Cryptocurrency prices remained on edge this week as investors waited for a catalyst. Bitcoin rose modestly but found a big barrier at around $72,000 while Ethereum struggled to move above the $4,000 resistance level.
Looking ahead, the next important catalyst could be the upcoming US nonfarm payrolls (NFP) data, which will provide more information on when the Fed will start cutting interest rates. These numbers will be crucial since the European Central Bank (ECB) and the Bank of Canada (BoC) have already started to cut rates. This article looks at top coins like Bitgert (BRISE), Enjin Coin (ENJ), and Ben the Dog.
Bitgert price prediction
Bitgert price peaked at $0.00000045 in March this year as the crypto industry rally accelerated. This initial rally was triggered by the SEC’s approval of Bitcoin ETFs and the anticipation of the halving event.
BRISE then started retreating and crossed the important support level at $0.00000030, its highest swing in December last year. It then bottomed at $0.00000014, which coincided with the rising trendline that connects the lowest swings since October last year.
Now, the token has crawled back and moved slightly above the 50-day Exponential Moving Average (EMA). It has also formed a small ascending channel, which resembles a rising wedge pattern. Also, there are signs that this pattern is part of a bearish flag, a popular continuation sign.
Therefore, the short-term outlook for the token is mildly bearish, with the next point to watch being the ascending trendline at $0.00000014. This bearish view will become invalid when the Bitgert price jumps above the crucial resistance point at $0.00000019.
Enjin Coin price analysis
Enjin Coin price has come under intense pressure in the past few months. It has crashed from over $0.733 in March to below $0.30 today. Most importantly, it has missed the ongoing cryptocurrency rally that has pushed Bitcoin to over $71,000.
The ENJ token’s recent crash happened after Coinbase announced that it would delist it, partly because of the falling volume. The token has crashed below the 50-day Exponential Moving Average. It has also plunged below the key support at $0.331, its lowest level in March 2023.
Enjin Coin has formed a bearish flag pattern shown in red. It has moved to the lower side of the flag pattern, pointing to more selloffs. If this happens, the next point to watch will be at $0.25.
Read more: How to buy Enjin Coin.
Ben the Dog price forecast
The newly launched Ben the Dog token was one of the best-performing tokens this week. This rally soared as many traders continued to bet on newly launched meme coins. The Solana meme coin jumped to a record high of $0.07695 on June 6th.
On the four-hour chart, we see that the token has remained above the 50-period moving average, signaling that bulls are in control. It has also jumped above the Ichimoku cloud indicator. Most importantly, it has moved to the markup phase of the Wyckoff Method approach.
There are now signs that it has moved to the distribution phase of the Wyckoff Method, which explains why it has dumped by over 25% from its highest point this year. Therefore, I suspect that the token will rebound soon as buyers attempt to retest its all-time high. This rebound will happen as investors buy the dip and as demand for Solana meme coin rebounds.
