The year 2022 was a harsh one for the cryptocurrency market. Most cryptos are down by an average of more than 60% since the beginning of the year. Cardano specifically seems to have taken a heavy hit, losing more than 74% in 11 months. However, the market seems to have reached the bottom. Crypto investors are getting ready to enter the market again. Is it a good time to buy Cardano at the current price before 2023?
Ethereum Price Prediction
As we enter the final trading day of November, the price of ethereum is still strongly bearish. The bullish attempts to recoup after the 35% decline shown earlier this month have all failed. If market conditions continue, the bears may cause a decline toward the most recent lows of $1,080.
At this time, the price of Ethereum is $1,205. ETH hasn’t yet been able to surpass the 8-day exponential moving average, just like Bitcoin hasn’t. The scant reading of the Volume Profile Indicators may indicate that high-cap investors will hold off until a clear trend as a result of the congestion is developed.
The summer lows at $880 and $1,080 will be ETH’s next targets if the market is actually in a bearish trend.
If the bulls successfully retake the $1,350 swing high, the bearish view would be proven invalid. In doing so, there may be another surge toward the $1,450 level of the 21-day simple moving average. In the event that the invalidation scenario came to pass, the price of Ethereum would increase by 20% relative to its present market value.
Bitcoin Price Prediction
Since it is still consolidating below $17,000, the bitcoin price has not yet shown its hand. The peer-to-peer digital currency has been contained within a coiling trading range since the 25% collapse earlier in the month. Near the recently established monthly lows, a pennant formation is visible, which would cause a crash of a similar value to the rally that preceded it.
The price of bitcoin is at $16,682 after several rejections from the bears at $17,000 through the 8-day exponential moving average. The pennant-like pattern that emerged this week can be projected using classical analysis. The bearish targets, if the technical analysis is accurate, are $14,000 and possibly $12,750.
A breach over the thrust candle at $18,250 would be evidence against the bearish hypothesis. The bulls may produce a countertrend rise back to $20,000 if the level is marked. If the invalidation scenario materialises, the price of Bitcoin would increase by 23%.
Cardano Price Prediction
Cryptos had a dismal year in 2022. Though some years are bullish and others are bearish, it’s all part of the game. Nothing rises without descending again. Cardano lost more than 74% in 2022, dropping from a high of $1.3 to its current price of $0.32.
It goes without saying that a bull market always follows a bear market. Here, we’re not discussing a specific cryptocurrency, but rather the entire cryptocurrency industry. Cryptocurrencies have had up years and down years in price since their beginnings. 2023 is predicted to be a year of consolidation, with prices rising toward the conclusion.
The 30 cent pricing point specifically for Cardano is a solid entry price. This price range served as a significant barrier to ADA in 2018. Currently, this price should act as a support, from which prices are expected to rise.
However, any serious price transgression of the 30 cent threshold should result in a reduction of ADA rates to 20 cents. Because of this, it’s crucial to monitor the entire crypto market.