Cryptocurrency prices drifted upwards this week as the countdown to the halving event continued. Bitcoin surged above $71,000 as investors attempted to push above the symmetrical triangle pattern that has formed recently. Other tokens like EOS, VeChain, and JasmyCoin also rose while the crypto fear and greed index moved to the greed zone of 79.
Cryptocurrencies face two main risks in the short term. First, there are signs that the Federal Reserve will not cut interest rates as soon as expected after all. Besides, the US economy is doing well, with the labor market being tight. The unemployment rate retreated to 3.8% in May.
The other risk is known as buy the rumor, and sell the news. Bitcoin has jumped to a record high this year as traders positioned for halving. There is a risk that it could go through a reversal when the halving event happens.
EOS price prediction
The daily chart shows that the EOS token price has rebounded recently, rising in the past four days straight. This rebound happened after the token moved to the support level at the 10-day Weighted Moving Average (WMA). It has now moved slightly higher than the 50-day WMA.
Also, the token has found some resistance at $1.1455, where it struggled to move above on May 29th. It has formed a small double-top pattern whose neckline is at the 200 WMA level at $0.9330. The Relative Strength Index (RSI) has drifted above the neutral level of 50.
Therefore, at this stage, the likely outcome is where EOS makes a brief pullback because of the double-top pattern. Nonetheless, a volume-supported blast above the resistance at $1.1455 will point to more upside, potentially to the year-to-date high of $1.3615.
Read more: How to buy EOS.
VeChain price forecast
The VeChain price has bounced back in the past few days. This rebound started after the token settled at $0.038 last week. That was an important price since it was the highest swing on December 26th.
VET price has now zoomed above the 50 and 100-weighted moving average and the Ichimoku cloud indicator. It has also jumped to the weak, stop and reverse point of the Murrey Math Lines.
VeChain has retested the crucial resistance point at $0.048, its highest point on March 28th. Therefore, like EOS, VeChain bulls will need to invalidate the double-top pattern by moving above the crucial resistance at $0.048. If this happens, the next level to watch will be the extreme overshoot level at $0.055, which is also the highest point this year.
Read more: how to buy VeChain.
JasmyCoin price prediction
The daily chart shows that the JASMY token has tracked the price of Bitcoin. After rising to a high of $0.027 earlier this year, the token retreated to a low of $0.01527, the level 5 of 8 of the Murrey Math Lines.
It has now formed a symmetrical triangle pattern, which is nearing the confluence level. The coin has also jumped above the 25-day and 50-day moving averages while the Relative Strength Index has drifted upwards.
Therefore, the outlook for the Jasmy token is bullish, with the next level to watch being at $0.027, which is about 28% above the current level.
Contributors
