Bitcoin price remained in a consolidation phase this week as the crypto fear and greed index moved to the greed zone. BTC hovered between $69,000 and $70,000 while Ethereum remained constantly below $3,500. This article looks at some popular coins like BitTorrent (BTT), EOS, and Helium (HNT).
BitTorrent price forecast
BitTorrent token price did relatively well this week even as it remained below the year-to-date high of $0.0000022. On the daily chart, we see that the BTT token has risen in the past two straight days. This trend happened as the number of transactions in the network jumped.
It has also jumped above the 50-day Exponential Moving Averages (EMA), which is a positive sign for bulls. The token has also formed a symmetrical triangle pattern that is shown in black. This pattern is nearing the confluence part, meaning that it is nearing a bullish or bearish breakout.
The Percentage Price Oscillator (PPO) has moved to the neutral point. Therefore, I believe that the token will soon have a bullish breakout as buyers target the next psychological point at $0.0000020, which is about 25% above the current level. This view will be confirmed if it moves above the crucial resistance at $0.0000017, its highest swing on December 11th.
EOS price prediction
EOS, the well-known zombie blockchain, also had a good week as its price rose above $1 for the first time in weeks. On the daily chart, the coin has formed a bullish pennant pattern, which is characterized by a long flag pole and a symmetrical triangle.
EOS price has remained above the 50-day moving average while the Relative Vigor Index (RVI) has pointed upwards. The histogram of the Awesome Oscillator has moved above the neutral point.
Now, as with the BitTorrent token, the coin is nearing the confluence level, which could point to more gains in the coming weeks. If this happens, the token will likely rebound and retest the key point at $1.30.
Fundamentally, EOS faces many challenges considering that it has no major market share in industries like NFT and DeFi. The number of developers in the network is also lower than other newer networks like Arbitrum and Sui.
Read more: How to buy EOS.
Helium price forecast
Helium, one of the biggest players in the Decentralized Public Infrastructure (DePIN) industry, bottomed at $5.2368 this week. It then bounced back and moved above the key resistance point at $6.
Unlike EOS, BitTorrent, and other altcoins, it has remained below the 50-day moving average. The Awesome Oscillator is below the neutral line while the Relative Vigor Index (RVI) has pointed upwards.
Therefore, the outlook for the Helium token is neutral at this stage. A break below the support at $5.2368 will mean that bears have prevailed and push the coin much lower. Besides, it had formed a double-top pattern at $9.5520. On the flip side, a move above the 50-day moving average will point to more gains.
Contributors
