Cryptocurrency prices pulled back this week as the recent consolidation continued. Bitcoin retreated to $63,000 from last week’s high of $65,300 even as US equities rallied and the US dollar index (DXY) retreated.
Analysts are still bullish on Bitcoin. In an interview with CNBC, Tom Lee of Fundstrat noted that he expected the coin to surge to over $100k this year. Standard Chartered analysts also believe that Bitcoin has more upside, especially when interest rates starts falling.
In his interview, Tom Lee sounded more contrarian on inflation, noting that it was coming down. He argued that prices have remained stubbornly high because of the housing and insurance prices in the United States.
IOTA price forecast
IOTA token has come under intense pressure this year as concerns about its ecosystem growth remains. Its much-touted Shimmer EVM is not seeing strong activity as its total value locked (TVL) has slumped to just $3.89 million.
Looking at the daily chart shows that the IOTA token price peaked at $0.4210 in March. It has now slumped by almost 50% from its highest point. Also, it has moved below the 61.8% Fibonacci Retracement level.
Most importantly, the token is about to form a death cross pattern when the 200-day and 50-day Exponential Moving Averages (EMA) cross each other. In most cases, this pattern is one of the most bearish signs in the market.
Therefore, the outlook for the IOTA token is bearish, with the next point to watch being at $0.1928, its lowest swing on April 13th. This target is also at the 78.6% Fibonacci Retracement level.
Bitcoin Cash price prediction
Bitcoin Cash price has moved sideways in the past few days even after Cardano’s founder hinted to a partnership with the two networks.
The token soared to a high of $720 in April and has crashed by about 35% to about $468 after going through halving. It has also plunged below the key support level at $530, its highest swing on March 3rd. The 25-day and 50-day Exponential Moving Averages (EMA) have formed a bearish crossover.
BCH token has also risen above the ascending trendline that connects the lowest swing on March 20th and May 1st. Similarly, the Relative Strength Index (RSI) has remained below the neutral point at 50, signaling that it has no momentum.
Therefore, the outlook for the coin is neutral with a bearish bias. If this happens, the next point to watch will be the psychological level at $400.
Litecoin price forecast
Litecoin token price has also crashed hard in the past few weeks. It has plunged from a high of $112.80 on April 1st to $80. This decline happened as the crypto fear and greed index dropped to the neutral point.
Turning to the daily chart, we see that Litecoin is consolidating at the 200-day moving average. It has also dropped below the 50-day Exponential Moving Average. At the same time, the Relative Strength Index has dropped below 87.56 to about 40.
Therefore, the outlook for Litecoin is bearish, especially when the death cross pattern forms. If this happens, the next point to watch will be at $70.6.
