can look forward to an amazing journey.

The important Crypto predictions for 2023 are as follows:

Ethereum Price Prediction

With one minor difference, Ethereum’s price displays similar technicals to those of Bitcoin. Up until January 23, when the bears successfully breached the 8-day exponential moving average, Ethereum experienced a seven-day consolidation at the mid-$1600 region. The $1,600 support zone experienced a brief loss as a result of the liquidation. The bears have maintained their strength since the sell-off and have built a new barrier of resistance close to $1610.

The price of Ethereum is currently bidding at $1603 and has been rejected at the $1610 resistance barrier for the fifth day in a row. Throughout the weekend, traders should pay close attention to this level because a smaller time frame candlestick close above the barrier could start a huge buying frenzy.

If there is a breach above $1610, an Ethereum price of $1700 is likely to become a new reality. A breach below the most recent swing low at $1552 would be evidence of an uptrend that had been invalidated.

On the other hand, ETH may decline into much lower targets if the bears keep up their flex. The 21-day simple moving average at $1480 would be the first area of interest, followed by a fall into the ascending trendline at $1250. The 40% uptrend received crucial support from the ascending trend line early on, and it hasn’t been broken yet.

Bitcoin Price Prediction

The mid-$23,000 price zone is where the price of bitcoin is encountering resistance. Although the bullish rally has already been impressive, traders who see the current consolidation as a sign of a weakening trend may be ignoring some important facts.

At this time, the price of one bitcoin is $23,146. The price of bitcoin has gradually produced higher highs throughout the week-long consolidation. After finding support from the 8-day exponential moving average on January 25, the Bulls produced a new monthly high of $23,816.

The bulls should keep aiming for higher targets as long as BTC can maintain itself above $23,000. The $24,000 region is the next important level of interest, followed by the $24,650 liquidity level. A 7% increase from the current BTC price is possible with the bullish trade hypothesis.

As previously stated, a breach to the downside of the 8th-day exponential moving average would be a justifiable entry for sidelined bears. The 21-day simple moving average, which has not been tested during the 40% rally, would be a crucial level to aim for if the breach takes place. If successful, the bears would achieve a 10% decline.

Cardano Price Prediction

The decline in the price of Cardano that has been going on since August of last year is about to end. High global inflation that was staggeringly high and stern statements from central bankers that this inflation would not go away without hurting the underlying economy were factors that led to a constant sell-off.

Markets have been rallying a little too aggressively higher in anticipation of inflation falling to 2%, which would be out of the ordinary historically because blips along the way are more common.

Since 2018, the ADA price has not experienced a volume increase to its usual trading level. A rally of this size with such low volume indicates that it is built on shaky ground and could collapse with the smallest shock, such as an unexpected spike in inflation rather than a decline.

The massive caps at $0.384 and $0.40, as well as the fact that the price of Cardano has risen above the pivotal horizontal level and the red descending trend line, should serve as a warning to traders that any further upside will require significant support from central banks, further declines in inflation, and a reduction in geopolitical risk.

If volume starts to increase more, continues to increase through February and March, and then breaks above the levels again in May 2022, it can be argued that a significant change has occurred.

The rally is more broadly supported and will fare better in any market turbulence thanks to the greater volume behind it. With the next $1.54 level as the price target to be reached for 2023, the volume buffer could more easily push price action above $0.84 and better absorb any market shocks.