The crypto market came under pressure this week as Bitcoin and most altcoins erased some of the gains made earlier this month. Bitcoin price was stuck at $106,000, while the market capitalization of all tokens fell to $3.29 trillion.
This article provides a forecast for top cryptocurrencies like Aptos (APT), Hedera Hashgraph (HBAR), and Pi Network (PI).
Aptos price technical analysis
Aptos token bounced back and was trading at $5.10 on Friday, up by 36% from its lowest point this month.
Its rebound occurred as third-party data showed that its network was performing well, with the number of stablecoin addresses rising by 19.3% over the last 30 days to 1.1 million. The number of transactions rose by 60% to 67.3 million.
Aptos DEX volume jumped to $4.08 billion this month, while the total value locked (TVL) in its decentralized finance (DeFi) ecosystem jumped. It also rebounded after launching Shelby in a partnership with Jump Crypto.
Technical analysis suggests that the APT price formed a double-bottom pattern at $3.88 in April and June. A double bottom is one of the most bearish patterns in technical analysis.
It has moved slightly above the 50-day Exponential Moving Average (EMA), a sign that bulls are in control. It is also nearing the descending trendline that connects the highest swings since February 20.
Therefore, Aptos price will likely continue rising as bulls target the double-bottom’s neckline at $6.30, up by 22.8% above the current level.
Hedera Hashgraph price analysis
Hedera Hashgraph token has been in a strong downward trend in the past few months. HBAR price initially peaked at $0.40 in January and then fell to $0.1236 on April 7. It then rebounded during the recent crypto market rally and reached a high of $0.2290.
HBAR price has now pulled back and is trading at $0.144, a few points below the upper side of the descending channel. It has moved below the 50-day and 200-day Exponential Moving Averages (EMA). The two averages crossed each other, forming a death cross pattern, on May 30.
A death cross pattern is one of the most bearish patterns in technical analysis. It has moved below the 61.8% Fibonacci Retracement level.
Therefore, the most likely scenario is that it continues to fall, with the next key point to watch being at $0.1235. A drop below the support at $0.1235 that level will point to more downside, potentially to the support at $0.10.
Pi Network price analysis
The daily chart shows that the Pi Network price has retreated in the last three consecutive days after peaking at $0.6650 on June 26. It has dropped to $0.555, down by 15% from its highest level this week, and 66% from its highest level on March 12.
Pi Network price has plunged below the 50-period moving average, while the Relative Strength Index (RSI) has dropped below the neutral point at 50.
On the positive side, the coin has formed a double-bottom pattern at $0.3945. It also formed a falling wedge pattern, a popular bullish reversal sign. Therefore, the token will likely bounce back and possibly retest the important resistance level at $1.0. A drop below the support at $0.4800 will invalidate the bullish view.
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