2024-8-29 04:01 |
Cryptocurrency prices remained under intense pressure this week as last week’s bullish breakout fizzled. Bitcoin recoiled from Sunday’s high of over $64,000 to below $60k while the crypto fear and greed index fell from almost 60 to 49.
Most altcoins like Ethereum (ETH), Solana (SOL), and Avalanche (AVAX) remain in a deep bear market. So, let us look at the forecasts of some key crypto tokens like Helium (HNT), Aave (AAVE), and Toncoin (TON).
Helium price forecastHelium is a leading player in the growing area of Decentralized Public Infrastructure Network (DePIN). It is a platform that provides over a million internet hotspots globally. Most of these hotspots are in the United States and Europe.
Notably, Helium has partnered with some leading companies like T-Mobile and Dish Network. In a recent statement, the developers noted that they were working on a partnership deal with a leading telecom company in the US.
On-chain data shows that the Helium ecosystem was doing well as the network usage in the last 30 days has maintained its stability. Analysts believe that it has more room to grow in the future even though it faces substantial challenges like competition from Starlink.
Helium token has done modestly well in the past few months. While it remains in a bear market after falling by over 36% from the YTD high, it has bounced back from its July lows. It has risen by 146% from its lowest point in July and was trading at $7 on Thursday morning.
The HNT token remains between the 50% and 38.2% Fibonacci Retracement point. Also, the token has moved into the fourth phase of the Elliot Wave indicator. It has also formed a golden cross pattern as the 50-day and 200-day moving averages have crossed each other.
Helium has also formed what looks like a bullish pennant chart pattern. Therefore, the token’s outlook is bullish, with the next point to watch being at $8.
Aave price predictionAave is a leading player in the Decentralized Finance (DeFi) industry, where it offers a platform for people to borrow and lend capital. In the past few years, Aave has become the third-biggest player in the DeFi industry with over $11 billion in assets spread across 12 chains like Ethereum, Arbitrum, Polygon, and Avalanche.
AAVE token has done well recently, helped by increasing whale activity. As a result, it jumped to a high of $148.70, its highest point since March 13 and 108% above the lowest point in August.
AAVE formed a golden cross on August 1st, which explains why the token rally accelerated. Recently, however, it has pulled back sharply as the sentiment in the crypto industry has waned. It dropped by over 16% from its highest point this year and was trading at $124.51.
AAVE remains above the 50-day and 200-day moving averages and the important support level at $115.15, its highest point on May 27. It has also dropped slightly below the 23.6% Fibonacci Retracement point.
Therefore, the most likely scenario is where the AAVE token bounces back and retests the highest point this month. This rebound will happen as the token forms a double-top chart pattern whose neckline will be this week’s low at $117.20.
Toncoin price forecastToncoin token has been one of the breakout stars of this year as it moved into a top ten token with a valuation of over$14 billion. The TON Blockchain also became one of the leading networks in the Decentralized Finance (DeFi) with over $600 million in assets.
The biggest catalyst for Toncoin has been the growth of the tap-to-earn industry, which has become one of the fastest-growing sectors in crypto. Tap-to-earn is a sector that lets people tap and earn tokens in a Telegram mini application.
Hamster Kombat has become the leading player in the industry with over 300 million users globally. Other notable names are the likes of Notcoin, Tapswap, and Pixelverse.
This week, the Toncoin price was in the spotlight for two main reasons. First, DOGS, a token in the ecosystem started trading and was one of the best performers. Second, it came into the spotlight following Durov’s arrest in France.
On the daily chart, the TON price peaked at $8.30 on June 15 and has now dropped by over 32% from its highest point this year.
The token has collapsed below the 50-day and 200-day moving averages and is along the 38.2% Fibonacci Retracement point. It has also formed what looks like a head and shoulders chart pattern, which often leads to a bearish breakout.
Therefore, the TON price will likely be highly volatile as traders focus on Durov’s case in France. The base case is where it stages a comeback since it has also formed a small double-bottom chart pattern at $5. The key points to watch will be at $6 and $4.50
The post Crypto price predictions: Helium, Aave, Toncoin appeared first on Invezz
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