Cryptocurrencies Price Prediction: Cardano, Bitcoin & Zcash — Asian Wrap 10 October
Cardano Price Forecast: ADA correction deepens as profit-taking activity increases
Cardano (ADA) price steadies at around $0.81 at the time of writing on Friday after falling more than 3% so far this week. On-chain and derivatives data further hint at a correction as profit-taking rises while bearish bets reach the highest level among ADA traders. Adding to this, the technical outlook suggests a downward trend on the horizon as indicators show signs of weakening momentum.
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH, and XRP pause after strong rallies
Bitcoin price reached a new all-time high (ATH) of $126,199 on Monday, but failed to maintain the upward momentum and declined over 2% until Thursday, retesting the $120,000 support level. At the time of writing on Friday, it hovers at around $121,000. If BTC continues its correction and closes below $120,000, it could extend the decline toward the next daily support level at $116,000.
Top Crypto Gainers: Zcash surpasses $200, Litecoin and MYX Finance gain momentum
Zcash trades above $225 at press time on Friday, recording over 35% gains so far this week. The third consecutive week of profits challenges the 61.8% Fibonacci retracement level at $235.92, drawn from the May 2021 high at $372.00 to the July 2024 low at $15.78 on the weekly chart. A decisive push above this level could extend the rally to the $295 mark, aligning with the 78.6% Fibonacci retracement level.
Author
FXStreet Team
FXStreet
