It was another difficult week for cryptocurrency prices as Bitcoin found a big barrier at $67,000. It then broke down to below $64,000 as investors assessed the broader impact of the recent halving event.
In my view, cryptocurrencies will remain under pressure in the next few months since there is no major scheduled catalyst. One of the likely catalysts will be the approval or disapproval of a spot Ethereum ETF by the Securities and Exchange Commission (SEC).
This article provides a forecast of three popular tokens: Near Protocol ($NEAR), Arweave ($AR), and Conflux ($CFX).
Near Protocol price forecast
Near Protocol, a leading Ethereum rival, has been one of the best-performing cryptocurrencies in the market. The token bottomed at $4.28 on April 13th, its lowest level since March 6th. That price was about 52% below its highest point this year.
NEAR token has now rebounded and jumped by over 72% to the current $7.50. This rally happened as the network’s ecosystem continued growing. Near has grown its total value locked (TVL) in the DeFi ecosystem has soared to over $655 million. The biggest dApps in the network are the likes of Burrow, Linear Protocol, and Meta Pool.
Meanwhile, Near partnered with LuloX, a leading fintech in Columbia, which will use its network to launch a stablecoin in the network. It also partnered with TrueZK and DapDap.
NEAR token has jumped above the 50-day and 100-day Exponential Moving Averages (EMA), signaling that bulls are in control. The Relative Strength Index (RSI) has drifted upwards and moved to 60.
Therefore, there is a likelihood that the token will continue rising as buyers target the key resistance at $9, the highest point this year. That price is about 22% above the current level of $7.5.
Arweave price prediction
Arweave’s AR token formed a double-top pattern at $47.50 earlier this year. In price action analysis, this pattern is one of the most bearish sign, which explains why it retreated to a low of $21.50 earlier this month. The token has rebounded and moved above the neckline of the double-bottom at $30.12.
Arweave has also jumped above the 50-day and 100-day EMA indicators. The Relative Strength Index (RSI) has jumped above the neutral level at 50. Also, the Stochastic Oscillator has also drifted upwards.
However, there are signs that the Arweave token has formed a head and shoulders pattern, which is a popular bearish sign. Therefore, the outlook for the token is bearish, with the next point to watch being at $30 followed by $25. The alternative scenario is where the token rebounds to the year-to-date high of $47.50.
Conflux price prediction
Conflux’s CFX token has dropped sharply in the past few weeks. It has dropped from the year-to-date high of $0.5475 in March to a low of $0.1923. Most importantly, the token has crashed below the important support level at $0.4867, its highest swing in March last year.
Conflux’s token is about to form a mini death cross, where the 50-day and 100-day Exponential Moving Averages make a bearish crossover. Also, it has now formed what looks like a bearish pennant pattern that is shown in blue. This pattern is characterized by the long pole and the symmetrical triangle pattern.
Therefore, the outlook for the Conflux price is extremely bearish for now. If this happens, the next point to watch will be at $1.50, which is about 40% below the current level.
