- Most cryptocurrencies like Bitcoin and Ethereum pulled back this week.
- Avalanche and Chainlink had a similar price action during the week.
- HIFI Finance token went parabolic after launching NFTs as collateral.
The financial market was relatively muted this week as investors reacted to the bank earning season and hawkish statements by several Federal Reserve speakers. In the stock market, key indices like the Dow Jones, Nasdaq 100, and S&P 500 moved sideways. On the other hand, cryptocurrencies like Bitcoin, Ethereum, and Enjin pulled back. This crypto price prediction will look at several key coins like Avalanche (AVAX), Chainlink (LINK), and HIFI.
Avalanche price prediction
The 4H chart shows that the AVAX price has been in a strong bearish trend in the past few days. This decline is primarily because of the performance of Bitcoin and the strong US dollar index. It has moved to the 50% Fibonacci Retracement level. Also, the coin has dropped below the important support level at $18.64, the highest point on March 23.
Avalanche price has moved below the 25-day and 50-day exponential moving averages (EMA). The two have made a bearish crossover pattern. Oscillators like the Relative Strength Index (RSI) and the Stochastic Oscillator have drifted downwards. Therefore, I believe that these losses have been over-extended, meaning that the coin could bounce back in the coming weeks. If this happens, the next key level to watch will be at the psychological level of $20.
Read more: How to buy Avalanche.
Chainlink price prediction
Chainlink price has also dropped sharply in the past few days. A closer look at the 4H chart shows that this price action is similar to that of Avalanche. It has dropped below the important support level at $7.65, the highest level on March 31. The token has moved below the 38.2% Fibonacci Retracement level while oscillators have drifted downwards. The MACD has moved below the neutral point.
Therefore, like Avalanche, I suspect that the coin will bounce back in the coming days as this shakedown ends. If this happens, the next key level to watch will be at $8.
Read more: How to buy Chainlink.
HIFI price prediction
The HIFI token was one of the best performers this week. HIFI price jumped to a high of $0.7125, which was about 100% above the lowest level in March. The token jumped after the developers enabled NFTs as collateral for its DeFi platform. The statement said:
“Our latest blog post introduces Pooled NFT v2 and discusses how it solves the stuck NFTs in the current version. V2 will add permissions and elegantly manages this edge case. Our team can remove the last NFT, sell it, and disperse the proceeds to the pool token holders’ pro-rata.”
On the 4H chart, we see that the HIFI price jumped above all moving averages while oscillators moved to the overbought level. Therefore, there is a likelihood that the token will pull back in the coming days as investors start to take profit. If this happens, the key level to watch will be at $0.50.
