While last year brought breathtaking dips and now the amazing rallies in the price chart, many investors are wondering about the future market trend. However, the bullish reversal in market sentiment again raised glimmers of hope for a potential return from its lower price range.
These coins can bring bull market opportunities!
After pulling out of a protracted crypto winter, investors are finally witnessing a silver lining in early 2023 as popular coins like Bitcoin and Ethereum surged more than 25% in just a few days. Additionally, the Cardano network has dominated the altcoin market due to its highly anticipated launch of the stablecoin ‘DJED’. Therefore, crypto traders believe that this mini-bull run could turn out to be a solid long-term gain.
bitcoin price analysis
The technical outlook for Bitcoin promises a bull market for the asset as it faces intense buying pressure to prevent any free fall in the price chart. As of this writing, the price of BTC is falling near the crucial $23,000 level. However, the asset has seen a huge accumulation as its dominance over the stablecoin hits a multi-year high, hinting at a continuation of the historically bullish trend.
If BTC breaks its current consolidation and holds above $23.5,000, it could stretch its uptrend and hit the crucial $30,000 price level. As the RSI-14 trades in the overbought region at 80, it may create a panic situation that could force investors to liquidate positions, causing the price of BTC to fall near the EMA-100 support level. at $20.9,000.
Ethereum Price Analysis
This weekend brought a bearish trading session for Ethereum as it entered its crucial support level. ETH price is currently hovering at $1,579 and heading for a trade below its immediate support level if it breaks above $1,550.
However, the bulls are pushing the asset to $1,600 to confirm a new uptrend at $2,000, and a failure to hit the bullish target could see ETH price drop to retest its support zone near from the 200-EMA at $1,470-$1,510.
ADA Price Analysis
Cardano price is gearing up for a bullish breakout as the launch of its stablecoin DJED draws closer. However, the token is initiating a downward retracement towards its 23.6% Fib levels, but it may be a catalyst to trigger a bull run by the end of January.
The ADA price is trading 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 investor confidence and buying pressure to head towards its EMA-200 resistance at $0.42. However, bearish sentiment may build up if the price of ADA breaks below $0.34, plunging the altcoin below $0.27.