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May 22, 2024
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Crypto Market Analysis: What’s Next for Bitcoin, Ethereum, and Cardano Price?

The post Crypto Market Analysis: What’s Next for Bitcoin, Ethereum, and Cardano Price? appeared first on Coinpedia Fintech News

The global crypto market recovers above $1.18 trillion as the Bitcoin price makes a fine jump above $28,000. The volume within the market also made a shift towards the bulls, as the altcoins also followed the top crypto and are heading toward their respective resistances. Now that the markets are heading towards the end of the month, significant volatility is expected to rise, which could shake up the stagnant crypto markets.

Bitcoin (BTC) Price Analysis

  • The Bitcoin price is undergoing a parabolic recovery and is just an inch away from reaching immediate resistance. 
  • The price has held strong support at the 50-day MA levels and is closer to slicing through the interim resistance at $28,687, which may pave the way to reaching the major resistance above $29,000.
  • Once these levels are cleared, the path toward $31,000 may be cleared, but if the price fails to hold the 50-day MA support levels, the bullish scenario may be invalidated.

Ethereum (ETH) Price Analysis

  • The Ethereum price is trading within a large rising wedge, which is usually considered bearish for the crypto.
  • The price was recently rejected by the resistance and is attempting to hold the wedge’s lower support.
  • A rebound from these levels may trigger a notable upswing beyond the interim resistance at $1921 initially, which may further push the price beyond $2000.

Cardano (ADA) Price Analysis

  • The ADA price is trading within a decisive symmetrical triangle, but the trend remains largely bearish.
  • After a failed attempt to breach through the upper resistance of the triangle, the price is hovering just below these levels, probably preparing for a massive breakout.
  • With a notable upswing, the price may initially rise beyond $0.4 which may further enable the price to reach the resistance zone at $0.41, beyond which the price may maintain an healthy upswing.

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