- Cryptocurrencies were mixed this week even after the encouraging US inflation data.
- The only important crypto news during the week was the launch of Base by Coinbase.
- ThorChain, Optimism, and Mina were among the best-performing cryptocurrencies.
Cryptocurrencies were relatively unchanged this week as investors continued to wait for the next catalyst. Bitcoin remained slightly above $29,000 while the total market cap of all digital currencies was stuck at $1.17 trillion. In this article, we will look at what to expect from some of the top movers like ThorChain (RUNE), Mina, and Optimism.
ThorChain price prediction
ThorChain is a blockchain platform that operates a cross-chain infrastructure. Precisely, it provides a cross-chain aggregator that makes it possible for people to swap between various blockchains like Cosmos, Ethereum, and Avalanche. It now powers 45 apps like TrustWallet, ThorWallet, and ThorChain Explorer.
The daily chart shows that ThorChain’s RUNE price has made a strong recovery in the past few days. It has risen in the past six straight days. And along the way, it has flipped the key resistance at $1.00 into a support. This was both a psychological level and also the lowest leve ln in November last year.
ThorChain price also flipped the 50-day and 50-day moving averages and is now attempting to cross the resistance point at $1.1113, the highest level on July 3rd. Therefore, it seems like RUNE has more upside, which could see it reach the resistance point at $1.20.
Optimism price prediction
Optimism price rose and then recoiled after Coinbase unveiled Base, a new layer-2 network using its technology. Less than two weeks before that, WorldCoin had launched its platform using Optimism Stack, leading to more network activity.
On the daily chart, OP price has formed an ascending channel shown in black. It is now a few points above the lower side and the 50-day and 100-day moving averages. The Relative Strength Index (RSI) has tilted downwards.
Therefore, the outlook for Optimism price is neutral at this point. A break below the lower side of the channel will lead to a bearish breakout. The alternative is where the token rebounds and retests the upper side of the channel.
Mina price forecast
Mina price has been in a consolidation mode in the past few weeks amid low activity in its network. The token rose to a high of $0.465 on Friday, a few points above its lowest level during the week. The token rose above the important resistance level of $0.420, the lowest point in January.
Mina’s volume remained sharply lower than average. It also remained slightly below the 100-day and 50-day moving averages. Therefore, the outlook of the Mina crypto price is neutral with a bullish bias. More gains will only be confirmed if buyers manage to flip the important resistance level at $0.52 into support. This was an important level since it was the highest point in June and July.
