- Bitcoin price crashed to a multi-month low on Monday and then bounced back.
- ThorChain’s RUNE moved above the upper side of the ascending triangle.
- Polkadot has formed a rising wedge pattern on the 4H chart.
Bitcoin price staged a modest recovery this week after it plunged to a multi-month low on Monday. It remains above $26,000, which has helped push other crypto prices higher. In all, the key catalysts for BTC and other altcoins was the latest ETF filing by Franklin Templeton and the latest US inflation data. This article looks at key cryptocurrencies like THORChain (RUNE), Decentraland (MANA), and Polkadot (DOT).
ThorChain price prediction
ThorChain (RUNE) was one of the best-performing cryptocurrencies this week. It jumped to $1.72 and reached the highest level since August 22nd. As it rose, the coin rose above the key resistance level at $1.6150, the highest level on September 7th and 2nd and August 29th. This price was also above the upper side of the ascending triangle pattern.
On the 4H chart, RUNE price jumped above the 25-period and 50-period moving averages. The Relative Strength Index (RSI) moved to the overbought level of 80. Therefore, the outlook for ThorChain is bullish, with the next level to watch being at $1.90, the highest point on August 20th. The stop-loss of this trade is at $1.6150.
Decentraland (MANA) price prediction
Decentraland’s MANA price had a strong comeback after crashing to a multi-month low of $0.2640 on September 11th. It bounced back and rose to a high of $0.2968. As it did that, the token moved above the important resistance level at $2876, the key support it had failed to break since August.
The 25-period and 50-period exponential moving averages (EMA) have made a bullish crossover while the Relative Strength Index (RSI) is nearing the overbought level of 70. This rebound happened even as the on-chain metrics of Decentraland’s platform remained low.
Therefore, I suspect that MANA price will resume the bearish trend now that it has formed a break and retest pattern. If this happens, the next level to watch will be at $0.2640, the lowest level this week.
Polkadot price prediction
Polkadot crypto price had a similar price action to Decentraland. It initially dropped to $3.91 on Monday as Bitcoin moved below $25,000. It then bounced back to a high of $4, the highest level since Friday. On the 4H chart, the coin has moved to the 25-period and 50-period moving averages.
Most importantly, DOT price has formed a rising wedge pattern. In price action analysis, this is one of the most accurate bearish signs in the market. Therefore, the outlook for the coin is bearish, with the next level to watch being this week’s low of $3.91.
