Cryptocurrency Price Prediction: ETH, BTC, Cardano, 26th Aug 2023

Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. It is decentralized, meaning it operates on a peer-to-peer network without the need for intermediaries like banks.

The most well-known cryptocurrency is Bitcoin, which was created in 2009 by an anonymous person or group of people using the pseudonym Satoshi Nakamoto.

One of the key features of cryptocurrencies is their potential for anonymity and pseudonymity. While transactions are recorded on the blockchain, the identities of the users involved are often masked or represented by cryptographic addresses.

Besides Bitcoin, numerous other cryptocurrencies have emerged over the years, each with its own features and objectives. Some popular ones include Ethereum, Ripple, Litecoin, and Bitcoin Cash. These cryptocurrencies serve various purposes, such as facilitating smart contracts, enabling faster transactions, or focusing on privacy.

Cryptocurrencies have gained significant attention due to their potential as an alternative form of money and investment. They offer benefits like borderless transactions, reduced fees, and the potential for substantial returns on investments.

However, they also come with risks, including price volatility, regulatory uncertainties, and security vulnerabilities.

Overall, cryptocurrencies represent a fascinating intersection of technology, finance, and cryptography, with the potential to revolutionize the way we transact and store value.

However, it’s important to approach the cryptocurrency market with caution and do thorough research before engaging in any transactions or investments.

The important Crypto predictions for 2023 are as follows:

Bitcoin Price Prediction

Bitcoin (BTC) prices have changed to a bearish trajectory after falling below the ascending trendline, indicating the continuation of a downward trend.

Following a significant consolidation phase, price movements have followed an upward channel since the beginning of the year. However, the biggest cryptocurrency by market capitalization suffered another consolidation phase in late July.

Notably, Bitcoin price broke through this consolidation last week, sliding beneath the lower boundary of the ascending channel and igniting a bearish sentiment.

The critical support level of $26,012 is significant since it previously served as a strong resistance threshold. A breach and subsequent closing below this level would add to the current downward trend, perhaps sending prices towards the important psychological threshold of $20,000. This corresponds to a 23% decrease from the current pricing level.

The Awesome Oscillator (AO) histograms, in conjunction, show clear support for the downward trend, as evidenced by the prevalence of red and elongated bodies. Similarly, the Williams Percentage R Indicator is oversold at -80, indicating sustained short-position chances.

However, the Exponential Moving Averages (EMA) positioning adds an interesting new dimension. There are signals of probable upward movement with the 50-period EMA above the 100-period EMA. This means that a slight price retracement could occur before the important $26,000 support is breached.

The most logical approach would thus be to wait for price confirmation below $26,000 before entering into a short position.

A revival of sidelined investors, on the other hand, might return Bitcoin price to the positive technical shape, with the potential to breach the $30,699 barrier level.

Ethereum Price Prediction

The violation of the ascending trendline confirms the anticipated downward trajectory of the Ethereum (ETH) price. The hack has also caused the price to go below the important support level of $1,687.

This scenario has set the way for a probable 27% price drop, with a psychological target of $1,200 and intermediate support at $1,366.

These observations are supported by further technical indicators. The higher EMA 100 has lately intersected with the lower EMA 50 from below, indicating a negative market trend.

Similarly, the AO histograms have turned red, with substantial bodies positioned beneath the zero line, indicating increased selling pressure.

Given this scenario, traders may consider entering the market short after a confirmed close below the $1,620 barrier.

On the other side, the RSI’s position within the oversold range indicates an impending price reversal. In a highly positive scenario, if momentum is maintained, Ethereum price might progressively reclaim the $1,687 support level and rise above the rising trendline.

A move of this magnitude would raise the likelihood of a prolonged upswing, with a decisive break over $2,029 confirming the uptrend.

Cardano Price Prediction

The $0.22-$0.24 range is performing as a strong demand zone, according to the ADA price chart below. Following last week’s sell-off, the price retested and bounced off this demand zone. Cardano price prediction would be quite bearish if this strong support level was breached.

The bears may attack the ley psychological level of $0.01, which is the next key support on the monthly chart, in this apocalyptic scenario. Bulls must retake the $0.30 barrier level if the price rises from its current position.

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