In 2021, cryptocurrencies continued to be popular and gained further acceptance, as demonstrated by Goldman Sachs now accepting them. Coinbase, a significant cryptocurrency company, went public in April 2021, and the first U.S. exchange-traded fund with a focus on Bitcoin debuted in October of the same year. Bitcoin, the most well-known cryptocurrency, had a successful year, with its value growing by about 70% since the beginning of the year, contributing to the total market value of cryptocurrencies surpassing $2 trillion. Additionally, other major coins such as Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP) have also seen significant increases in their values.
Investors can anticipate an exciting journey if the history of cryptocurrencies is any indication of the future. Moving on to the crypto predictions for 2023, let’s begin with Bitcoin. Currently, Bitcoin’s value is $28,300, with a 24-hour trading volume of $35.1 billion, and its value has increased by 1.50% in the last 24 hours. As of Wednesday, the BTC/USD pair is consolidating near the $28,000 mark after breaking over the $27,750 resistance level. If this positive trend continues, Bitcoin’s value might reach $29,250 or $30,700. However, if Bitcoin breaches the $26,700 or $25,200 support levels, the next level of support will be at $23,150. Despite the possibility of a drop, the overall trend for Bitcoin remains positive, as evidenced by the emergence of bullish engulfing candles. Keep a watch on the US FOMC meeting to identify future market developments.
Moving on to Ethereum, its current price is $1,800, with a $10.7 billion 24-hour trading volume. In the previous few hours, Ethereum has risen approximately 4%. Ethereum is currently unable to break above the $1,800 resistance level and is remaining stable near the $1,700 support zone. If the ETH/USD pair manages to break past the $1,800 level, it is likely to encounter resistance at the $1,900 level. The support levels for the ETH/USD pair are predicted to be $1,700 or $1,620.
Finally, Cardano’s price prediction. The $0.35 region of support-turned-resistance, which also coincides roughly with the 200-Day Moving Average, may continue to limit ADA gains in the immediate future, with the cryptocurrency still appearing to be in a decline from its February highs in the $0.42 range. Yet if the overall cryptocurrency market becomes more bullish and assets like Bitcoin and Ether reach new multi-month highs, it seems like only a matter of time before ADA begins to move significantly higher as well. A retest of the downtrend linking highs that dates all the way back to last June would be possible with a break above the aforementioned resistance area around $0.35 and the 200DMA. The potential for upside towards last summer’s highs in the $0.60 range, more than 70% higher than present levels, would then become available if a break above here and the annual highs occurred.
