Bitcoin and most altcoins crashed on Saturday, continuing the recent plunge. BTC dropped below $104,000, after falling by over 6.5% from its highest point this month. This article looks at some top altcoins like Grass (GRASS), Uniswap (UNI), and Virtuals Protocol (VIRTUAL).
Grass price forecast
GRASS token chart | Source: TradingView
Grass is a top artificial intelligence token that creates a win-win situation to its users. Users download and install the application and earn tokens, which they can convert into fiat during the airdrop.
Grass price has been in a freefal, and has now plunged to its lowest level since March. It has dropped in the last six consecutive days, and has fallen by over 55% from its highest level in June.
Grass token has moved below the ascending trendline that connects the lowest swing since February 7 this year. Moving below that level confirmed the descending momentum.
Grass price has dropped below the 50-day and 100-day Exponential Moving Averages (EMA). The Relative Strength Index (RSI) and other oscillators have all pointed downwards.
The Average Directional Index (ADX) has continued rising, a sign that the trend is strengthening. Therefore, the token will likely continue falling, with the next point to watch being at $1. A move below that support will point to more downside, potentially to the all-time low of $0.9118.
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Uniswap price technical analysis
UNI price chart | Source: TradingView
Uniswap token has crashed in the past few days, moving from a high of $8.68 in June to the current $6.8145, its lowest swing since June 10 this year.
The token dropped below the important support level at $7.5410, its highest point in May. UNI has moved below the 23.6% Fibonacci Retracement level at $8.
The two lines of the MACD indicator have formed a bearish crossover pattern, signaling more downside ahead. On the positive side, Uniswap price remains above the 50-day Exponential Moving Average.
The most likely scenario is where Uniswap price continues falling as sellers target the next key support level at $4.8252, its lowest point on May 7 this year. A move above the resistance at $8.68 will invalidate the bearish view.
Virtuals Protocol price forecast
VIRTUAL price chart | Source: TradingView
The VIRTUAL token has crashed in the past few months, moving from a high of $1.8050 on May 27 to the current $1.40. The eight-hour chart shows that it has dropped below the 50-period Exponential Moving Average.
Most importantly, it has formed a head-and-shoulders pattern, a popular bearish continuation sign. It has now moved below this pattern’s neckline, a sign that bears have prevailed.
Therefore, the token will likely continue falling as sellers target the next key support at $1. This price is both a psychological point and also the H&S target. The target of a H&S is established by measuring the distance between the head and the neckline and the same one from the neckline.
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