The crypto market rally gained steam this week as Bitcoin price finally exited its prolonged consolidation and hit its all-time high. Other top cryptocurrencies continued their bull run as investors embraced the fear of missing out.
This article provides a forecast for top cryptocurrencies like Dogecoin (DOGE), Ripple (XRP), and Pi Network (PI) as the Bitcoin bull run accelerates.
XRP price technical analysis
The daily chart shows that the XRP token price has staged a strong comeback in the past few days. This rally was a continuation of gains that started on June 22, when it bottomed at $1.9131.
XRP has now jumped and moved above the descending trendline that connects the highest swings since February. This trendline was the upper side of the symmetrical triangle pattern that has been forming recently.
The triangle was part of the eight-month bullish pennant pattern, a popular continuation sign. It has now moved above all moving averages, while the Relative Strength Index (RSI) and the MACD have all pointed upwards.
Therefore, the token will likely continue rising as bulls target the year-to-date high of $3.39. A break above that level will signal more gains in the coming months, potentially to $5.
Dogecoin price technical analysis
The daily chart shows that the Dogecoin price has bounced back in the past few days after bottoming at the key support at $0.1467 in June. Its lowest point that month also coincided with the April low, forming a double-bottom pattern.
DOGE price has moved above the 50-day and 100-day moving averages, while the Relative Strength Index (RSI) and the MACD have all pointed upwards this week.
The token will likely have a bullish breakout, with the next level to watch being at the double-bottom’s neckline at $0.2596. A move above that level will point to more gains, potentially to the 38.2% retracement level at $0.3300.
A drop below the double-bottom point at $0.1467 will cancel the bullish DOGE price forecast and point to more downside, potentially to $0.10.
Pi Network price forecast
The 12-hour chart shows that the Pi Coin price bottomed at $0.400 earlier this year. Like DOGE, it formed a double-bottom pattern, a popular bullish reversal sign whose neckline is at $1.7.
Pi Coin price has also formed a giant falling wedge pattern. This pattern comprises of two trendlines. The upper one connects the highest swings since its mainnet launch in February, while the lower one connects the key lower lows. These two lines are nearing their confluence level.
Therefore, the coin will likely have a strong bullish breakout, with the initial target being at the psychological level at $1. A move above $1 will point to more gains, potentially to the double-bottom’s neckline at $1.667.
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