- Cryptocurrencies held quite well this week, with Bitcoin remaining above $26,000.
- The Federal Reserve delivered a relatively hawkish pause on Wednesday.
- It hinted that rates will need to rise by another 0.25% this year.
Cryptocurrency prices had a mixed week as investors reacted to the latest Federal Reserve interest rate decision. Bitcoin rose to a multi-week high of over $27,000 and then retreated slightly on Thursday and Friday. This decline coincided with the sharp retreat of American stocks as the market reflected on the hawkish Fed. This article will look at some of the top crypto movers like Immutable X (IMX), Zilliqa (ZIL), and VeChain (VET).
Immutable X price forecast
Immutable X is a leading cryptocurrency in the non-fungible token (NFT) and gaming industries. It is a layer-2 network that powers popular ecoystems like Gods Unchained, Guardians, Kongregate, and Illuvium.
IMX was one of the top movers in the cryptocurrency industry this week. The token jumped to a high of $0.8593, the highest level since July 28th. It then pulled back to the current $0.6705 as cryptocurrencies reacted to the hawkish Fed pause.
On the daily chart, Immutable X remains slightly above the 25-day and 50-day exponential moving averages (EMA). It has also moved slightly above the important support level at $0.5582, the lowest level on June 11th.
Therefore, I suspect that Immutable will resume the bullish trend as the Fed fears fade. If this happens, the next level to watch will be at $0.7650, the lowest swing on March 12th.
Zilliqa price prediction
Zilliqa’s price action has mirrored that of other cryptocurrencies like Bitcoin and Ethereum. After crashing to a low of $0.014 two weeks ago, the ZIL token rebounded to a high of $0.018. This rebound happened even as the volume of ZIL traded remained at historic lows. Its ecosystem is also struggling to gain traction.
On the daily chart, we see that the ZIL price was trading at $0.017, a few points above the key support at $0.015. The coin is consolidating at the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has jumped above the neutral point of 50.
The outlook for Zilliqa is mildly bullish, with the next key resistance point to watch being at $0.02. If this happens, it means that the ZIL token will need to rise by almost 20% from the current level.
Read more: How to buy Zilliqa.
VeChain price forecast
VeChain price has done relatively well in the past two weeks helped by the recent Coinbase listing and the general crypto rally. VET peaked at a high of $0.018, the highest point since August 13th. It has also retested the upper side of the falling wedge pattern. In price action analysis, this pattern is one of the most popular bullish signs,
VeChain price has moved above the 25-day moving average and the crucial support at $0.0145, the lowest level this month. The outlook for the token is bullish, with the next target being at $0.020.
