The crypto market is in high spirits as Bitcoin continues to shatter records. Bitcoin surged above $120,000 for the first time ever, making it the best-performing asset in the last 16 years.
This article explores the top forecasts on cryptocurrencies like Hedera Hashgraph (HBAR), Stellar Lumens (XLM), and Algorand (ALGO).
Hedera price technical analysis
HBAR price was one of the best-performing cryptocurrencies during the weekend as it jumped to $0.2600, the highest level since March 8. It has crossed the important resistance level at $0.2300, the highest swing in May, and the neckline of the double-bottom pattern.
The double-bottom had a height of about 45%. Measuring the same distance from the neckline gives a target price of $0.3353, the highest swing since January this year.
Top technical indicators support the bullish view. For example, it has remained above the 50-day and 100-day Exponential Moving Averages (EMA), a sign that the bullish trend is continuing.
Top oscillators like the Relative Strength Index (RSI) and the MACD have all pointed upwards, which is a sign that the trend is gaining strength.
Therefore, the token will likely continue rising as the crypto market rally gains steam. However, there is also a likelihood that the token will retreat and retest the support at $0.2300, the highest point in May. This performance is known as a break-and-retest pattern.
Read more: Bitcoin shatters $120K in historic rally as US prepares landmark crypto legislation
Stellar Lumens price analysis
Meanwhile, Stellar, which is often referred to as XRP’s little cousin, has also gone parabolic this month. It has jumped in the last seven consecutive days and moved to the highest swing since January 17.
XLM price surged as investors cheered to the ongoing stablecoin inflows to the network. It also roared as it became one of the biggest players in the real-world asset (RWA) tokenization industry.
XLM has formed the highly bullish golden cross pattern as the 50-day and 200-day moving averages crossed each other. This pattern often leads to more gains over time.
The token is now eying the 2024 high of $0.6353, which is about 27% above the current level. At the same time, the Relative Strength Index (RSI) has moved close to the overbought point at 90, while the Average Directional Index (ADX) has jumped to 40.
Therefore, the XLM price will likely continue rising as bulls target the key resistance point at $0.6353. The alternative scenario is where the token drops and retests the support at $0.30 as mean reversion happens.
Algorand price forecast
Algorand token staged a strong comeback in the past few weeks. This rebound happened after the token formed a double-bottom pattern at $0.1545.
A double bottom is one of the most bullish reversal patterns in technical analysis. It has now moved above the key resistance level at $0.2585, the highest point in May.
The Relative Strength Index has moved to the extreme overbought point at 84. Also, the Average Directional Index has moved to 26, indicating that the trend is gaining strength.
Therefore, the XLM price will likely continue rising as bulls target the key resistance level $0.50, up by over 74% from the current level.
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