As the last year made heart-stopping dips and now the stunning recoveries in the price chart, many investors are left questioning the future trend of the market. However, the bullish reversal in the market’s sentiment has once again sparked rays of hope of a potential comeback from its bottom price range.
These Coins May Bring Bull Market Opportunities!
After pulling out of a prolonged crypto winter, investors are finally witnessing a glimmer of hope in early 2023 as popular coins like Bitcoin and Ethereum surged over 25% in just a few days. Moreover, the Cardano network has been dominating the altcoin market due to its much-awaited launch of stablecoin ‘DJED.’ Hence, crypto traders believe this mini-bull run may turn out to be a solid gain in the long term.
Bitcoin Price Analysis
Bitcoin’s technical outlook promises a bull market for the asset as it faces intense buying pressure to prevent any freefall in the price graph. As of writing, the price of BTC tumbles near the crucial level of $23K. However, the asset has witnessed a huge accumulation as its dominance over stablecoin hits a multi-year high, hinting at a historically bullish trend continuation.
If BTC breaks its current consolidation and holds above $23.5K, it may stretch its bullish trend and fly to the crucial price level of $30K. As the RSI-14 trades in the overbought region at 80, it may build up a panic situation which may force investors to liquidate positions, plunging BTC price near the support level of EMA-100 at $20.9K.
Ethereum Price Analysis
This weekend has brought a bearish trading session for Ethereum as it has entered its crucial support level. ETH price currently hovers at $1,579 and is heading toward trading below its immediate support level if it breaks $1,550.
However, bulls are pushing the asset to $1,600 to confirm a further uptrend to $2K, and a failure to fulfill the bullish goal may slump ETH price to retest its support zone near EMA-200 at $1,470-$1,510.
ADA Price Analysis
Cardano price is preparing for a bullish breakout soon as the launch of its stablecoin DJED inches closer. However, the token initiates a downward retracement to its 23.6% Fib levels, but it can be a catalyst in igniting a bull run by the end of January.
The ADA price trades at $0.38, and it may retest its support level at $0.35 to validate an upcoming uptrend. A successful trading session above $0.356 will gain investors’ trust and buying pressure to head toward its EMA-200 resistance at $0.42. However, a bearish sentiment may pile up if ADA price drops below $0.34, plunging the altcoin below $0.27.
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- Source: https://coinpedia.org/price-analysis/heres-where-bitcoin-ethereum-cardano-prices-are-heading-this-week/