Cryptocurrencies went into a rollercoaster on Friday morning as geopolitical risks continued rising after Israel attacked Iran. In the aftermath, Bitcoin crashed below $60,000 for the second time this week.
Other financial assets also dived. In Asia, the Nikkei 225 index plunged by over 3% while Hang Seng and KOSPI fell by over 2%. US equity futures were in the red while the price of crude oil resumed its rally. Brent crude oil was nearing the crucial resistance point at $90.
Geopolitical risks have a major impact on cryptocurrencies since they lead to higher energy prices and inflation. As a result, it becomes highly difficult for central banks to cut interest rates. This article looks at some popular cryptocurrencies like Toncoin (TON), Chainlink (LINK), and Internet Computer (ICP).
Toncoin price prediction
Toncoin, the cryptocurrency associated with Telegram, defied gravity this week as investors cheered the growing economy in the ecosystem. It also jumped as The Open League continued seeing strong users while the total value locked in DeFi jumped to $165 million. Toncoin now has over 1.15 million holders.
TON price was trading at $6.70 on Friday morning as demand continued rising. It has remained above the 50-day and 100-day Exponential Moving Averages (EMA), which is a positive sign.
The token has also formed a bullish pennant pattern, a popular sign of a bullish continuation. However, oscillators show that the token is starting to form a bearish divergence pattern. This is shown by the Relative Strength Index (RSI) and the MACD above.
Therefore, my view is that the Toncoin will remain in the current range for a while. The key support and resistance levels will be at $5 and $7.
Internet Computer price forecast
The Internet Computer (ICP) token price peaked at $21 on March 27th and has now retreated to about $12.45. It has dropped below the important support level at $16.28, its highest swing on January 3rd.
ICP toke has also crossed the 50-day and 100-day Exponential Moving Averages (EMA). At the same time, it has also formed a bearish flag pattern while the Relative Strength Index and the Percentage Price Oscillator (PPO) have all pointed downwards.
The only positive thing is that ICP remains above the ascending trendline that connects its lowest swings since December last year. A break below this line will mean that bears have prevailed and push it to the key support at $10.
Read more: How to buy Internet Computer.
Chainlink price prediction
The LINK price peaked at $22.86 in March and has been making lower lows since then. This retreat saw it move below the important support level at $16.31, its lowest level on March 20th.
A closer look shows that it formed a head and shoulders pattern, a popular bearish sign. The 50-day and 100-day Exponential Moving Averages are also about to form a bearish crossover pattern.
Chainlink is also forming a small bearish flag pattern while oscillators have all pointed downwards. Therefore, the outlook for the token is extremely bearish, meaning that it could crash to the psychological point at $10.
Read more: How to buy Chainlink.
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