It was a good week for cryptocurrencies as the recent momentum gained steam and as they continued to outperform traditional assets like stocks, bonds, and commodities. This rally helped to push the total market cap of all cryptocurrencies to the highest point in over two years. This article provides a prediction of key cryptocurrencies like Hooked Protocol (HOOK), Arkham (ARKM), and dogwifhat (WIF).
Hooked Protocol price prediction
Hooked Protocol’s HOOK was one of the best-performing altcoins this week as its demand continued rising. There was no important news that triggered that move. On the daily chart, we see that $HOOK token price surged to a high of $1.40 this week, its highest point since December 23rd. At its highest point, Hooked Protocol was up by about 60% from its lowest point this year.
A closer inspection of the chart shows that, in the long-term, it bottomed at around $0.6947, its lowest point in 2023. Now, it has jumped above the 50-day Exponential Moving Average (EMA) while the Relative Strength Index (RSI) pointed upwards and moved above the overbought point of 75.
Most notably, the token has formed a rounded bottom pattern, which is usually a bullish sign. Therefore, its outlook is bullish, with the next target to watch being at $1.6040, its highest point in January. This target is about 26% above the current level.
Arkham (ARKM) price forecast
Arkham price was another top gainers this week as it surged to its highest point on record. Its rebound has been so strong that it moved from the year-to-date low of $0.4130 to over $2.59. This rally gained steam when the token moved above the important resistance level at $0.7750, its highest level in December last year.
Arkham, which runs a blockchain intelligence or data platform, also crossed the key resistance levels at $1.7417 (July 23rd high) and $2. It has remained above all moving averages while the RSI has moved to the extremely overbought point of 86. Therefore, while the overall trend is bullish, I suspect that it will pull back soon as investors start to take profits. This could see it drop to retest the support at $1.7417.
Dogwifhat price prediction
The dogwifhat token made a strong bullish breakout as investors moved back to meme coins. Most of the popular meme coins like Dogecoin, Bonk, Pepe, and Shiba Inu were among the best performers during the week. It also jumped as Solana and its ecosystem boomed.
At its peak, the WIF token was up by more than 500% from its lowest level this year, giving it a market cap of over $900 million. This rally happened in a high-volume environment, with most of it being from Kraken and Raydium.
The dogwifhat token price has moved above the 50-period moving average while the Average Directional Index (ADX) rose above 30. The ADX is a popular indicator for trend strength. Therefore, the outlook for the token is bullish, with the next point to watch being at $1.
