Cryptocurrencies continued to attract attention in 2021, with even traditional financial institutions like Goldman Sachs accepting them. In April of that year, Coinbase became the first major cryptocurrency company to go public, while the first U.S. exchange-traded fund focused on Bitcoin was launched in October.
Cryptocurrency Price Prediction
The leading cryptocurrency, Bitcoin, had a successful year, with its value increasing by around 70% since the beginning of 2021 and driving the total market value of cryptocurrencies above $2 trillion. Other major coins such as Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP) also saw significant increases in value. The outlook for cryptocurrencies looks promising, with investors likely to enjoy an exciting journey based on past history. Looking ahead to 2023, here are some important predictions for the crypto market.
BITCOIN PRICE PREDICTION
At present, the value of Bitcoin stands at $26,914 and the 24-hour transaction volume amounts to $18.4 billion. In the last 24 hours, Bitcoin has experienced a decrease of approximately 3.5%. As per technical analysis, the BTC/USD pair is exhibiting a bullish trend. However, it is anticipated that when it reaches $28,950, it could encounter resistance.
ETHEREUM PRICE PREDICTION
Ethereum is priced at $1,724, and the 24-hour transaction volume stands at $8.5 billion. Over the past 24 hours, Ethereum has experienced a decline of 1.50%. The cryptocurrency is currently facing challenges in surpassing the $1,840 resistance level and has been maintaining consistent trading around the $1,700 support area. In the event that the ETH/USD pair successfully surpasses $1,800, it is expected to encounter resistance at the $1,900 level. As for support levels, it is anticipated that the ETH/USD pair will find support at either $1,700 or $1,620.
CARDANO PRICE PREDICTION
On the weekly time frame chart, the price of Cardano’s cryptocurrency has formed an inverted head and shoulder pattern, which is a bullish reversal pattern frequently observed at market bottoms. This pattern increases the probability of a trend reversal, indicating that the ongoing recovery in ADA’s price will soon test the pattern’s neckline resistance, further amplifying the coin’s bullish momentum. Traders interested in this trend can capitalize on it. The design’s right shoulder is shaped by a V-shaped recovery from the $0.3 support, which has gained 33.5% in the last five weeks, reaching its current price of $0.398. Despite the market’s persistent uncertainty, the ADA price has sustained its growth and buyer commitment, demonstrating steady recovery. If the buying pressure continues, the ADA price may rise by an additional 7.5% to the $0.427-$0.42 neckline of the pattern mentioned earlier. However, prospective buyers should be cautious at the $0.42 level since the Cardano price may face strong sellers at multi-month resistance.