Cryptocurrency prices continued their downward trend as the industry lacks a clear catalyst for now. The crypto fear and greed index has dropped from the year-to-date high of over 80 to the neutral point at 58.
Therefore, the focus among investors will be the upcoming Federal Reserve interest rate decision set for Wednesday. Analysts are expecting a hawkish tone now that inflation has remained at an elevated level. The Personal Consumption Expenditure (PCE) rose to 2.6% in March while the core PCE jumped to 2.8%.
This article looks at some of the top cryptocurrencies like Cronos (CRO), AMP, and Solana (SOL).
Cronos price forecast
Cronos, the blockchain network backed by Crypto.com, has come under intense pressure in the past few weeks. The CRO token has pulled back from the year-to-date high of $0.1850 in March to about $0.1342 today. This crash happened as the DeFi TVL retreated to about $650 million.
CRO token remains between the first support and the second support of Andrew’s pitchfork tool. It has also moved slightly above the 38.2% Fibonacci Retracement level, which is a positive sign. The coin has moved above the 50-day and 25-day Exponential Moving Averages (EMA).
Meanwhile, the two lines of the MACD indicator have formed a bullish crossover while the Relative Strength Index (RSI) has moved above the neutral point of 50. However, the token has formed a bearish pennant indicator.
Therefore, the outlook for the Cronos token is bearish, with the next point to watch being at $0.1128, its lowest swing on April 13th. A break below that level will point to more downside in the near term.
AMP price prediction
The AMP token price rose to a high of $0.01678 in March this year. It has now crashed by over 50% from its highest point in March. The token was trading at $0.0080 on Tuesday morning, a few points higher than this month’s low of $0.0056.
AMP token has moved slightly above the 50-day and 100-day Exponential Moving Averages (EMA). At the same time, the Relative Strength Index (RSI) has crossed the crucial neutral point at 50. The MACD indicator has formed a bullish crossover.
Most notably, there are signs that the token has formed a falling wedge pattern, which is a positive sign. Therefore, there is a likelihood that the AMP token will rebound and test the crucial resistance at $0.010, the 38.2% Fibonacci Retracement level.
Solana price forecast
Solana, like other cryptocurrencies, has come under intense pressure in the past few weeks. It peaked at over $210 in March and has crashed to about $136. That performance happened as Bitcoin dived from over $73,000 to about $63,000.
Meanwhile, the SOL token has crashed below the 50-day and 100-day EMAs, which is a bearish sign. Solana is also nearing the important support level at $125.9, its highest point on December 25th.
The RSI has moved below the neutral point of 50 while the MACD indicator has crashed below the neutral point. Therefore, a break below the key support at $125 will point to more downside in the coming weeks. If this happens, the next target to watch will be at $100.
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