In 2021, cryptocurrencies continued to gain appeal and even Goldman Sachs began to accept them. The year also saw the first major cryptocurrency company, Coinbase, go public and the first U.S. exchange-traded fund focused on Bitcoin debut in October. The market value of cryptocurrencies surpassed $2 trillion, thanks to the success of Bitcoin, which has risen by approximately 70% since the start of 2021. Other digital currencies, such as Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP), have also experienced significant growth.
Investors can expect a promising future for cryptocurrencies based on their history. Here are some important crypto predictions for 2023:
Bitcoin Price Prediction:
Bitcoin (BTC) reached a high of $26,386 on March 14 but then underwent consolidation with an overall negative bias, returning the token to the $24,000 range. Currently, Bitcoin is at an inflection point, trading at $24,627, down about 1.5% in the previous 24 hours. If it fails to break through the $25,000 barrier, its value may decrease even more. However, near-term support for Bitcoin is at $23,931, with additional, more substantial support at $22,459, provided by the horizontal line and the 50-day Exponential Moving Average (EMA). If Bitcoin falls below $22,459, selling pressure is likely to increase. But if buying pressure increases, the Bitcoin price could break above $25,000, rendering the bearish thesis invalid.
Ethereum Price Prediction:
The Ethereum price (ETH) lost some ground earlier in the week and is currently trading at $1,652, having lost 0.05% in the previous 24 hours. Unless it breaks above the $1,704 resistance level, the price may fall further. Investors should expect the Ethereum price to fall towards the $1,595 support level before retracing to the supplier congestion zones represented by the 50, 200, and 100-day EMAs at $1,572, $1,548, and $1,519, respectively. However, if buying pressure increases, the Ethereum price could rise 3.05% to confront the immediate barrier at $1,704. In extreme cases, it could reach the $1,744 resistance level or reclaim the $1,780 highs set on Tuesday.
Cardano Price Prediction:
Cardano’s cryptocurrency price (ADA) has dropped below all its main moving averages, indicating that it’s currently in a downward trend that dates back to June 2022. Its inability to convincingly break above its 200-Day Moving Average last month also suggests that there isn’t enough momentum for a meaningful improvement in the short-term price outlook. A slump beneath $0.30 seems quite probable, which could lead to a slide of another 24% from current levels. However, it won’t be a straight line lower, as the 14-Day Relative Strength Index (RSI) is getting close to oversold territory.