Cryptocurrency Price Prediction: ETH, BTC, Cardano, 8th Feb 2023

Web Desk

08th Feb, 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:

Bitcoin Price Prediction

The current value of Bitcoin is $22,877. Its trading volume was $21.8B in the previous 24 hours, down 2.17%. It currently ranks first in terms of market capitalization, with a value of $441 billion.

Bitcoin has recently been on a downward trend and is currently trading near the $22,700 support level. If it breaks through this level, the price is expected to fall further and may eventually settle at $22,400, which is highlighted by a rising trendline and can be viewed as a potential point of support.

Technical analysis tools such as RSI and MACD have shown signs of an increase in selling pressure, which could lead to the value of BTC falling to $22,350 as its next low point.

According to the 50-day exponential moving average, BTC/USD may encounter resistance near the $23,250 level, and the trend remains bullish. If it rises above $23,250, it has the potential to reach $23,500. This indicates that a rise in value is likely.

Ethereum Price Prediction

The price of Ethereum has increased by 0.5% in the last 24 hours, reaching $1,642, as the cryptocurrency market attempts to recoup some of its recent losses.

Its current price represents a 4.5% increase in the last week and a 30% increase in the last 30 days, with the altcoin nearly matching bitcoin’s gains in the last month.

With Visa revealing yesterday that it is testing stablecoin payments on the Ethereum blockchain, Ethereum can point to the kind of adoption news that Bitcoin supporters can arguably only dream of.

Given that Ethereum is already the largest layer-one network by a wide margin, this is the type of announcement that indicates how dominant it may become in the future.

Cardano Price Prediction

Cardano is currently auctioning for $0.403. The 1-2-1-2 ramping pattern within the current uptrend rally is one of the key indicators signalling a potential move higher. This pattern appears when the price repeatedly makes higher lows and higher highs.

The stair-stepping price action indicates the open interest in an asset among algorithmic bots, day traders, and smart-money operatives. Price movements can become more intense and volatile as the pattern progresses, creating an environment conducive to a large move.

Divergences on the Relative Strength Index are another factor to consider (RSI). The RSI is a momentum indicator that compares the depth of recent gains to recent losses to determine whether an asset is overbought or oversold.

Cardano is currently showing bullish divergences within the 1-2-1-2 pattern after breaking through overbought conditions. This could be interpreted as a signal to slow down before Cardano’s next leg up.

Cardano could see further gains in the near future based on the current ramping 1-2-1-2 pattern. Since September 2022, the $0.45 zone has represented a convergence of resistance, support, and untagged liquidity levels.

A break below the $0.36 support level could invalidate the bearish thesis. If the breach occurs, the Cardano price could fall toward the $0.30 level of support, representing a 23% increase over the current market value of ADA.