The crypto market remained on edge today, August 22, as investors waited for Jerome Powell’s speech at the Jackson Hole meeting that will provide hints on when he will start to cut interest rates.
This article provides forecasts for some popular tokens like Aerodrome Finance (AERO), Skale Network (SKL), and OKB (OKB).
OKB price forecast
OKB token was the best-performing cryptocurrency this week, as it experienced a sudden parabolic surge. It jumped from a monthly low of $47 to a high of $247, bringing its market capitalization to over $3 billion.
Two main catalysts triggered the OKB surge. First, the OKB token migrated to X Layer, the protocol that Polygon created. Second, it surged because of the huge token burn executed by the creators. Its supply is now fixed at 21 million.
The daily chart shows that the OKX token price remained in a tight range and formed a symmetrical triangle pattern since November last year to this month.
The consolidation was part of the accumulation of the Wyckoff Theory, which is characterized by sideways movements and low volume.
It exited the accumulation phase and moved to the markup this month after the token burn news. It has moved much higher than the 50-day and 100-day Exponential Moving Averages (EMA).
Additionally, the Relative Strength Index (RSI) has reached an extremely overbought level. Therefore, there is a risk that the OKB price will crash soon as it enters the distribution and markdown phase. If this happens, the next key level to watch will be at $100.
Skale price technical analysis
Skale Network is one of the biggest gaming-focused cryptocurrencies. It has become a major player in the sector because of its fast transaction speeds and gasless transactions.
DappRadar data shows that its gaming ecosystem had over 3.99 million unique active wallets (UAW), a 21% monthly gain. Its transactions jumped by 4% to over 111.7 million.
The daily chart shows that the Skale price formed a double-bottom pattern at $0.0160 and a neckline at $0.027. A double-bottom is one of the most common bullish reversal signs in technical analysis.
It then jumped and reached a high of $0.054 earlier this month as the momentum continued and then pulled back to $0.03. Skale has moved above the 50-day moving average and could rebound to the monthly high of $0.054, which is about 60% above the current level.
AERO price technical analysis
Aerodrome Finance has become a major player in the crypto industry as it has gained market share in the decentralized exchanges. AERO jumped from a low of $0.29 in April to a high of $1.4881.
The AERO price has remained above the 50-day and 100-day Exponential Moving Averages (EMA), a sign that bulls are in control.
AERO has moved above the upper side of the rising wedge chart pattern, which is a popular bearish reversal sign. Most recently, the token has formed a bullish flag pattern, which is made up of a vertical line and a rectangle.
Therefore, the token will likely continue rising as bulls target the key resistance point at $2, which is a good psychological point.
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