Cryptocurrency prices staged a brief recovery this week as hopes that the SEC will approve a spot Ethereum ETF rose. Bitcoin jumped to over $72,000 while Ethereum price neared the crucial resistance at $4,000.
This bull run then faded after the Federal Reserve published hawkish minutes of the last meeting. The minutes showed that most officials were concerned about inflation and that they even thought about hiking interest rates. This article provides a forecast for top cryptocurrencies like Tezos (XTZ), Hedera Hashgraph (HBAR), and IOTA.
Tezos price forecast
Tezos, one of the oldest players in the blockchain industry, has become one of the top zombie tokens in the market. While the network has spent millions of dollars in partnerships with the likes of Manchester United, RedBull Racing, and McLaren, it has not attracted enough users.
Data shows that its NFT volume has dropped as concerns that the industry has died amid a lack of demand. According to DeFi Llama, the network has $60.6 million in DeFi Total Value Locked (TVL), making it smaller than newer blockchains like Blast, Arbitrum, and Base.
Turning to the daily chart, the Tezos price has crashed from the year-to-date high of $1.6 to below $1. Along the way, the token has moved below the 61.8% Fibonacci Retracement level. Worse, it has formed a death cross as the 200-day and 50-day Exponential Moving Averages (EMA) crossed each other.
Therefore, the outlook for Tezos price is bearish, with the next reference to watch at $0.859, its lowest point this month.
Hedera Hashgraph price prediction
Hedera Hashgraph price peaked at $0.1821 on April 24th and then pulled back sharply to the current $0.011. This retreat happened even as the network made some important announcements such as a major software update and more partnerships.
The token dropped as Hedera’s total value locked plunged to about $148.68 million from the year-to-date high of over $180 million. This performance reflects that the network’s ecosystem is not doing well.
The daily chart shows that the HBAR price was trading at $0.1100 on Friday morning. Despite the recent plunge, it has remained slightly above the 50-day and 100-day Exponential Moving Averages (EMA). Also, the MACD indicator has remained above the neutral point while the daily traded volume has dropped.
Therefore, the outlook for the HBAR token is neutral, with the key support and resistance levels to watch being at $0.10 and $0.1235.
IOTA price forecast
IOTA token price has also been under intense pressure in the past few weeks amid concerns about its ecosystem growth. Shimmer’s recently launched EVM network has also become a zombie ecosystem with just $4 million in assets.
The daily chart shows that the IOTA token has formed a death cross pattern as the 200-day and 50-day EMA crossed each other. It also remains below the 50% Fibonacci retracement level. On the positive side, the IOTA token has found strong support at $0.002 (78.6% retracement), where it formed a triple-bottom pattern.
Therefore, while the outlook for the token is bearish, this performance will be confirmed if it moves below the triple-bottom low at $0.20. If this happens, it will next drop to the key level at $0.1500.
