Cryptocurrency Price Forecast for BTC, ETH, and Cardano in 2023
Cryptocurrencies continued to attract investors in 2021, with Goldman Sachs now accepting them. In April 2021, Coinbase went public, and a U.S. exchange-traded fund focusing on Bitcoin launched in October of the same year. Bitcoin, the most well-known cryptocurrency, had a prosperous year with its value growing by about 70%. As a result, the total market value of cryptocurrencies passed $2 trillion, and Dogecoin, Litecoin, and Ripple were also doing well. With these developments, investors can anticipate an exciting journey, considering the history of cryptocurrencies.
Here are the important cryptocurrency price predictions for 2023:
Bitcoin Price Prediction
At present, Bitcoin is trading between $27,200 and $27,823. Technical indicators, such as the RSI and MACD, suggest a selling bias but also a potential rally. If Bitcoin falls below $27,200, it could reach the next support level at $26,665 or possibly $26,000 or $25,600. Conversely, if demand for Bitcoin increases, it might break through the $27,800 barrier and reach $28,260 or $28,820. Investors should keep an eye on this range to predict future price fluctuations, and economic developments in the US, such as CB Consumer Confidence and New Home Sales, could potentially impact Bitcoin pricing.
Ethereum Price Prediction
The price of Ethereum has fallen by 2% in the last 24 hours, following news that a participant in the cryptocurrency’s 2016 ICO transferred 1 ETH to a new address. While ETH has fallen 13% in a week, it is still up 3% in the last 30 days and 51% since the beginning of the year. However, with the possibility of a larger transfer and potential sale, ETH may experience further drops. Nevertheless, April’s successful Shanghai upgrade has strengthened Ethereum’s already robust fundamentals, positioning the platform and its native token for additional increases in the coming months.
Cardano Price Prediction
Cardano’s price began a significant rally in March, climbing over 55% to a high of $0.45 on April 15. However, the price was rejected by the $0.46 resistance level, resulting in a 15% drop to $0.38 at the time of writing. A rise in purchasing pressure from this level could lay the foundation for Cardano’s price to soar, potentially reaching the $0.42 immediate hurdle. Beyond this point, ADA could surge and hit the next obstacle at $0.46, reclaiming the mid-April highs. Such a move would indicate a 20% increase. Cardano seems to have found support above the confluence of the 50- and 100-day Simple Moving Averages (SMAs) at roughly $0.37. Additionally, the 200-day SMA around $0.35 served as an entry point because it represents a buyer congestion zone where more bulls may purchase ADA. The positive position of the Moving Average Convergence Divergence above the mean line contributes to the bullish prognosis for the Cardano price, indicating that the bulls are in control of the ADA market.