Cryptocurrency markets are currently in an interesting position, because they are pretty undervalued compared with the prices from one year ago. On the other hand, the ongoing war, energy crisis, high inflation, and recession may send prices even lower. So let’s look at three big cryptocurrencies and where they might go in the next few weeks.
Cardano on a crucial support
Cardano was one of the best-performing cryptocurrencies in the last bull run. However, after it topped out at approximately $3, it fell by almost 90%. Now it is sitting at crucial support where the market bounced up several times. Many returns to the support create enormous pressure and accumulate many positions.
Related article: Correlation of Bitcoin and gold reached 12-months high
If ‘Uptober’ actually happens, Cardano could head higher to about $0.80. However, so many touches on support mostly mean the market might move below it. A strong bear market is still present, with Cardano possibly heading much lower. Cryptocurrencies really need some bullish signs to enter long positions to turn back up.
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