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Cryptocurrency prices bounced back this week, helped by numerous catalysts. Germany has ended its Bitcoin transfers to exchanges while the Federal Reserve has pointed to interest rate cuts even before inflation drops to its 2% target.
Cryptocurrencies also continued rising as Bitcoin ETF inflows continued and after a positive statement by Larry Fink, the CEO of Blackrock, the biggest asset manager in the world with over $10.6 trillion in assets.
In a CNBC interview, Fink said that he was wrong about Bitcoin and hinted that he was bullish on the coin. Specifically, he believes that Bitcoin is a good hedge against risks like the soaring public debt. So, this article looks at some of the top cryptocurrencies like Internet Computer (ICP), IOTA, and Notcoin.
Internet Computer price forecast
The daily chart shows that the Internet Computer token peaked at $21 on March 27th and has now moved into a bear market, falling by over 54% from its highest point this year.
The ICP token bottomed at $5.83 earlier this month, where it formed a small doji candlestick pattern. It has now moved to the 50% Fibonacci Retracement point and has retested the upper side of the descending channel.
Meanwhile, Internet Computer price has remained below the 50-day and 100-day Exponential Moving Averages (EMA).
At the same time, the token has formed what looks like a falling wedge chart pattern. The Relative Strength Index (RSI) is approaching the overbought point of 70 while the Awesome Oscillator has moved above the neutral point.
Therefore, the token will likely continue rising as buyers target the key resistance point at $12, the 61.8% retracement point. This price is about 25% above the current level.
ICP price chart
IOTA price prediction
IOTA token has been in a strong downward trend this year after peaking at $0.42 in March. This drop coincided with the drop of other altcoins like Solana and Avalanche. It also happened as concerns about IOTA’s ecosystem rose, with its EVM platform seeing little traction among developers.
It then formed a death cross chart pattern as the 200-day and 50-day Exponential Moving Average (EMA) crossed each other in May. In most cases, a death cross is one of the most popular bearish patterns in the market.
IOTA remains below the crucial support level at $0.1962, its lowest point on January 23rd and April 13th.
Most recently, the token has bounced back after the token bottomed at $0.1335, its lowest swing in June, August, and October last year.
Therefore, the IOTA token will likely resume the downward trend as sellers target the key support level at $0.1335.
Notcoin price analysis
Notcoin is a relatively new cryptocurrency in the fast-growing tap-to-earn industry. It is a growing industry that is seeing strong competition from the likes of TapSwap and Hamster Kombat.
The NOT token bottomed at $0.0091, its lowest point in June. It has now bounced back and reached a high of $0.01747. The token has moved above the upper side of the falling wedge pattern shown in blue.
Notcoin has also risen above the 25-period and 50-period moving averages. It has also formed a small cup and handle pattern, which is a popular bullish sign in the market.
The MACD indicator has moved above the neutral point. Therefore, the token will likely have a bullish breakout in the coming days. This bullish breakout will be confirmed if the price moves above the upper side of the cup and handle pattern at $0.017. The stop-loss of this trade will be at $0.015.
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