Cryptocurrency Price Prediction: ETH, BTC, Cardano, 9th Nov 2022
All of the major cryptocurrencies are on a sharp downward trend as the Asian session gets underway, and the global market cap of cryptocurrencies has fallen below $1 trillion on concerns over the insolvency of FTX. The price of bitcoin dropped significantly and traded at $19,600, breaking through an upward trendline. Likewise, Ethereum dropped 7.5% to $1,470.
Ethereum Price Prediction
Ethereum, the second-most valued cryptocurrency, dropped over 9% in the previous day to trade at $1,446 on Tuesday. With a live market value of $178 billion, down from $193 billion yesterday, it is currently ranked second on CoinMarketCap.
On the 4-hour chart for Ethereum, a bearish engulfing and three black crows candlestick pattern has developed, signifying a strong tilt toward selling among investors. At $1,460, Ethereum has now crossed below an ascending trendline. When the rising trendline is broken, Ethereum is given access to the downside up to the $1,380 support area.
The RSI and MACD both show a strong bearish trend at the same time; however, both indicators have entered the oversold region, suggesting that sellers may soon run out of steam, making it possible for bulls to buy.
So keep a watch on $1,460 since 4-hour candlesticks closing above this level have the potential to buck the downtrend and aid in our ability to seize a bullish correction. On the downside, bulls may find support at $1,380.
Bitcoin Price Prediction
The price of Bitcoin is at $19,600, and there are $60 billion worth of trades every day. Over 6% of Bitcoin was lost during the Asian session. With a live market cap of $378 billion, down from $438 billion yesterday, CoinMarketCap presently ranks it #1.
The triple bottom support at $20,000 and an upward channel at $20,400 have been breached by Bitcoin, changing the technical perspective from bullish to negative. On the 4-hour timescale, Bitcoin has also developed a “three black crows” candlestick pattern, signifying a significant bearish bias among investors.
A break of this level might expose Bitcoin to a price as low as $18,650. On the downside, Bitcoin’s immediate support is around $19,230. A negative trend is supported by both leading and trailing indicators including the RSI, MACD, and 50-day moving averages.
A breach below will open the door for more selling till $18,000 and $17,650 if BTC is unable to reverse the downtrend at $18,650.
On the upside, Bitcoin’s immediate barrier is still near $20,000; if this level is broken, BTC may reach $20,635. Today’s bias is still bearish.
Cardano Price Prediction
The ninth-largest cryptocurrency has a bullish short-term view that may lay the groundwork for a good long-term trend. The Super Trend indicator has provided a buy signal on the daily chart below, encouraging retail and sidelined investors to enter the market in anticipation of a significant upward movement.
Similar to a moving average, the Super Trend indicator overlays the chart and measures market volatility using average true range (ATR) data. As seen in the daily chart below, a daily closure below the Cardano price flashes a buy signal. Up until the Super Trend indicator switches above it to indicate a sell signal, ADA will likely remain in the bulls’ possession.
Both the Directional Movement Index (DMI) and the Moving Average Convergence Divergence (MACD) indicators show promise. If the MACD continues to trade above the mean line, traders may keep long positions.
The 12-day Exponential Moving Average (EMA) (in blue), positioned above the 26-day EMA, epitomises the optimistic view for the ADA price (in red). The DMI indicator exhibits a similar upbeat outlook as evidenced by the -DI line (in blue) passing over the +DI.
It is important to note that Cardano bulls are prepared to support price growth to the upside, which will be supported by the V-shaped pattern. After a protracted decline, this very bullish pattern emerges.
Buyers flood the market as overhead pressure eases, bringing the asset back to the level where the V-shaped pattern first appeared.
