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- 1 Bitcoin price is trading in the bullish zone and recently broke the $51K mark.
- 2 This week the ETH price smashed the $3000 mark showing the bulls’ presence in the price.
- 3 Cardano price is heading in the upward direction by making a higher high structure.
The market is currently heading in the upward direction as Bitcoin and Ethereum are soaring high and taking the market to new highs. As the two are heading toward their new 2024 highs, other coins are following them.
Bitcoin (BTC) Crypto Price Analysis
Bitcoin (BTC) reached its peak value of $52,858 recently. The recent surge in the crypto market has been largely driven by Bitcoin ETF firms. According to Cryptoquant, a blockchain analytics platform, at least 75% of Bitcoin inflows came from the 10 newly-launched ETFs. Currently, BTC is experiencing a mild consolidation at the upper levels, but the overall trend is bullish.
BTC is struggling to sustain above the $52K level as the bears are trying to pull the price down. However, after this mild correction, the bull trend will continue as the buyers are looking more powerful as compared to the sellers.
Ethereum (ETH) Crypto Price Analysis
ETH crypto showed buyers strength and daily-term charts showed favorable outcomes in crypto. Moreover, the price is trading above the major EMAs, indicating further strength for the cryptocurrency as the excitement is surging because of the upcoming ETH ETF.
The Relative Strength Index (RSI) curve is currently hovering around 60, which is close to the overbought zone. However, the positive outlook suggests that there is still bullish sentiment in the cryptocurrency market. Additionally, the Moving Average Convergence Divergence (MACD) indicator is forming a green band and a bullish crossover, indicating a potential corrective move.
Cardano (ADA) Crypto Price Analysis
Cardano crypto’s daily chart shows buyers are facing mild weakness. The cryptocurrency is in an uptrend as it jumps above the main EMA. Technical indicators also support the bullish sentiment as RSI is still near the overbought zone of 60 and MACD is also in the bullish zone with the green band. These signals indicate that the cryptocurrency could face mild correction in the short term but the overall trend will be bullish.|
However, if buying volume increases then the price might reach the upper levels in the upcoming sessions. Hence, the ADA price is expected to move upward giving bullish views over the daily time frame chart.
Conclusion
Bitcoin, Ethereum, and Cardano are three of the most popular and influential cryptocurrencies in the market. They have been showing a strong performance in the past few months, as they have broken above the key resistance levels and the moving averages. They have also been boosted by the positive news and developments in the crypto space, such as the launch of Bitcoin ETFs and the anticipation of Ethereum ETFs. However, they have also faced some challenges and volatility, as they have struggled to sustain above the high levels and faced some bearish pressure. They need to maintain the support of the indicators and the EMA levels to continue the uptrend.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
