The crypto market remained under pressure this week as the fall out of Moody’s credit rating downgrade of US debt jumped. Bitcoin was stuck at $105,000 after its attempts to breakout faded. Ethereum price also moved sideways as the recent surge faded.
Crypto prices will likely remain on edge this week as they wait for the next catalyst. This article conducts a forecast for some top cryptocurrencies like Fartcoin (FARTCOIN), Monero (XMR), and Hedera Hashgraph (HBAR).
Fartcoin price technical analysis
The Fartcoin token has staged a strong comeback in the past few months, with its gains triggering the recent Solana meme coin rally. FARTCOIN token surged from a low of $0.2010 on March 11 to $1.3375, a 556% increase from the current level.
The token has formed an ascending channel that connects the higher highs and higher lows since March 24. It has also moved above the 50-day and 25-day Exponential Moving Averages (EMA).
Fartcoin is now bouncing up from the lower side of this channel. Most importantly, it is hovering at the 50% Fibonacci Retracement level, while the Relative Strength Index (RSI) has tilted upwards.
Therefore, the path of the least resistance for the Fartcoin token is upward, with the next point to watch being at $2.1, the 23.6% Fibonacci Retracement level. This view will become valid if the price rises above the upper side of the channel.
Monero price technical analysis
Monero price has defied gravity in the past few months and separated from the other cryptocurrencies. Its XMR token has risen in the last seven consecutive weeks, moving to the highest swing since March 11.
Monero’s surge started a few months ago when a court ruled on the Tornado Cash case. It ruled that the government could not sanction a cryptocurrency since it was just a piece of software.
The Treasury Department then removed the sanctions from Tornado Cash earlier this year. As a result, investors hope that some exchanges will relist the coin this year citing this ruling.
Monero price has moved above the important resistance level at $186.45, the highest swing in January and December 2023 and March last year. It has moved above the 50-week and 100-week Exponential Moving Averages (EMA).
Most importantly, the Relative Strength Index (RSI) and other oscillators have continued soaring and become overbought.
Therefore, while Monero price rally will continue, there is a risk that it will pull back a bit as it enters the distribution phase of the Wyckoff Theory.
Read more: Monero outlook: how a $330M Bitcoin heist fueled XMR’s 50% surge
Hedera Hashgraph price analysis
The Hedera Hashgraph token has rebounded in the past few days as the volume of stablecoins in the network soared to over $180 million, flipping top crypto projects like Algorand and Stellar.
HBAR price has moved from a low of $0.1250 in April to $0.1960. It has moved above the key resistance level at $0.1826 and the 50-week Exponential Moving Average. The Relative Strength Index (RSI) has moved above the neutral point of 50.
Therefore, the HBAR price will likely have a strong bullish breakout in the coming weeks. Such a move will see it jumping to the next resistance level at $0.30, up by 55% from the current level.
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