Crypto prices held steady on Wednesday morning as traders focused on the upcoming US inflation data and the ongoing US and China trade talks in London. They also jumped as Bitcoin formed a cup-and-handle pattern, pointing to more gains.
This article looks at some top cryptocurrencies, like Axelar (AXL), Maple Finance (SYRUP), and Pi Network (PI).
Axelar price prediction
Axelar token price surged this week as the decentralized finance (DeFi) assets approached $1 billion, after Upbit listed it. Tokens often jump after getting listed on major exchanges.
The token also jumped as Axelar’s GMP product processed $4.5 billion in volume across 2.8 million transactions. This makes it one of the fastest-growing chains in crypto.
The daily chart shows that the AXL token price jumped to a high of $0.6272 on Tuesday, the highest point since January 26. It was up by 110% from its lowest point this year.
Axelar token price moved above the key resistance at $0.4545, the neckline of the double-bottom chart pattern. It has also moved above the 50-day Exponential Moving Average (EMA) and the 23.6% Fibonacci Retracement level.
Therefore, the most likely scenario is where the AXL price retreats and retests the neckline at $0.4545 and then resumes the uptrend. More gains will be confirmed if the Axelar token price rises above the resistance level at $0.6272. Such a move will point to more gains to the 50% retracement at $0.7030.
Pi Network price forecast
Pi Network token price has remained in a consolidation phase this month as investors await for the next catalyst. The token was trading at $0.6430 on Wednesday, a few points above the ascending trendline that connects the lowest swings since April.
Pi Coin price has formed a triple-bottom pattern whose neckline is at $1.6708. Also, the spread between the three lines of the Bollinger Bands has narrowed drastically, a sign that volatility has dropped.
The Average True Range (ATR) and the historical volatility indicators have plunged in the past few weeks. In most cases, falling volume and volatility is usually a highly bullish aspect for a coin. If this happens, the next point to watch will be the psychological point at $1. A move above $1 will raise the possibility of the coin surging 160% to its highest point in May.
On the flip side, a drop below the support at $0.5200 will invalidate the bullish outlook and point to more downside.
Maple Finance SYRUP price analysis
Maple Finance has been one of the best-performing cryptocurrencies this year as the assets under management jumped to $2 billion. The value of loans issued has also been in a strong uptrend.
Maple SYRUP price bottomed at $0.0855 in April to the psychological point at $0.50 on Tuesday. It recently moved above the key resistance level at $0.4695, the highest swing on May 26. Moving above that level was notable as it invalidated the forming double-top pattern.
Therefore, Maple Finance will likely drop and retest the support at $0.4695 and then resume the uptrend, potentially to $1.
The post Crypto price predictions: Pi Network, Axelar, Maple Finance appeared first on Invezz
