The crypto market crash intensified on Friday as geopolitical risks remained and the triple-witching event happened on Wall Street. Most altcoins plunged as Bitcoin moved below $105,000. This article provides forecasts for some popular cryptocurrencies, including HBAR, VELO, and Flare.
Flare Price Prediction
The Flare token price has crashed in the past few weeks, despite several bullish catalysts. For example, Vivo Power, a NASDAQ-listed company, started to deploy $100 million on XRP on Flare Network. Further, over $100 million in transfer volume flowed into Flare through Stargate’s global liquidity layer.
The daily chart shows that the FLR price has been in a strong downtrend in the past few weeks, falling from a high of $0.0223 in May to the current $0.017.
This retreat has seen it move below the 50-day moving average, a bearish sign. On the positive side, Flare price has formed a bullish flag pattern. This pattern consists of a vertical line, a flagpole, and the flag, which, in this case, is a descending channel.
Therefore, the token will likely bounce back and possibly retest the upper side of the flag at $0.02230, which is about 28% above the current level. A drop below the support at $0.01630, its lowest point in June, will invalidate the bullish view.
READ MORE: Crypto Crash: Why are Bitcoin and Altcoins Like SPX, Pepe, Polkadot Falling?
HBAR Price Technical Analysis
The Hedera price has plunged and entered a bear market amid challenges within its ecosystem. Specifically, the stablecoin supply in its network has dropped from over $200 million last month to below $40 million today.
The HBAR price has plummeted from its year-to-date high of $0.3915 in January to $0.1400, its lowest point since April 9. It has moved below the 50-day moving average and is slowly forming a double-bottom pattern at $0.1255, down by 14% from the current level. Its neckline is at $0.2298, its highest point on May 12.
A double bottom is a highly bullish chart pattern. Therefore, the coin will likely drop to $0.1254 and then bounce back, potentially to the neckline at $0.2298. A drop below the support at $0.1255 will invalidate the bullish view.
VELO Price Technical Analysis
Velodrome Finance token has crashed even as the DEX platform has handled billions of dollars worth of assets. It has crashed from a high of $0.3717 in December to $0.047 today.
The daily chart shows that it has moved below the 50-day moving average, while the spread of the Bollinger Bands has narrowed. This Bollinger Bands and the falling Average True Range (ATR) is a sign that volatility has dried up.
It is also a sign that an accumulation among investors is going on. Therefore, the VELO crypto price may undergo a short squeeze, as the recent surge in Aerodrome Finance has demonstrated.
READ MORE: Axelar Price Prediction: Here’s Why AXL Token May Rebound
