Cryptocurrency prices came under intense pressure this week as more investors continued to liquidate their Grayscale Bitcoin Trust (GBTC) holdings. The ETF now has over 355k Bitcoins, down from over 600k two months ago.
GBTC’s liquidations have led to a lower Bitcoin price, followed by a sharper crash among more altcoins. This article looks at some key cryptocurrencies like Tezos, Zilliqa, and VeChain.
Tezos price forecast
Tezos (XTZ) price has done well in the past few months as it jumped from a low of $0.619 in November to a high of $1.595 this month. This rally happened primarily because of the ongoing crypto bull run.
Recently, however, the token has crashed hard as the prices of most cryptocurrencies dropped. It has slipped by more than 23% from its highest point this year. Along the way, the token has plunged below the crucial support level at $1.481, its highest swing in February 2023.
On a positive side, the price of Tezos has constantly remained above the 100-day Exponential Moving Average (EMA). It has also remained above the ascending trendline, which connects the lowest swings since October 19th.
Therefore, the outlook for Tezos price is still bullish as long as it remains above this week’s low of $1.096. A drop below that level will point to more downside in the coming weeks. In the meantime, a jump above $1.40 cannot be ruled out.
Zilliqa price prediction
Zilliqa is a leading blockchain network that premiered the concept of sharding, which supercharges a blockchain’s throughput by slicing the number of blocks into small units. The biggest challenge for Zilliqa is that the network has failed to gain popularity among developers and users.
ZIL price peaked at $0.045 this month as the crypto bull run intensified. It then dropped sharply and reached a low of $0.0278. This was an important level since it was upper side of the double-top pattern that happened between January and February. By dropping to that level, Zilliqa formed a break and retest pattern.
Zilliqa price has constantly remained above the 100-day moving average. It has also formed a spinning top pattern, which is one of the most positive candlestick patterns in the industry. Therefore, the ZIL token price will likely bounce back as bulls target the key resistance point at $0.037, its highest point on February 20th.
Read more: How to buy Zilliqa.
VeChain price forecast
Vechain price has also had a strong rebound in the past few months. It has soared from last June’s low of $0.013 to a high of $0.055 in March, a 320% increase. Like other cryptocurrencies, its price tumbled to a low of $0.0365 this week.
Like Zilliqa, this price was a few points below the key price of $0.039, its highest swing in January. It has also constantly remained above the 50-day and 100-day EMA. It has also formed a break and retest chart pattern.
Therefore, the VeChain price will likely resume the bullish trend as long as two things happen. First, it needs to remain above this week’s low of $0.0365. Second, Bitcoin needs to rebound above $70,000.
Read more: How to buy VeChain.
