Cryptocurrency Price Prediction: ETH, BTC, Cardano, 6th Sept 2023

Web Desk

06th Sep, 2023. 12:06 am
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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

At $27,175, the price of Bitcoin (BTC) is above the 200-day Exponential Moving Average (EMA). The Relative Strength Index (RSI) is decreasing, and BTC might continue to tumble, potentially revisiting the immediate support level of $25,999.

In the worst-case scenario, the fall may drive Bitcoin to the psychological $24,000 level, or a 10% loss from current levels.

However, if sidelined bulls or late buyers enter, Bitcoin price may break over the resistance confluence between the 50- and 100-day EMAs, which rejected the August 29 intraday high of $28,142.

A significant break over this stumbling barrier would allow BTC to test the supply zone at about $29,170.

If the order block fails to hold as a resistance, the psychological $30,000 level would be of interest, with strong seller momentum forecast around $30,385, an overlap between two supply zones where aggressive selling is likely.

However, for a rally to be verified, BTC must record a convincing daily candlestick close over $31,439.

Ethereum Price Prediction

The price of Ethereum (ETH) increased by about 7% on the Grayscale news, although profit-taking has already begun, like with BTC. A dropping RSI indicates this.

If bears continue to have their way, ETH may continue to fall after losing the $1,701 support level. The next support level around $1,630 could provide a subsequent entry point for bulls, but failure could send the proof-of-stake (PoS) token lower, potentially to $1,552.

In contrast, if dormant investors return, the price of Ethereum might rise further.

The resulting purchasing pressure will most certainly push ETH beyond the resistance confluence of the 200- and 50-day EMAs at $1,774 and $1,776, respectively, before colliding with the 100-day EMA at $1,800.

In the most bullish scenario, Ethereum price would likely break beyond the psychological $2,000 threshold, with a target of $2,008 in sight.

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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