The outlook on the cryptos market appears to be much better than in the fourth quarter of 2022, especially after several bullish rallies on cryptocurrencies like Dogecoin, Ethereum, and Bitcoin. Two weeks ago, the price of Dogecoin rallied and almost doubled compared to other mainstream cryptocurrencies.
The price of Bitcoin (BTC), now more than ever, has a chance of reclaiming the $22,000 zone and higher if possible.
Several altcoins have also begun flashing positive signals, with most enjoying community and partnership agreements and numerous intriguing projects in development.
Bitcoin, of course, deserves the top spot, and here are a few reasons why
Charles Edwards, the founder of Capriole Investments, unveiled a brand-new on-chain statistic for bitcoin earlier this month.
Charles Edwards called this indicator the "Bitcoin Yardstick." And according to him, the metric is "the ratio of energy effort done to protect the Bitcoin network in relation to price."
This metric calculates Bitcoin's market cap by its hashrate and divides the product by its 2-year average.
According to Edwards, lower readings equate to cheaper Bitcoin and therefore predict a higher value for the cryptocurrency.
Edwards further says that the indicator's current readings were last seen when Bitcoin was worth 4 – 6 thousand dollars.
This forecasts that the cryptocurrency is severely oversold and is long overdue for a correction.
At the time of writing, the cryptocurrency is worth $21,300 and is currently testing important support before a rally to the $22,000 zone or beyond.
A glance at the charts reveals that the market appears to be entering a bullish swing. Cardano appears to have gained much momentum over the last few days, posing favorable development for the ADA market.
Furthermore, Cardano has risen past its peak, forming a higher high, and is currently trading at $0.42.
The cryptocurrency is below the $0.43 resistance as the general crypto market appears to have a minor retracement.
On the daily chart, most of the technical indicators are bullish. The MACD and signal lines are starting to rise above the zero line, indicating that the bulls may get stronger than the bears.
The RSI is also at the 63 levels but appears on the verge of a bullish crossover. The 50-day simple moving average is also trending above the 200-day moving average, which is a strong bullish indicator.
Despite the recent FED interest rate increase of 75 basis points, Ethereum and the rest of the crypto market has recovered. The cryptocurrency price rose last week and has since recouped the losses incurred during the sell-off following the interest rate hike.
A flag pattern has been formed on the 4-hour chart for the price of Ethereum. With a 5.5% intraday increase, the altcoin is currently trading at $1639 per price. As a result, the prices rose above the pattern's resistance trendline thanks to the lengthy bullish candle and sufficient increase in volume.
Over the daily chart, the MACD line appears above the signal line, indicating that the bulls control the Ethereum market.
On the other hand, the RSI looks slightly overbought, but the verdict on Ethereum is bullish, considering how the cryptocurrency is now about to break through the $1,700 zone it last held before the post-merge dip.
Over the last few weeks, Chainlink has shown that the cryptocurrency is still very bullish compared to most other cryptocurrencies on the market.
The bulls have managed to push the price of the cryptocurrency above the $8 mark, and Chainlink appears to have no intentions of stopping as its bulls continue to push it upwards.
Chainlink has gained as much as 5% over the last day and is up by a whopping 23% over the last 7 days.
The cryptocurrency has managed to break through the $8.3 zone and appears in a new wave of bullishness.
The next target for Chainlink will be the $9.6 zone over the coming week if Chainlink continues to advance further up the charts.
Solana is also one of the most bullish cryptocurrencies of the last two weeks.
In terms of predictions, the outlook on Solana is that the bullish momentum is expected to continue since the bulls have retaken control of the Solana market.
On the other hand, the bears are expected to push back against the bulls and try to retake control.
Like Dogecoin two weeks ago, Solana appears to be in a price explosion and has risen by 12% over the last day of writing.
Solana's price action over the coming week may be interesting to watch, considering the recent bullish activity on the cryptocurrency.
Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.