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Cryptocurrency prices bounced back this week, with Bitcoin surging to over $67,000, and the crypto fear and greed index approaching the greed area of 60. Bitcoin is approaching the important resistance point at $70,000, raising the possibility that it will retest the all-time high of $73,800.
Most altcoins are doing well, with the total market cap of all meme coins tracked by CoinGecko surging to over $58 billion. This article looks at some of the top trending tokens like Avalanche (AVAX), Sei (SEI), Shiba Inu (SHIB), and Turbo (TURBO).
Avalanche price forecast
Avalanche is one of the leading blockchains in the crypto industry. It is a popular chain that hosts dApps like Benqi, AAVE, GMX, and GoGoPool.
Avalanche’s DeFi ecosystem has over $1.06 billion in assets and over $2.40 billion in stablecoin market cap.
Recently, however, Avalanche has lost market share from the likes of Base Blockchain, Sui, and Arbitrum.
The network has made headlines recently after announcing a $40 million grant program for Avalanche L1 networks. This program aims to help continue growing the ecosystem and regaining market share. The AVAX token is also in the spotlight as the Avalanche Summit continues.
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Turning to the daily chart, we see that the Avalanche price bottomed at $17.18 in August, and has bounced back to $27. It has moved above the 50-day moving average and is hovering slightly below the 61.8% Fibonacci Retracement point.
Avalanche has moved above the 50-day moving average and has formed an inverse head and shoulders pattern. Therefore, the token will likely have a bullish breakout as investors target the next key resistance point at $33.10, its highest point on July 22.
Avalanche chart by TradingView
Sei price analysis
Sei is another fast-growing layer-1 network launched on the Binance Launchpool last year. It has fast speeds and low transaction costs, making it a good alternative to popular layer-1 networks like Ethereum and Solana.
Sei’s network has achieved a TVL of over $178 million, with some of the most notable dApps being Yei Finance, SiloStake, and Dragon Swap.
The network is also seeing some traction in the gaming industry. For example, FishWarOfficial, a fast-growing Web3 game with over 1 million players, deployed in Sei this week. Sei has also had one of the fastest growth in terms of daily active wallets in the L1 space.
In the past 3 months, Sei has seen the highest percentage of daily active wallet growth in the L1 space. The time to pay attention to Sei is NOW.
Sei token has rebounded from the August low of $0.2038 to a high of $0.50, helped by the ongoing crypto recovery. It has also moved to the 61.8% retracement point and is above the 50-day moving average.
However, it has also formed a small double-top chart pattern, a popular bearish view. Therefore, the token will likely have a bearish breakout in the coming days as sellers target the key support at $0.3700.
Sei price chart by TradingView
Shiba Inu price forecast
Shiba Inu token has struggled in the past few months as investors moved to other popular meme coins like Pepe, Bonk, Dogwifhat, and Book of Meme. For example, its 24-hour volume was over $754 million, while WIF had over $1.2 billion. SHIB’s volume was also lower than other smaller tokens like Neiro and Turbo.
Shiba Inu price also struggled as the Shibarium network saw weak growth, with the number of transactions falling.
Like other tokens, the SHIB token has rebounded in the past few days. This rebound happened after it formed a falling wedge chart pattern. In price analysis, this is one of the most bullish signs in the market.
The token has moved above the 50-day moving average and is between the 61.8% and 78.2% retracement levels. Also, the MACD indicator has jumped above the neutral point of 50.
Therefore, SHIB will likely remain in this range for a while. More upside will be confirmed if the token rises above the key resistance point at $0.00002175, its highest point on September 27.
SHIB chart by TradingView
Turbo price forecast
Turbo is one of the fastest-growing meme coins in the industry. Launched in 2023 on the Ethereum network, it has surged and achieved a market cap of over $800 million. This makes it bigger than some well-known companies like Beyond Meat, The RealReal, and GoPro.
The Turbo token has been one of the best-performing coins in the market. It has surged from the year-to-date low of $0.00036 to $0.013 on Tuesday.
On the daily chart, it has moved above the crucial resistance level at $0.010, its highest point on May 28.
The token has remained above the 50-day and 200-day Exponential Moving Averages (EMA), meaning that bulls are in control.
Therefore, it will likely drop and retest the key support at $0.010, and then resume the uptrend. More gains will be confirmed if the price rises above the year-to-date high of $0.013.
Turbo chart by TradingView
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