Top crypto prices remained under pressure this week as market participants focused on the ongoing trade war between the US and other countries. Bitcoin was stuck around $84,000, while the crypto fear and greed index moved to the fear zone of 25. This article provides a forecast on some popular cryptocurrencies like Mantra (OM), Onyxcoin (XCN), and IOTA (IOTA).
Mantra (OM) price analysis
Mantra, one of the top-performing cryptocurrencies in 2024, suffered a harsh reversal this week, erasing over $7 billion worth of value. It was still not clear why the crash happened, even as the management blamed forced liquidations by one tier-1 exchange.
Mantra price remained under pressure even as the developers shared their strategies to win back users. The new strategy involves buying back millions of tokens in the open market and incinerating many of them. Patrick Mullin, its founder, also pledged to incinerate all his tokens.
In response to the significant and unexpected downward price action experienced by the $OM token earlier this week, our team has compiled this fact-based assessment. It addresses our community’s questions and outlines measures to strengthen market resilience.
Our investigation
Mantra price attempted to bounce back, but found substantial resistance as many buyers avoided catching a falling knife. It has remained below $1 and all moving averages, while its oscillators have all pointed downwards, a sign that the downward momentum remains.
Mantra price has also formed a bearish pennant pattern, which is characterized by a vertical line and a triangle formation. Therefore, the token will likely continue falling as sellers target the next key support level at $0.3750, its lowest level this week.
All rebounds will likely be false breakouts, also known as a dead cat bounce. A false breakout is a temporary rebound during a downtrend that results into a bearish trend.
IOTA (IOTA)
IOTA token price has remained in a deep bear market this year, mirroring the performance of most altcoins that have crashed this year.
The decline happened even as the network prepares for its most significant upgrade in history. This upgrade, known as Rebased, will introduce new features that will help IOTA be a viable alternative to chains like Solana and Ethereum.
IOTA will introduce full decentralization with staking features, MOVE-based smart contracts, and faster speeds than other popular blockchains.
The team has not announced when the rebases upgrade will happen, but rumors show that it will happen next week.
IOTA price has formed a falling wedge pattern, a popular bullish reversal sign, meaning that it will likely bounce back ahead or after the Rebased upgrade.
Onyxcoin price technical analysis
The daily chart shows that the XCN token goes vertical often, leading to a significant short squeeze. For example, it soared from $0.0014 in January and peaked at $0.0495 in a few days. This surge led to accusations of market manipulation by Justin Sun.
The XCN then erased some of those gains and plunged to a low of $0.00755 earlier this month. And like in January, the token suddenly woke up last week and surged by 270%, moving to a high of $0.027.
The token remains below the 61.8 % Fibonacci Retracement, a sign that it has lost the momentum. Oscillators like the RSI and the MACD have all retreated in the past few days.
Therefore, there is a risk that it will keep falling as it moves into the distribution phase of the Wyckoff Method. If this drop continues, there is a risk that it will move to the psychological point at $0.01, which is about 58% below the current level.
However, on the positive side, the Onyxcoin price has formed a falling wedge pattern, which is characterized by two falling and converging trendlines. It often leads to a strong bullish breakout.
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