Cryptocurrency prices are on the edge as traders continue watching for the upcoming Bitcoin halving event and as hopes of a Federal Reserve rate cut fade.
Technically, Bitcoin is nearing the confluence of the symmetrical triangle pattern, which could lead to more upside in the near term. Some analysts see the coin jumping to the key resistance at $80,000 in the near term. This article looks at the key levels to watch on IOTA, Hedera Hashgraph (HBAR), and Ripple (XRP).
IOTA price forecast
IOTA token bottomed at $0.2867 last week and has now rebounded to $0.3220, its highest swing on April 1st. Looking at the Murrey Math Lines, MIOTA has moved to the 5th stage, which is known as the top of the trading range.
IOTA price remains above the 100-day Weighted Moving Average (WMA) and is nearing the 50-day WMA. The Relative Strength Index (RSI) has moved to the neutral point of 50. Most notably, the coin is nearing the crucial resistance point at $0.3278, its highest swing on December 30th.
Therefore, the outlook for the IOTA token is moderately bullish ahead of the halving event. If this happens, the price will jump to a high of $0.3720, its highest swing on March 26th followed by $0.3278.
Hedera Hashgraph price prediction
The Hedera Hashgraph (HBAR) token price crashed to a low of $0.0986 last week. This was a notable level since it failed to break below it on March 20th and March 5th. Hedera has now crossed the 100-day moving average.
The Relative Strength Index (RSI) has drifted above the neutral point while the Stochastic Oscillator is nearing the neutral point at 50. It has also formed a bearish flag pattern.
Therefore, I have a negative outlook for Hedera for now. A break below the support at $0.0986 will point to more downside, with the next level to watch being at $0.087, the highest swing on January 11th.
Ripple XRP price forecast
Ripple’s XRP token has made headlines recently after its developers announced that they will launch a new dollar-backed stablecoin. This launch is a sign that they have given up on XRP, which was designed to simplify cash movement around the world. XRP usage by financial institutions has been quite low.
The challenge for Ripple is that the stablecoin industry is highly competitive. Even PayPal’s PYUSD stablecoin has failed to gain traction as its market cap has remained below $200 million. It seems like investors are more comfortable with Tether’s USDT.
Ripple Labs is also facing a huge $2 billion fine from the Securities and Exchange Commission (SEC) following last year’s ruling by a court.
Turning to the daily chart, the XRP price has bounced back to $0.6166. This rebound happened after the coin moved above the ascending trendline, which connects the lowest swings since January this year.
Ripple’s Relative Strength Index (RSI) and the Stochastic Oscillator have drifted upwards. It also seems like it has formed a head and shoulders pattern. Therefore, the outlook for the coin is bearish, with the next point to watch being at $0.50.
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