- Cryptocurrencies have moved sideways in May of this year.
- Injective Protocol’s token has jumped by over 500% this year.
- VeChain and Aptos prices have pulled back sharply recently
Cryptocurrencies could stage a strong comeback in June as investors embrace a risk-on sentiment and the fear and greed index jump. As I wrote here, QQQ and SPY ETFs jumped to the highest level in months while the fear and greed index has jumped. The VIX index plunged to $14, the lowest level since June 2021 while the DXY index pulled back to $103.40.
Injective price prediction
Injective Protocol’s INJ token has been one of the best-performing cryptocurrencies this year. It has jumped by more than 565% this year, outperforming other popular coins like Ethereum, XRP, and Cardano.
This performance happened as investors betted that the network will be the next big thing in the industry. The number of investors holding the coin has also jumped. Data by Etherscan shows that the number of holders has jumped to more than 14,000.
The daily chart shows that the INJ price bottomed at $5.63 in May. Since then, the Injective price has jumped by more than 40%. It has jumped above the 25-day and 50-day exponential moving averages (EMA). It has moved above the important resistance point at $7.60, the highest point on May 20th.
Therefore, the coin will likely continue rising in the coming weeks as investors target the next key resistance at $9.94, the highest point on April 17. This price is about 26% above the current level.
Aptos price prediction
Aptos was one of the biggest crypto launches in 2022. It is a blockchain project that is similar to Ethereum and Solana in that it makes it possible for developers to build projects. It has been used to host projects like PancakeSwap, Thala Labs, and Tortuga among others. Aptos has a total value locked (TVL) of over $56 million.
Aptos price has lost momentum in the past few months. As shown in the daily chart, the coin’s price has plunged by more than 55% from the highest level this year. Its volume has been in a downward trend after peaking in January. Data compiled by CoinMarketCap shows that the volume in the past 24 hours stood at $196 million.
APT price has formed what looks like a falling wedge pattern that is shown in green. Therefore, while the bearish trend will likely continue, there is a likelihood that the coin will bounce back in June. If this happens, the next level to watch will be at $13.18, the highest point on April 19.
Read more: How to buy PancakeSwap.
VeChain price prediction
VeChain price has been in a strong downward trend in the past few months. It has plunged by more than 38% from its highest level this year. Like Aptos, the volume of VET traded has been falling after peaking in February.
VET price is still below the 50-day exponential moving average. It has also formed what looks like a head and shoulders pattern. It also seems like it has found a support at $0.0186, where it has struggled to move below since May. Therefore, more downside will be confirmed if VeChain drops below that level. If this happens, the next level to watch will be at $0.016.
Read more: How to buy VeChain.
