Cryptocurrency Price Prediction: ETH, BTC, Cardano, 27th Oct 2022
The price of bitcoin is on the upswing during the Asian session, rising more than 4% to $20,260. Ethereum, in comparison, is on fire, rising more than 10% in the previous day to trade at $1,485.
Major cryptocurrencies were up early on October 26 as the market cap of all cryptocurrencies increased by about 5% to $976 billion. On the other hand, the total volume of the crypto market rose by nearly 69% in the previous day to $89.24 billion.
The $3.66 billion total volume of DeFi at this time is 4% of the 24-hour volume of the whole crypto market. Currently, the total 24-hour volume of the cryptocurrency market is $80.85 billion, or 90% of the total volume of all stablecoins.
Ethereum Price Prediction
Since the cryptocurrency market is following the macro trend, Ethereum (the second-largest crypto asset) will experience more downtrend during the recession.
It is predicted that ETH will follow the stock market once the markets feel the pressure of increasing rates and the continuous pressure of inflation and even recession.
According to a crypto analyst, Ethereum will never again rise close to or exceed $1k per ETH, even if Bitcoin reaches $50k per BTC.
All altcoins, including Bitcoin, are still down from their all-time highs. However, most altcoins have gone below 80% or more and have lost a massive value in their BTC ratios.
Bitcoin Price Prediction
The price of one bitcoin is at $20,245 and there are $151 billion worth of transactions every day. In the past 24 hours, Bitcoin has gained by more than 4%. With a live market capitalization of $388 billion, CoinMarketCap is now ranked first.
The BTC/USD pair is currently trading substantially higher on Wednesday after escaping the symmetrical triangle formation at $19,250. As anticipated in the Bitcoin price forecast for October 26, the BTC/USD pair has traded positively, breaking through the $19,600 and $19,900 immediate resistance levels.
A triple-top pattern-extended immediate resistance level of $20,430 is where it is currently coming into contact.
The 50-day moving average encourages purchasing over the $19,300 mark, and the RSI and MACD are still in a buying zone, boosting the likelihood of a bullish run. As a result, if the triple-top pattern is broken, the upward purchasing trend may reach $21,000 or $21,900. But if the upward trend persists, BTC might surpass the $23,000 mark.
On the downside, Bitcoin continues to have some immediate support around the psychological threshold of $20,000 and $19,600. Investors should search for buy positions today that are more expensive than $19,900.
Cardano Price prediction
Cardano is currently drastically undervalued, according to a recent report by Santiment. Compared to the same time in 2019, the coin’s value is currently somewhat lower. The MVRV Z-Score is actually at -1.35, which is the lowest point it has been in 45 months.
At the time of writing, the value of ADA is $0.3609, according to sources, which is 3.10% higher than it was yesterday. The project’s volume for the past 24 hours is $403.02 million, which is almost $60 million more than it was for the same period yesterday.
Although there has been a fair lot of progress on the project, since November 2021, holders have not noticed a discernible rising trend. Cardano would need to see an 88% rise in order to go back to its pre-ATH value of 2021. As the week progresses, analysts anticipate a rise that is around half of that, or 45%. This is because of Hoskinson’s statement as well as the fact that Cardano, along with Bitcoin, XRP, and BNB, are flashing bullish signals, as reported by Santiment.
