Cardano (ADA), Bitcoin (BTC), and Ethereum (ETH) Crypto Forecast
Cardano (ADA), Bitcoin (BTC), and Ethereum (ETH) Crypto Forecast

Cardano (ADA), Bitcoin (BTC), and Ethereum (ETH) Crypto Forecast

By Federico Izzi - 21 Oct 2022

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One aspect that characterizes the current period of crypto markets is the absence of volatility, so let’s see what the forecasts are for Cardano (ADA), Bitcoin (BTC), and Ethereum (ETH).

Crypto like the S&P500 and Nasdaq.

Exactly one month ago – September 21 – the prices of the most important cryptocurrencies, including Bitcoin and Ethereum, halted the decline that began from their mid-August peaks.

A healthy slowdown that, unlike the global financial markets that are continuing to mark new lows, such as the stock indices of the S&P500 and Nasdaq for example or many commodities such as gold, has been registering micro fluctuations for several weeks now that have sent volatility values plummeting to their lowest levels in years.

The price volatility index for Bitcoin and Ethereum, which could be likened to a thermometer measuring the uncertainty of future price movements, for both has returned to the levels of early April.

In those days, the volatility value registered its lowest point in two years.

The Fear & Greed index for Bitcoin and Ethereum

The Fear & Greed index has also been moving between the 20- and 25-point values for the past two months, except for the 5-day exception between Sept. 10 and 15, when the figure quickly rose to 34 and then fell back. In the past 5 years, this index has experienced a similar trend only once.

One should not go too far back in time. In fact, from the first week of May until the middle of July this year, the ‘Fear & Greed’ index values fluctuated in the lower range and for a long period that lasted 9 weeks, even at lower levels than today.

That phase ended precisely in the days between July 15 and 18, when the prices of the major cryptocurrencies broke the upper barrier by putting in an uptrend that for several tokens, including ETH, saw prices run with gains as high as 3-digit percent.

The current environment brings back memories of that period not only because of what has been reported but also because prices are currently at the levels of that era.

The penultimate week is no different from the others characterizing this month of October. Within hours of the start of the weekend, 90% of the top 100 capitalized stocks recorded a negative balance from Monday’s opening prices.

Scrolling down the list of Blue Chips, one has to go all the way down to the 30th position to find the first positive sign, occupied by Toncoin (TON) , which in the last week has risen from $1.236 to peaks above $1.380, putting up one of the best double-digit percentage weekly rises.

Cardano (ADA) Forecast

On the opposite side, however, the downward strains on XRP (XRP), Cardano (ADA), and Solana (SOL) are worrying. In particular, among these Bigs to cause fibrillation is Cardano.

Earlier in the week, a report from OpenCNFT revealed an increase in non-fungible token (NFT) exchanges from Solana’s blockchain to Cardano’s blockchain, highlighting the growing interest of many digital collectibles traders in Cardano’s NFT blockchain.  

Despite this, the price of ADA does not halt the fall by breaking the psychological support of $0.35 in the past 24 hours.

Breach that has increased speculation to the downside, causing the price in recent hours to fall to within a step of $0.33, the lowest level since January 2021.   

Technically for ADA, the structure now looks compromised. Since the all-time highs of September 2021, when the price reached $3.16 for the first time ever, the price trend has been characterized only by downward phases.  

From those highs to the levels of these hours, the decline marks a disastrous loss of -90%. And suppose this trend is not halted soon. In that case, it will become increasingly difficult for Cardano to recover acceptable price values, freezing for years, or perhaps forever, the fans’ desire to see historic highs again.

Bitcoin (BTC) Forecast

Should the price confirm closing at mid-day levels on Friday – $19,000 area – for Bitcoin (BTC), it would be the 4th consecutive day in the red. 

This event had already happened a short time ago, in the first week of October, with six out of seven days ending below parity. The month of October is currently performing just below par, with 70% of the days ending in the red. A trend contrary to the statistic that sees October, along with February, as the best month among all 12 months of the year, with an average performance above 30% monthly.  

Need to continue to monitor the fluctuations as we await the exit from the trading range cage, at the low at $18,500 and above $20,500.

Ethereum (ETH) Forecast

For Ethereum (ETH), the situation is similar to BTC in terms of technical structure and both daily and weekly trends. 

Should today, Friday, end at the turnaround fixing – $1280 – it would be the second consecutive day with an ETH price change of only $2!

This event had never occurred in the past two years, even when ETH prices were far below current levels.

A detail that increases the risk of loading the volatility spring even more and the danger of approaching a weekend with even more shrinking volumes.

Operationally, keeping our guard up is mandatory as we await the exit of prices from 1250-1350 in the short term and 1250-1850 in the medium term.

Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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