Cryptocurrency price forecast for January 16, 2023: ETH, BTC, and Cardano
In 2021, cryptocurrencies’ appeal remained strong. Goldman Sachs now accepts cryptocurrencies. The first significant cryptocurrency company to go public was Coinbase in April 2021, and the first U.S. exchange-traded fund with a focus on Bitcoin made its debut in October of the same year.
Bitcoin, the most well-known cryptocurrency, had a successful year. Since the beginning of 2021, the value of the digital currency has increased by almost 70%, increasing the total market value of cryptocurrencies beyond $2 trillion.
If the past of cryptocurrencies is any indicator of the future, investors may look forward to an amazing journey. The important bitcoin predictions for 2023 are as follows:
Estimated price of Ethereum
With the price of Ethereum at its optimal level of $1,450, the upward trend that began during the winter has continued. Many have predicted that the mid-$1,400 barrier will likely be pushed since ETH crossed the $1,230 support level at the beginning of the month.
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Ethereum currently costs $1,458. ETH has climbed 22% since January 1, thus traders who took the bullish trade are profiting.
The following big goals can be achieved for under $1,600. Since ETH’s price dropped from $1660 to $1,073 during the first week of November, the price zone, a crucial liquidity level, has remained untagged.
The pivot point of $1,344 that formed during the current trend could be used to refute the trading hypothesis. In the event of a breach of the barrier, which could lead to a deeper correction, the $1,250 area can act as support. If the bears prevailed, the price of ETH would decrease by 15%.
Price Prediction for Bitcoin
The present relief rally has increased by 20% since January 1 as a result of the 6% daily increase in the price of bitcoin. The daily rise is currently the highest daily gainer of the month after breaking through a trendline that had previously stopped earlier uptrend attempts during the fall.
At the moment, one bitcoin is worth $20,017. Zooming out, the previous range displays convergent trendlines from the high on August 15 and low on June 18, with the BTC price unable to break either side of the range throughout the summer and fall.
Practitioners of the Elliott Wave theory propose an “ending diagonal” as a potential explanation for the narrowing range.
The bullish target zones might be the trend’s origin point above the August high, leading to a further 25% increase from Bitcoin’s current price if the recently breached trend line is a part of an ending diagonal pattern (often observed around market reversals).
A resistance mark at $20,430 and maybe $21,440 is a Fibonacci retracement level from the positive cross of the 8-day exponential moving average and 21-day simple moving average at $16,655 and the $25,000 high points.
Before BTC progresses into the predicted goal zone, these levels can serve as a temporary roadblock.
Cardano Price Prediction
Cryptocurrency traders have been debating the price of Cardano, the digital token used for smart contracts, ever since the year 2023 started.
Those who had invested in ADA had earned a 35% return as of January 12. The current relief bounce gives the uneasy impression that the ADA currency may have reached its macro bottom.
Cardano is currently bidding at $0.3287 after five straight days of lucrative trading. Because of the trend’s nearly vertical slope and the liquidity above December’s monthly high of $0.3290, bulls can now profit from it.
Despite the current increase, the Relative Strength Index, a tool for assessing the potential of moving markets, displays encouraging indicators.
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The optimistic theory was supported by the volume indication, which more than tripled to $400,000 from the typical $200,000 in transactions seen over the winter.
There will probably be a market pullback at some point. Therefore, two things that traders should be on the lookout for are the RSI landing zone at the midpoint and a rise in volume in connection with any impending red days.
Bullish targets are liquidity over $0.3700 and the psychological $0.4000 price barrier, which would both represent rises of up to 21% above Cardano’s current market value.
A breach below the most recent ascending trendline would be the first indication of a trend shift. Currently trading around $0.2800, the crucial level may rise if Cardano’s price remains high and in keeping with the trend.
The $0.2440 bottom in 2022 might be in jeopardy if the trend were to break since the lows might be retested. The worst-case scenario would result in a 27% drop in the price of ADA.