The crypto market remained on edge today as investors remained on the sidelines after the hawkish Federal Reserve interest rate decision on Wednesday.
Bitcoin was trading at $110,000, the market capitalization of all tokens dropped to $3.7 trillion. This article conducts a forecast on some of the most actively traded tokens like Shiba Inu (SHIB), Zcash (ZEC), and Pi Network (PI).
Shiba Inu price forecast
Shiba Inu price remained in a tight range this week as the crypto market consolidation accelerated. It reacted mildly to the rumors that T.Rowe Price, a $1.7 trillion company, filed for its ETF.
SHIB price was trading at $0.000010 on Friday, a range it has remained at in the past few weeks. This price is also alongside the lower line of the descending triangle pattern, a popular bearish continuation sign.
The coin has moved below the 50-day and 100-day Exponential Moving Averages (EMA) and is slowly forming a bearish pennant pattern. Like a descending triangle, a pennant often leads to more downside.
Shiba Inu price remains below the Ichimoku cloud and the Supetrend indicator. Therefore, the token will likely have a strong bearish breakout, potentially to the next key support level at $0.0000083, its lowest level on October 11.
SHIB price chart | Source: TradingView
Zcash price technical analysis as the surge continues
Zcash price has been in a strong uptrend in the past few weeks, moving from a low of $28 earlier this month to a high of $390.
The surge happened after Grayscale launched a fund tracking the token, which has already attracted over $120 million in assets.
ZEC price moved above the important resistance level at $295, its highest level in October. It has also moved above all moving averages, a sign that bulls remain in control.
The Wyckoff Theory is one of the best approaches to explain the ongoing Zcash price surge. This approach, which has been around for over 100 years, explains how assets move.
Zcash price remained in its accumulation phase in the past few months. This phase is characterized by low volume and volatility. It has now moved in the markup phase, which is characterized by high demand.
Therefore, the next phase, which happens when an asset is highly overbought, is known as the distribution stage.
Therefore, the most likely scenario is where the Zcash price drops and possibly retests the support at $295. A drop below that level will point to more downside as retail traders panic-sell.
ZEC price chart | Source: TradingView
Pi Network price technical analysis
Pi Coin price jumped this week as investors reacted to the ISO certification news and the fact that the company made the first investment as part of the $100 million venture fund.
The token also rebounded because it formed a falling wedge pattern, which is a common bullish reversal sign in technical analysis. This pattern is made up of two descending and converging trendlines, and it often leads to a strong bullish breakout.
Pi Network price has now pulled back as some traders started to book profits. This retreat could be part of a break-and-retest pattern, which often leads to a continuation.
Pi Network price chart | Source: TradingView
Therefore, the most likely scenario is where it resumes the rebound and hits the next important resistance level at $0.35
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