Trading in cryptocurrency (digital currencies, ICOs, tokens) is a high-risk venture with numerous variables to consider when compared to trading in fiat currencies. In general, fiat currencies have less volatility than cryptocurrencies. Traders who have traded in other markets such as stocks and commodities have repeatedly stated that the cryptocurrency market is currently the most volatile in the world. When dealing with such unpredictability, you must be one step ahead of the game in order to be profitable. This week on Weekly Crypto Price Prediction we will be discussing analysing the price movement of Cardano, Bitcoin and Ethereum.
Cardano price prediction (ADA/USD)
Cardano is a decentralised proof-of-stake blockchain platform; It is the first to be founded on peer-reviewed research and developed using evidence-based methods. ADA has a strong focus on providing scalable, interoperable, and sustainable decentralized applications (dApps). It is one of the first blockchains to be built in the highly secure Haskell programming language which leads to a design where components are conveniently testable in isolation.
Cardano is developing a smart contract platform that aims to provide more advanced features than any previous protocol. It is the first blockchain platform to emerge from a scientific philosophy and a research-first strategy.
Cardano’s new Alonzo upgrade has come alive on its network. This has added support for smart contracts to its blockchain to be created and deployed on the Cardano main net. With this update, Cardano has become a direct rival of Ethereum. The Alonzo upgrade will allow smart contracts usage to build decentralized exchanges, house non-fungible tokens, and many other use-cases of blockchain in real-world applications.
Cardano promises a lot, whether it can deliver will be the ask of the coming future.
Cardano’s ADA coin has become the 3rd largest with a market capitalization of $76 billion. Despite Alonzo hard fork upgrade, ADA has fallen around 24% from its all-time high of $3.099. ADA is trading 6.9% red at the time of writing.
ADA is currently at the support level of $2.32 (0.382 fib ), followed by $2.03 (0.5 fib) support. On the other side, the resistance levels are at $2.62. This is followed by $2.72 (20-day MA), and the final resistance at $3.00. The RSI levels have been falling since mid of August and recently crossed beneath the midline. This indicates that the sellers are attempting to regain control of the market momentum.
A appears to be nearing the end of a brutal correction and should begin to rise towards $3.40 by October.
BITCOIN PRICE PREDICTION (BTC/USD)
Bitcoin bull – Michael Saylor’s MicroStrategy has increased its holdings Microstrategy; the largest corporate holder of Bitcoin, just sold off a part of the company to buy up another 5,050 Bitcoin and its total investment is now worth over $3.1 billion.
I am not at all jealous…
Anyhow, let’s dive into the technical part.
Bitcoin hit the recent highs of $52,000 before crashing to around $43,000. After facing the bear market, bulls are trying to take charge of the market. The price of bitcoin has touched $47,000 for the first time in 5 days and has grown in value by about 4.8 per cent in the last 24 hours.
After getting its support from $43,897(0.382 fib), BTC is headed towards its next resistance level of $47,300(0.236 fib) and has broken the key resistance level of $47,000. It may give rise to further bullish momentum and a possible retest of $50,000. RSI also remains above mid-line showing a start of bullish momentum (at the time of writing).
ETHEREUM PRICE PREDICTION (ETH/USD)
Ethereum (ETH) is a decentralised blockchain network that hosts the cryptocurrency Ether, which serves as a “fuel” for the network’s decentralised apps.
Ether has quickly become the competitor of Bitcoin and became the second most popular cryptocurrency after BITCOIN in terms of market capitalization. Ethereum hash rate reaches an all-time high (715.4 tera hashes per second) on Sunday setting the new records indicating many of the miners that closed down due to the china crackdown since May are all operational now, Finally miners have recovered from the china clampdown.
Despite the London hard fork that was expected to push miners away from the platform reducing their profits, still, the ETH hash rate is increasing, this means that NFT creators need miners to help them mint non-fungible tokens (NFTs) and developers building decentralized apps on the Ethereum platform.
Will Ethereum go above $4000?
ETHEREUM has been under intense pressure since the last week as the sentiments of the market was bearish. Now, the ethereum price movement is moving back upwards. The Ethereum price is trading around $3,600 at the time of writing; which is about 12% below this month’s high of more than $4,000.
The network has a market capitalization of more than 427.96 billion. The chances of Ethereum’s rise, the current support and resistance look highly positive. The challenge for Ether was to break the key resistance of $3500 which it has broken and made close at $3,615 this week. As Ethereum has taken its support from the parallel channel (shown in blue)we may see Ethereum reaching $4000 by end of this month.
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