The crypto market did well this week as Bitcoin surged to a record high and most altcoins soared by double digits. Interestingly, this surge happened in a week when American equities slumped following the US credit rating downgrade by Moody’s.
This article provides a forecast for some of the top-performing cryptocurrencies this week, including Zcash (ZEC), Dogwifhat (WIF), and Pepe Coin (PEPE).
Zcash price forecast
Zcash is a popular cryptocurrency known for two types of transactions: transparent and shielded. Transparent transactions are similar to Bitcoin where all transactions are done on a public ledger. Its shielded transactions use zero-knowledge tools, enabling users to hide details on payments.
Zcash price went parabolic this week, reaching its highest level since January 19. This rally happened as investors moved back to privacy coins, with Monero surging to its highest level since 2022.
The surge started earlier this year when Tornado Cash won a major lawsuit in the US and overturned sanctions by the US government. In that ruling, the judge said that the government erred when it placed sanctions on a decentralized software.
The daily chart shows that the ZEC price has been in a strong rally, and it managed to move above the resistance point at $43.25, the highest swing in March and April. It has moved above the 50% Fibonacci Retracement level, which is a bullish sign.
Zcash price has also formed a mini golden cross pattern as the 50-day and 100-day moving averages neared their crossover. The Relative Strength Index (RSI) and the Stochastic Oscillator have all pointed upwards.
Therefore, the token will likely continue rising as bulls target the 23.6% retracement point at $64.6, up by 30% above the current level. A drop below the support at $43.25 will invalidate the bullish outlook.
WIF price analysis
WIF price staged a strong bull run this week, reaching its highest level since January 24. It has soared by over 270% from its lowest point this year, giving it a market cap of over $1 billion.
The Dogwifhat token has moved above the 50-day and 100-day moving averages, where the two are about to cross each other. Also, the coin has formed a bullish flag pattern, a popular continuation sign.
A bullish flag is a pattern comprising of a vertical line and a consolidation. WIF has also formed a cup-and-handle pattern whose depth is about 77%. Therefore, measuring the same distance from the cup’s upper side points to an eventual surge to $2.30.
Pepe Coin price technical analysis
The daily chart shows that the Pepe Coin price has done well in the past few days, and has just made a mini golden cross pattern as the 50-day and 100-day moving averages have crossed each other.
Pepe has just moved above the 50% Fibonacci Retracement level, while the Relative Strength Index (RSI) and the MACD have all pointed upwards. Therefore, the coin will likely continue rising as bulls target the all-time high of $0.00002834. Such a move would imply a 80% surge from the current level.
Read more: Pepe coin price prediction: 3 reasons this meme coin will surge
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