Cryptocurrency prices rose slightly this week after the encouraging US inflation numbers and as the meme stock craze resumed. Bitcoin soared to over $66,000, ETFs saw substantial inflows, while the total market cap of all cryptocurrencies jumped to over $2.3 trillion, This article provides an outlook for key tokens like Algorand (ALGO), EOS, IOTA, and Internet Computer (ICP).
Algorand price analysis
Algorand, one of the pioneers in the blockchain industry, currently facing challenges. Its DeFi assets have plunged to $151 million from the year-to-date high of over $252 million. In ALGO terms, the TVL has dropped to 851 million tokens. The top players in Algorand’s ecosystem are Folks Finance, Lofty, Tinyman, Pact, and Messina.
Algorand’s price peaked at $0.3302 earlier this year as most cryptocurrencies surged. This was a notable price since it was over 250% above its lowest point in 2023. Recently, however, the token has tumbled by almost 50%.
It has dropped below the crucial support at $0.2530, its highest swing in December last year. It has also crashed below the Woodie pivot point while the 200-day and 50-day Exponential Moving Averages (EMA) are nearing a death cross pattern.
Therefore, the outlook for the ALGO token is bearish, with the next reference level to watch at $0.1485, its lowest swing in January and April this year. This forecast implies another 15% retreat from the current level.
IOTA price forecast
IOTA, another well-known crypto token, is not doing well too as it crashed from the year-to-date high of $0.4213 to below $0.2200. This is happening as signs emerge that the ShimmerEVM network is seeing weak inflows as its DeFi TVL slumps to below $5 million.
It has dropped below the 50% and 61.8% Fibonacci Retracement levels. Most importantly, the coin has formed a death cross pattern, one of the most bearish signs in the market. The token is nearing the crucial support level at $0.20, its lowest swing in April and May 1st. It is also nearing the key support at $0.1962 (January 23rd low).
Further, the Relative Strength Index (RSI) has moved sideways below the neutral point. It has also formed a bearish flag pattern, a popular negative sign.
Therefore, the outlook for the token is extremely bearish, which will be confirmed if it drops below the key support at $0.20. If this happens, the next point to watch will be at $0.17.
EOS price prediction
The EOS token price action has mirrored that of other cryptocurrencies. It peaked at $1.3615 in March and has now tumbled to $0.80. However, unlike IOTA and Algorand, the volume of assets in its DeFi ecosystem has risen slightly recently. It has jumped from January’s low of $95 million to over $150 million, helped by EOS RAM, DeFiBox, NewDex, and Bethash.
EOS token has crashed hard below the key support at $0.9135, its highest level in December last year. It has also dropped below the Woodie pivot point while the Relative Strength Index (RSI) has dropped below the neutral point.
The token is also about to form a death cross chart pattern as the 200-day and 50-day moving averages cross each other. It has also formed a bearish pennant pattern, meaning that it could soon crash to the support at $0.6625.
Read more: How to buy EOS.
Internet Computer price prediction
The price of ICP peaked at $21 earlier this year even as the Internet Computer’s total value locked (TVL) jumped to over $86 million.
Internet Computer has dropped below the year-to-date high of $21 in March to $12.25. It has plunged below the crucial support level at $16.28, its highest swing in January and March 5th. The token has also dropped below the pivot point on the daily chart.
Also, the price remains at crucial support, which connects the lowest swings since December last year. It has also remained above the 200-day Exponential Moving Average (EMA).
Therefore, the outlook for the Internet Computer token is neutral for now. This view will be confirmed if it drops below the ascending trendline. Failure to do that will see it rise and retest the pivot point at $14.
