Monat: August 2023

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Crypto price predictions: Akash Network, THORChain, Bitcoin SV

  • Cryptocurrencies dipped sharply as bond yields surged.

  • Most coins attempted to bounce back, in what could be a dead cat bounce.

Cryptocurrencies stabilized on Saturday after going through one of their worst performance in the past few months. After consolidating at $29,000 for weeks, Bitcoin plunged to $25,000. Sei, one of the newest tokens, plunged by over 80% from its all-time high. This article will look at some of the top-performing tokens like THORChain, Bitcoin SV, and Akash Network.

Akash Network price prediction

Akash Network’s AKT did not go through a major meltdown this week. On the daily chart, we see that the token rose to a high of $1.5580, the highest level since April last year. The token has moved above the 50-day and 25-day moving averages while the Relative Strength Index (RSI) has moved above the overbought level.

Akash Network has also flipped the important resistance level at $0.7462 into a support. This was an important level since it was the highest point on June 1st and July 4th. Now, the token has formed what looks like a double-top pattern whose neckline was at $1.1077. In most periods, a double-top pattern is usually a bearish sign.

Therefore, Akash Network price will likely retreat in the coming days as buyers start to take profit. If this happens, the next level to watch will be the psychological level at $1.0. 

THORChain price prediction

THORChain’s RUNE price has made a bullish breakout in the past few weeks. In this period, it has jumped from $0.9170 to a high of $1.60. It has flipped the important resistance point at $1.110, the highest point on July 3rd. 

Like Akash Network, the token has jumped above all moving averages and is about to form a golden cross pattern. This pattern usually forms when the 50-day and 200-day moving averages make a bullish crossover.

Oscillators like the Relative Strength Index (RSI) and the Stochastic Oscillator have moved above the overbought levels. The outlook for the RUNE price is bullish, with the next level to watch being at $2.

How to buy RUNE

KuCoin

KuCoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 5 million registered users from 200+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique visit ranks the top 5 globally.

Buy RUNE with KuCoin today

Bitcoin SV price forecast

Bitcoin SV price was not left behind in this week’s crypto crash. This move was expected since BSV has a close correlation with BTC. As it dropped, the coin dropped below the important support at $34.33, the lowest level on July 27th. 

BSV has also slipped below the 25-day and 50-day moving averages. It has now rebounded and flipped the resistance at $29, the lowest point on May 8th. This rebound seems like a dead cat bounce, signaling that the coin will likely resume the bearish trend in the coming days. If this happens, the next level to watch will be at $25.

How to buy Bitcoin SV

OKX

OKX is a world-leading cryptocurrency exchange, providing advanced financial services to traders globally by using blockchain technology.

Buy BSV with OKX today

Bitvavo

The Bitvavo platform was launched in 2018, with the goal to bridge the gap between traditional currencies and digital assets. Bitvavo is making digital assets accessible to everyone, by offering transparent fees, a wide range of assets and an easy to use platform.

Buy BSV with Bitvavo today

The post Crypto price predictions: Akash Network, THORChain, Bitcoin SV appeared first on CoinJournal.

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Litecoin price drops below key technical area: What next for LTC?

  • Litecoin price has retreated 14% in the past 24 hours and 23% in the past week
  • Price has also broken below an ascending channel trendline support.
  • Can bulls stem post-halving dump?

Litecoin price has declined 14% in the past 24 hours to add to the pain bulls have experienced over the past three weeks. The cryptocurrency, which successfully underwent its third block reward halving early this month, traded to lows of $60.75 and has plummeted 23% in the past week.

Why did Litecoin price go down today?

LTC’s latest price decline came as most top cryptocurrencies by market cap dumped heavily on the back of Bitcoin’s sharp plunge to the $25k area.  This was after investors spooked by rumours related to Elon Musk’s SpaceX BTC holdings sold off, with the 24-hour crypto liquidations jumping to over $1 billion on Friday.

The downward pressure cascaded to altcoins, which saw Ethereum nosedive to below $1,575 and XRP touch the technical support area of $0.50. Litecoin’s reaction was for its post-halving rot to deepen and leave bulls poised at a key level that threatens further declines.

LTC price technical outlook

As seen on the daily chart below, the breakdown from highs of $114 in early July has all but wiped pre-halving gains. The psychologically important $100 is once again the primary horizontal resistance level while $60 is now crucial for bulls.

Litecoin price on daily chart. Source: TradingView

The weekly chart also gives a bearish outlook, with the RSI indicator signaling negative momentum. The chart also shows that LTC has broken below the support line of an ascending parallel channel in place since mid-May 2022. The decisive breakdown suggests bears have the upper hand.

Litecoin price on weekly chart. Source: TradingView

If the price breaks down from $60, Litecoin risks new declines of 30% or more to $40. While a rebound could materialize in the short term, bulls will remain under pressure unless price strengthens in the $80-$100 region.

The post Litecoin price drops below key technical area: What next for LTC? appeared first on CoinJournal.