Cryptocurrency Price Prediction: ETH, BTC, Cardano, 2nd Jan 2023

Similar rules govern how the Cryptocurrency market is run. The ability for many people to make substantial quantities of money through digital assets is one of the key advantages of cryptocurrencies.

Cryptocurrency, often known as crypto-currency or crypto, is any digital or virtual currency that uses encryption to safeguard transactions.

Cryptocurrencies have a decentralized design to log transactions and issue new units, as opposed to a single issuing or controlling body.

Ethereum Price Prediction

Stretched from the $1230 and $1160 levels, the price of Ethereum is currently in a phase of consolidation. This alternative coin exhibits price rejection on both ends of the multiple candles, emphasising the market’s persistent ambiguity.

The price of Ethereum is currently trading at $1198, down 0.12% on the day.

The downsloping EMA resistances (20, 50, 100, and 200) and continuous bearishness in the cryptocurrency market make it likely that the ETH price will break through the range support level of $1160. The prices of the $1100-$10808 support will fall as a result of this breakdown.

On the other hand, prices will rise to $1350 if there is a positive breakout from the $1230 barrier level.

Bitcoin Price Prediction

The Bitcoin price has oscillated between specific levels of $16950 and $16285 for more than two weeks. Prices inside this range repeatedly tested the aforementioned levels, showing that market players are mired in uncertainty.

The Bitcoin price displayed a lengthy lower price rejection candle on December 30 at the $16285 level, indicating that the purchasing demand is still present and that the consolidation phase will last for a few more sessions.

As of the time of publication, the price of Bitcoin is trading at $16563, down 0.24% for the day.

Therefore, a break from this constrained range is required for the price of bitcoin to emerge from the stale market situation.

The recovery phase will be renewed if there is a bullish breakout from $16950, which might spur BTC to hit $17300 and then $18300.

On the other hand, prices will return below $15600 if the daily candle closes below $16285.

Cardano Price Prediction

Cardano’s price is predicted to drop 91.6% from its all-time high of $30.9 on September 2, 2021, and will end the year in a seemingly endless rabbit hole. Investors were further disappointed when ADA lost 82.6% of its value in just one year.

The majority of the year has had the Market Value Realized Value (MVRV) profit or loss model below its mean line at 1. According to Santiment, an asset would be undervalued when the MVRV deviates from the mean line. Investors are more likely to keep their tokens for longer under these conditions. Before a rally, some shoppers would even make more purchases.

Therefore, an MVRV ratio of -15.09, which shows that a rebound catalyst is still required, points to a purchase zone for ADA. On the other hand, investors often sell to book profits when the MVRV flips past the mean line.

Some investors, more notably whales, who are now on a buying binge, answered the call. According to on-chain data from Santiment, addresses holding 1M to 10M ADA now hold 16.19% of the network’s total supply, up from 15.98% on December 14.

The development patterns of whale and shark addresses with 10M and 100M ADA are similar. Over the same period, the share of supply that this tier represents increased by 0.42% to 41.54%. As ADA demand increases, Cardano’s value would start to rise, indicating that the market downturn has ended.

Input Output Global has a strong development team supporting the Cardano protocol (IOG). The Vasil Hard Fork is the most recent and complicated change in the protocol’s history, however there have been several important upgrades made to the network during the previous year. The pricing of ADA in 2023 could benefit from these modifications.

The community expects IOG to work to increase the volume to 80 KB and the network’s block size by 8 KB, allowing access to more bandwidth to support a better transaction throughput.

In addition, IOG is working to improve Cardano’s scalability in order to cope with escalating demand brought on by the migration to a proof-of-stake (PoS) system.

Due to its unique features, Cardano is the market leader in blockchain technology. If IOG continues to be committed to the project as it has been, the decrease to $0.25 might just be a minor annoyance before a strong rally that might see the price of ADA reclaim $3.

Also Read

Cryptocurrency Price Prediction: ETH, BTC, Cardano, 31st Dec 2022

The market for cryptocurrency is run by similar regulations. One of the main benefits...