Cryptocurrencies Price Prediction: Cardano, Axie Infinity & Bitcoin — Asian Wrap 05 October
Cardano price could dip 5% amid growing overhead pressure
Cardano (ADA) price is attempting a recovery rally on the higher timeframes, recording three consecutive higher highs as indicated in the chart below. However, bulls must do more if the trend is to be sustained, with overhead pressure building up to cloud the token’s upward momentum.
Axie Infinity price inching closer to fresh 2023 lows could leave over 94% of investors at a loss
Axie Infinity price has been in a downtrend since the beginning of the year after marking the 2023 highs in late January. AXS could see some movement in the upward direction, but for the same to happen, one crucial cohort would need to change their stance from inactive to active. This cohort is the Whale addresses that have been dormant for nearly 17 months now.
Bitcoin price could revisit $10,000 amid growing correlation with US Dollar Index
Bitcoin (BTC) price upside potential heavily depends on its correlation with the US Dollar Index (DXY), with recent data showing that BTC folded as investors mused on the Federal Reserve’s (Fed) decision to pause interest rate hikes for September. This occurred while they anticipated a stronger financial grip going forward. At the time, BTC price dropped below the $27,000 support, with subsequent attempts to reclaim above this psychological level proving to be a hard task until the big break on October 1.
Author
FXStreet Team
FXStreet
