The crypto market was mixed on Monday morning, with most tokens being in the green as traders focused on the upcoming Federal Reserve interest rate decision and the ongoing conflict in the Middle East. Bitcoin’s price held steady above $105,000, while Ethereum’s was slightly above $2,500.
This article provides a forecast for some of the most active cryptocurrencies, including Polyhedra Network (ZKJ), Marinade Finance (MNDE), and Useless Coin (USELESS).
Polyhedra Network (ZKJ) price technical analysis
Polyhedra Network was the worst-performing tokens on Monday morning as it crashed by over 83%. ZKJ tumbled by over 83%, erasing over $300 million in value, mirroring the Mantra price crash a few months ago.
The developers insisted that the network’s fundamentals were strong, citing its “community” and its technology. They attributed the plunge to a series of abnormal on-chain transactions on the ZKJ/KOGE pair.
In another post, Binance, the biggest crypto exchange, attributed the crash to large holders removing on-chain liquidity, leading to a surge of liquidations.
Binance is aware that ZKJ and KOGE have experienced significant price volatilities and our initial findings indicate the developments were a result of large holders removing on-chain liquidity, and liquidation cascade in the market. In order to maintain market fairness and
The ZKJ price crash may attract traders buying the dip because it has become a fairly cheap one. However, the reality is that, as Mantra showed, catching a knife can be dangerous.
Therefore, the most likely scenario is where the token continues crashing as most holders dump and buyers remain in the sidelines
Another scenario is where the token stages a triple-digit rebound in the near term. Such a move, which Mantra also did, would be a dead-cat bounce, which is also known as a bull trap. A dead-cat bounce is a situation where an asset in a free fall experiences a brief comeback and then resumes the downtrend.
Read more: Polyhedra Network teams up with Google Cloud to scale ZK proofs infrastructure for Web3
Marinade Finance price technical analysis
The Marinade Finance (MNDE) token price bottomed at $0.073 in March and April, where it formed a double-bottom pattern with a neckline at $0.1214. A double bottom is one of the most bullish reversal patterns in technical analysis.
The token has then bounced back, reaching a high of $0.1650 as the total value locked (TVL) jumped to over 11 million SOL. Marinade has over 153,619 holders and a stalking yield of 8%. Its rally mirrored that of Jito, the biggest liquid staking platform on Solana.
MNDE price has moved above the 50-day and 100-day Exponential Moving Averages (EMA). The Relative Strength Index (RSI) and the MACD indicators have all pointed upwards.
Therefore, more MNDE price gains will be confirmed if the token moves above the important resistance point at $0.1760. Such a move will push it higher, potentially to the key resistance level at $0.2350, its highest swing on December 9.
Useless Coin Price Analysis
Useless Coin is a fairly new, fast-growing meme coin on the Solana network. Its token has surged by over 1,500% from its lowest point this year, bringing its market capitalization to over $84 million.
The four-hour chart shows that the Useless Coin price surged to a record high of $0.097 during the weekend and then retreated to $0.085 today.
Useless price formed a cup-and-handle pattern whose upper side was at $0.04734 and the lower side was at $0.0051. A C&H pattern mostly leads to more upside over time.
In this case, the token had a depth of about 90%, and measuring the same distance from its upper side gives a target of $0.090. Therefore, while more gains are possible, the token will likely pull back in the next few days. If this happens, the next Useless Coin price target to watch will be at $0.0473, down by 45% from the current level.
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