Cryptocurrency Price Forecast: Ethereum (ETH), Bitcoin (BTC), Cardano (ADA) – August 24, 2023
Cryptocurrency, a digital or virtual form of currency secured by cryptography, operates on a decentralized peer-to-peer network, bypassing intermediaries like banks.
Bitcoin, created by an anonymous entity called Satoshi Nakamoto in 2009, is the most recognized cryptocurrency.
Cryptocurrencies offer anonymity and pseudonymity through blockchain transactions, masking user identities.
Apart from Bitcoin, other cryptocurrencies like Ethereum, Ripple, Litecoin, and Bitcoin Cash have unique features and uses, from smart contracts to privacy.
Cryptocurrencies present an alternative form of money and investment, offering borderless transactions and investment opportunities.
However, they come with risks like price volatility, regulatory uncertainties, and security vulnerabilities.
Approach the cryptocurrency market with caution and research before any transactions or investments.
Cryptocurrency Predictions for 2023:
Bitcoin Price Prediction: Bitcoin’s price trajectory has turned bearish after breaking below the ascending trendline, suggesting a continued downward trend.
After a consolidation phase, prices followed an upward channel this year, but a July consolidation led to a bearish sentiment.
Bitcoin’s price recently breached the lower boundary of the ascending channel, with a critical support level at $26,012.
A breach below this support could drive prices down to $20,000, marking a 23% decrease.
Technical indicators like Awesome Oscillator (AO) and Williams Percentage R Indicator suggest a downward trend.
Exponential Moving Averages (EMA) positioning indicates a potential retracement before breaking the $26,000 support.
For a short position, wait for price confirmation below $26,000.
A return of sidelined investors could push prices above $30,699.
Ethereum Price Prediction: Ethereum’s price violated the ascending trendline and broke below the support level of $1,687 due to a hack.
This situation could lead to a 27% price drop, with targets at $1,200 and intermediate support at $1,366.
EMA 100 intersecting with EMA 50 from below indicates a negative market trend.
AO histograms turning red and below the zero line suggests increased selling pressure.
Consider entering a short position after a confirmed close below $1,620.
RSI within the oversold range could indicate a reversal, potentially pushing Ethereum above $1,687.
A significant upward move might confirm an uptrend if Ethereum breaks above $2,029.
Cardano Price Prediction: Cardano’s $0.22-$0.24 range acts as a strong demand zone, with last week’s sell-off followed by a bounce.
Breaking the demand zone could lead to a bearish scenario, with the psychological support level at $0.01.
Bulls need to reclaim the $0.30 barrier level for an upward move.
Monitor these trends and indicators for informed decisions in the cryptocurrency market.