- Cryptocurrency prices rose and then retreated after the latest SEC setback.
- MakerDAO’s token has been in a strong bullish trend in the past few months.
- The Graph price sits at an important support level.
Cryptocurrency prices had a mixed performance this week as investors reflected on the Grayscale court verdict. Bitcoin initialy soared to $28,000 and then retreated to ~$26,000. The market cap of all cryptocurrencies jumped to $1.09 trillion and then fell to $1.05 trillion. This article will look at the expectations of key cryptocurrencies like Maker (MKR), IOTA, and The Graph.
Maker price forecast
MakerDAO, the second-biggest DeFi protocol in the world after Lido, has seen major developments recently. For example, Dai has continued to gain traction as it became the third-biggest stablecoin in the world.
At the same time, people looking for yield have moved to Spark, pushing its total value locked (TVL) to over $600 million. This trend has transitioned it to one of the leading players in the industry.
Maker’s MKR price has been in a bulish trend in the past few months. It jumped from $495 in January and peaked to almost $1,400 in August. The coin has now moved above the key resistance level at $1,160, the highest level on October 9th.
Maker has also moved above the 50-day and 25-day moving averages and the Ichimoku cloud. Therefore, the outlook for the MKR price is bullish, with the next key level to watch being at $1,300 followed by the YTD high of $1,368.
IOTA price prediction
IOTA price formed a strong double-bottom pattern at $0.1352 on June 9th and August 18th. In price action analysis, this is one of the most popular bullish signs in the market. The coin has now moved slightly above the important resistance level at $0.1563, the lowest level in December.
Further, IOTA is attempting to move above the 50-day and 25-day moving averages. Most importantly, it remains below the descending trendline shown in black. This line connnects the highest levels since February. Therefore, the most likely situation is where the coin rises and retests this descending trendline at $0.1750.
The challenge for IOTA is that its fundamentals are not doing well, with its ecosystem seeing little activity among developers.
Read more: How to buy IOTA.
The Graph (GRT) price prediction
The Graph is an important player in the crypto industry. It is used by developers across multiple networks like Ethereum, Avalanche, and Polygon. The GRT price has been in a bearish trend in the past few months. It has dropped from a high of $0.2319 in February to a low of $0.088.
The current price is important because it coincides with the lowest level in June. It has also dropped below the descending trendline shown in black and moved below the 25-day and 50-day moving averages. The Relative Strength Index (RSI) has continued moving downwards. Therefore, The Graph price will likely have a bearish breakout to $0.0700.
