The crypto market remains under pressure this week, with top coins like Bitcoin, Ethereum, and Cardano being in the red. This retreat has coincided with the ongoing weak demand as investors rotate to AI stocks. This article provides a forecast for top coins like Venice Token (VVV), Shiba Inu (SHIB), and Zcash (ZEC).
Venice Token Price Prediction: Technical Analysis
The Venice Token has retreated over the past few days, moving from its year-to-date high of $21.41 to its current price of $14.30. This retreat happened as investors booked profits after the token soared by over 2,253% between its lowest point in November last year and its highest point in June.
Technicals suggest that the VVV token has more downside to go. It has formed a head-and-shoulders pattern, a common bearish reversal sign in technical analysis. It has also moved slightly below the 50-day Exponential Moving Average (EMA) and the 23.6% Fibonacci Retracement level.
Most notably, the Venice Token price has moved to the distribution phase of the Wyckoff Theory. This means that it may move to the markdown phase if it drops below the key support level of $12.83. If this happens, the next key target to watch will be the psychological level of $10.
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Shiba Inu Coin Price Prediction
Shiba Inu price has continued its strong downward trend in the past few years, erasing billions of dollars in value. This retreat happened as top meme coins, including Dogecoin and Bonk, plunged.
SHIB token recently crashed below the important support level of $0.0000050, its lowest level in February this year. This retreat occurred amid ongoing waning demand, with the 24-hour volume exceeding $59 million. At its peak, SHIB had billions of dollars in daily trading volume.
Shiba Inu price has remained below all moving averages, a sign that bears are in control. Also, it has dropped below the key support level of $0.0000050, confirming the bearish breakdown. Therefore, the coin will likely continue to fall, potentially reaching the year-to-date low of $0.0000043. A drop below that level will indicate further downside towards $0.0000040.
Zcash Price Prediction
Zcash token price has crashed in the past few months, moving from a high of $686 on May 20th to the current $447. This retreat happened as investors booked profits after its recent surge.
The Zcash token has moved below the 50-day Exponential Moving Average (EMA) and the Major S/R pivot point of the Murrey Math Lines tool. On the positive side, it has moved slightly above the 100-day EMA.
Technical indicators suggest that the ZEC token price may continue to decline in the near term. If this happens, the next level to watch is the psychological $250 level, which aligns with the Ultimate Support level. This price also coincides with the lowest level on June 5.
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