Cryptocurrencies Price Prediction: Cardano, Decred & Ethereum – Asian Wrap 5 March

Cardano Price Analysis: Approaches key trendline amid bearish sentiment

Cardano (ADA) price is approaching its descending trendline around $0.28 at the time of writing on Thursday, set to shape the next directional move. The derivatives metrics paint a bearish picture, with ADA’s Open Interest (OI) continuing to fall and short bets rising among traders. On the technical side, price action holds below the long-standing descending trendline, keeping the downside bias intact.

Top Crypto Gainers: Decred, Zcash, and Dogecoin lead recovery as Bitcoin crosses $72,000

Decred is up 7% at press time on Thursday, building gains over the 7% rise from the previous day. The near-term bias is mildly bullish as DCR holds well above the upward-sloping 50-, 100-, and 200-day EMAs. The privacy coin trades above the 50% retracement level at $31.54, measured from the November 4 high of $70.00 to the December 23 low of $14.21. A decisive close above this level could target the 61.8% Fibonacci retracement level at $38.07. 

Ethereum Price Forecast: ETH jumps alongside a spike in open interest, realized price could limit upside

Ethereum (ETH) has jumped above $2,100 on Wednesday, following a general recovery across the crypto market. The move was accompanied by a spike in Ethereum's open interest (OI), which has increased to 13.43M ETH — its highest level since January 31. The top altcoin's OI has been rising since February 19, adding 1.2M ETH over the past two weeks. The growth comes amid $152 million in Ethereum liquidations over the past 24 hours, dominated by $129 million in short liquidations, according to Coinglass data.