Cryptocurrencies had a mixed performance this week as concerns about the Federal Reserve continued. Most investors and economists have shifted their tone about when the bank will start cutting rates after the strong US inflation figures. Some economists see the Fed hiking rates.
Cryptocurrencies also reacted to the upcoming Bitcoin halving event. Some investors expect that there will be a sell-the-news situation since this halving has already been priced in. This article looks at some of the top cryptocurrencies like Shiba Inu, Ondo Finance, and Pepe.
Shiba Inu price forecast
Shiba Inu price moved sideways this week as the developers announced a plan to partner with the Content Distribution and Security Association (CDSA). This is notable as it will make Shiba Inu’s Shibarium network a leading player in the music and entertainment industries.
Looking at the daily chart, we see that the SHIB token price has remained below the crucial resistance point at $0.000030. It has also remained above the 50-day moving average, signalling that bulls are still in control.
Most importantly, the token has formed a bullish pennant pattern, which is shown in black. This pennant is one of the most common continuation patterns in the market. The pennant is nearing its confluence level, which is a sign that the coin will have a bullish breakout soon.
If this happens, the next point to watch will be the psychological point at $0.000040, which is about 45% above the current level. The stop-loss of this trade will be at $0.000025.
Ondo Finance price analysis
Ondo Finance’s $ONDO token did well this week as investors focused on the tokenization industry. In a statement, Abrdn, a large European company said that it would launch tokenized assets using Hedera Hashgraph’s network.
In another statement, Ondo Finance said that it would launch a near instant conversion between USD Coin and BUIDL, the recently launched Blackrock’s tokenized asset. As an example, an Ondo wallet on Ethereum redeemed BUIDL tokens for USDC.
ONDO price was trading at $0.840 on Friday morning, higher than its weekly low of $0.7223. On the daily chart, the token has remained above the 50-day moving average. The MACD indicator and the Percentage Price Oscillator (PPO) have all pointed downwards in a sign of a bearish divergence.
Therefore, the outlook for the ONDO token is neutral with a bullish bias. The likely scenario is where it rebounds and retests the year-to-date high of $1.0487, which is about 26% above the current level.
Pepe price prediction
The price of Pepe rose for the third straight day this week after Coinbase announced that it would launch its perpetual futures in the international market.
A closer look at the chart shows that it has formed a symmetrical triangle pattern, which is nearing its confluence level. As with Shiba Inu, this pattern is part of the bullish pennant, which is usually a positive sign.
Therefore, there is a likelihood that the Pepe token will have a bullish breakout in the coming days. If this happens, the token will surge to the key resistance point at $0.000010.
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