The cryptocurrency market is still in its infancy, and cryptocurrency assets are prone to extreme market volatility. Cryptocurrency trading is the most popular way to generate money, but it is extremely risky because of the tremendous volatility. However, due to the market’s enormous growth potential, there are other viable ways to profit from cryptocurrencies. In October 2021, here is a list of the most profitable cryptocurrencies to invest in. Here is the Crypto Price Prediction of Bitcoin, Ethereum, and Cardano Price Prediction.
BITCOIN PRICE PREDICTION
From October 1, the crypto market sees multiple green candles as investors start calling the month “UPTOBER” with bitcoin. The largest cryptocurrency by market cap, seeing an increase from $43,000 on October 1 to $48,500, recording a 9.91% increase.
BTC started its rally on September 29, breaking the resistance of $42,500 $44,500 and followed by $47,000. History tends to repeats itself. Historically, September has usually been a Red month for Bitcoin (BTC), as the world’s biggest cryptocurrency has delivered negative returns in six of the last eight instances.
Furthermore, It has usually been the green month for BTC. If we see the past data, BTC has delivered green returns in six of the last eight years with an average gain in October from 2013-2020 is approx 22.3%. The bitcoin price rose 13% in the first three days of October, set fire to a market outlook.
Bitcoin price was strengthen as it trended lower since the September 6 swing high. Interestingly, this tumble resulted in the formation of a bullish pattern that broke out on October 1. The mustering rally pushed BTC through overhead barriers. Bitcoin price was under a lot of pressure as it squeezed during its degradation. This decline resulted in the formation of a falling wedge pattern that broke out on October 1 in an excitable manner, resulting in a rally that pushed BTC through overhead resistance, Taking the altcoins for a ride.
The entire crypto market is up by almost 4%, and Bitcoin price recently touched $50,000, and things are looking extremely bullish for crypto; This is the remarkable recovery for Bitcoin and other altcoins. BTC coin price is currently seeing a strong upwards momentum on the daily chart and can soon jump above $55,000. BTC is currently trading above the 50 & 100-day moving average.
Bitcoin could test resistance at the $53,000 levels before any pullback support from the broader market is needed for BITCOIN to reach the all-time high of the month. Bulls of BTC coin price might push it to a new high.
ETHEREUM PRICE PREDICTION (ETH/USD)
Polygon co-founder Sandeep Nailwal believes that Ethereum will soon overtake Bitcoin (BTCUSD) as the world’s leading crypto network thanks to its versatile uses and the rapid growth of Defi.
“Sooner or later, ETH will outpace Bitcoin and become the global standard. The Ethereum chain, because of its fundamentals, security, the level of decentralization, and the community and the trust that it has created as a chain over time, is just beyond the reach of any other chain,” he claimed.
Polygon co-founder Sandeep Nailwal
ETH is following the bitcoin’s footsteps
The bulls pushed Ether (ETH) above the downtrend line and 200-day exponential moving average on the 1st of October. The sellers are trying to baffle the up-move near $3,500 and pry the Ethereum price back below the 0.236 Fibonacci levels ($3450).
However, Ethereum managed to close above the 0.236 Fibonacci levels ($3,450). Now, this is the level we need to retest as Ethereum is consolidating around the $3,500 level. This is a significant resistance for the bulls to defend because a break above it could attract further ride.
Alternatively, if the price rebounds off the moving averages, the bulls may make one more attempt to propel the price above $3,500. If the price sustains above this resistance, the pair could rise to $3,676.28 and then $4,000. If the buyers come together now, pushing ETH beyond the upper limit of the demand zone at $3,500.
CARDANO PRICE PREDICTION (ADA/USD)
Cardano being the Ethereum killer, is running for its crown. The Cardano network introduced smart contract capabilities in September through its Alonzo upgrade. So, users can automate contract execution, mint non-fungible tokens (NFTs), and the like; previously, Ethereum was the only option available.
As per the report on Cardano published by Grayscale, a leading cryptocurrency asset management firm. The Cardano network is currently processing over 14,935,611 transactions, up over 13 times since the beginning of 2021. Grayscale analysts expect that ADA would display higher volatility than Bitcoin and most other altcoins in the long term.
A feature of Cardano that separates it from top competitors like Ethereum is that the network allows users to send multiple asset types within the same transaction. This trait is expected to attract more decentralized applications projects to the network.
ADA remains to be one of the most aggressive cryptocurrencies nowadays. According to CoinMarketCap, the ADA price is trading at $2.13 with a market cap of $68 billion. The relative strength index is below the middle line indicating the oversold zone.
Cardano is currently consolidating inside the symmetrical triangle pattern; if ADA manages to breach $2.27, then there is the chance for bullish momentum. On the other hand, if the market turns in the favor of bears then we can expect to see Cardano around $2.10.
