Cryptocurrency prices were highly mixed this week as investors focused on the key news in the industry like the DoJ lawsuit on KuCoin, a leading exchange. A New York court also ruled that the SEC vs Coinbase court case may go on while another one sentenced Sam Bankman-Fried to 25 years in prison. This article provides a forecast on some popular cryptocurrencies like Safemoon (SFM), Meme AI, and Dogwifhat (WIF).
Safemoon price forecast
Safemoon price went vertical this week even as the most investors have historically avoided the coin. As you recall, Safemoon’s creators were charged by the US of running a big cash-grab operation that cost investors millions of dollars. It was then delisted by most exchanges as Safemoon filed for bankruptcy.
Safemoon price surged to a high of $0.0001870 on Thursday, its highest level since November 1st 2023. At its peak this week, the token was up by more than 561% from its lowest level this year while its market cap jumped to over $72 million.
It is unclear why the SFM price surged but I believe that this is just a short squeeze. The price is over 100% above its 50-day moving average, meaning it has deviated from the recent consolidation phase.
Safemoon’s Relative Strength Index (RSI) has moved above the extreme overbought point at 80 while the Percentage Price Oscillator (PPO) has soared to over 20. Therefore, Safemoon will likely have three scenarios after this surge.
First, it will likely crash hard as it moved to the distribution phase. If this happens, SFM token will crash to about $0.001. Second, it could consolidate and form a bullish flag or pennant pattern, which will lead to more upside. Third, it could resume the upward trend as the short squeeze continues.
Meme AI price forecast
The artificial intelligence (AI) industry had two important news this week. Amazon, the biggest e-commerce company in the world, announced a $2.75 billion investment in Anthropic, a leading AI company that competes with OpenAI. This investment brought Amazon’s total investment to over $4 billion.
In the crypto industry, three big AI players announced their plans to merge. SingularityNET, Fetch AI, and Ocean Protocol will merge if their token holders approve.
Meme AI, on the other hand, remained in a tight range this week. It was trading at $0.008 on Friday morning, where it has been in the past few days. The token has formed a triangle pattern while the PPO indicator has moved below the neutral level.
Therefore, using the Wyckoff Method, there is a likelihood that this trending token will soon bounce back. If this happens, the next price to watch will be at $0.014, its highest point on March 24th, which is about 60% above the current level.
Dogwifhat price forecast
Dogwifhat, the popular Solana meme coin, has done well in the past few months, making it one of the best-performing coins in the market. It has now surged to a record high of $4, which is remarkable considering that it was trading at $0.059 a few weeks ago.
WIF token has now crossed the crucial resistance at $3.55, its highest point on March 15th. This surge has invalidated the double-top pattern that has been forming. The coin remains supported by the 50-period and 25-period Exponential Moving Averages (EMA). Oscillators are pointing upwards.
Therefore, the outlook for the Dogwifhat price is still bullish, with the next point to watch will be at $5.
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