2023-05-08
The cryptocurrency market has kept it mixed for the week (01 – 06 May 2023). The week started with a minor correction in the movement of the overall market, but by the middle, it was soon caught under market pressure and slipped. The plunge was graciously recovered by many coins, leaving a few in despair.
The market capitalization at the time of the press is $1.2 trillion. Bitcoin’s dominance is 47.2%, while Ethereum’s dominance is 19.2%. In this article, we will be discussing the price movements of Bitcoin, Ethereum, and Cardano. Let’s begin.
Bitcoin Price Prediction: Ascending triangles indicate a short-term rally
Bitcoin has been suffering long enough. The first quarter of 2023 was not as favorable for the coin as anticipated. However, April 2023 showcased some unexpected rallies that stayed long. The month closed on a sluggish note.
The first day of May in 2023 reflected a major plunge in the coin. Btc Price during the opening hour was $29,227.10. However, the coin was around $28,091.57 during the closing hour. The next day, there was minor support but was pulled down because of the market pressure. On May 03, the coin experienced strong support which brought the coin back to $28,091.57.
On May 04, and May 05, 2023, the price was seen stumbling yet maintaining an upward trend. The closing price of Bitcoin on May 05, 2023, was $29,534.38. On May 06, 2023, Bitcoin showed a slight slip, which seemed short-lived.
The movement from May 01 to May 06, 2023, is forming an ascending trend. However, the 20 EMA has crossed over the 100 EMA, implying the possibility of a bearish reversal.
| Current circulation | 19,367,312 BTC |
| 7-day high | $29,820 |
| 7-day low | $27,680 |
| Market cap | $541,127,219,420 |
Ethereum Price Prediction: The weekly chart reflects a death crossover
The Ethereum price chart in the past week was more dramatic than anticipated. The price movement didn’t let the investors build any high hopes. The currency diversion towards AI has stolen a lot of investors from the market, which has resulted in high selling pressure. Along with the many other coins on the market, Ethereum also got crushed.
On May 01, Ethereum opened at $1,907.80 but due to high selling pressure, the coin slipped and concluded the day at $1,825. The next day, the price held itself strongly around $1,825 showing no scope for improvement or decline. The day ended with a sudden jump to $1,880. The same pattern was followed on May 03, 2023, a sluggish day-long movement around $1,880, but closing with a sudden jump. The day closed at around $1,900. On May 04, the price hovered around $1,990, but again there was selling pressure, bringing the price down to $1,880. On May 05, Ethereum booked the highest price of the week. It touched almost $2,000. The next day, the price was soon brought down to $1,900. The price chart shows no further improvement in the movement. The exponential moving averages are forming a death crossover indicating upcoming bears.
| Current circulation | 120,334,907.66 ETH |
| 7-day high | $2,013.10 |
| 7-day low | $1,825 |
| Market cap | $224,603,766,879 |
Cardano Price Prediction : A sluggish weeklong movement forming a neckline at $0.39
The entire crypto market has encountered a minor setback in the past week. For Cardano,
There was a 5.2% decline in the overall 7-day price movement. The coin started the month at $39, but due to market pressure, the price kept rolling down. The day closed at $0.38. On May 2, 2023, there wasn’t much movement in the coin, and the price kept shifting, maintaining the neckline at $0.39. The next day, the price opened with a spike, bringing the coin back but was soon caught by selling pressure and concluded at $0.38. On May 4 and May 5, 2023, the price movement was moderately dramatic as it reached $0.39 and $0.37 on the same day before immediately returning to $0.39. On May 06, 2023, the price improved from $0.38 to $0.39. However, it couldn’t hold the said position for long.
| Current circulation | 34,833,643,625.87 ADA |
| 7-day high | $0.39 |
| 7-day low | $0.37 |
| Market cap | $12,873,522,977 |