Cryptocurrency prices remained under intense pressure this week as last week’s bullish breakout fizzled out. Bitcoin retreated from Sunday’s high of over $64,000 to below $60,000, while the crypto fear and greed index fell from nearly 60 to 49.
Most altcoins like Ethereum (ETH), Solana (SOL), and Avalanche (AVAX) remain in a deep bear market. So, let’s take a look at the predictions of some key crypto tokens like Helium (HNT), Aave (AAVE), and Toncoin (TON).
Helium Price Forecast
Helium is a leading player in the growing field of Decentralized Public Infrastructure Network (DePIN). It is a platform that provides over a million internet access points around the world. Most of these access points are in the United States and Europe.
Notably, Helium has partnered with some leading companies, such as T-Mobile and Dish Network. In a recent statement, the developers noted that they are working on a partnership with a leading telecommunications company in the United States.
On-chain data shows that the Helium ecosystem is performing well, as network usage has remained stable over the past 30 days. Analysts believe that it has more room to grow in the future, even as it faces significant challenges such as competition from Starlink.
Helium has performed modestly over the past few months. While it remains in a bear market after falling more than 36% from its YTD high, it has rebounded from its July lows. It is up 146% from its July low and was trading at $7 on Thursday morning.
The HNT token remains between the 50% and 38.2% Fibonacci retracement points. In addition, the token has entered the fourth phase of the Elliott Wave indicator. It has also formed a golden cross pattern as the 50-day and 200-day moving averages have crossed.
Helium has also formed what looks like a bullish pennant, so the outlook for the token is bullish, with the next target being $8.
Average price forecast
Aave is a leading player in the decentralized finance (DeFi) industry, where it offers a platform for people to borrow and lend capital. Over the past few years, Aave has become the third-largest player in the DeFi industry with over $11 billion in assets spread across 12 networks such as Ethereum, Arbitrum, Polygon, and Avalanche.
The AAVE token has been performing well recently, helped by increased whale activity, sending it to a high of $148.70, its highest since March 13 and 108% higher than its low in August.
AAVE formed a golden cross on August 1, which explains why the token’s rally accelerated. However, it has pulled back sharply recently as sentiment in the crypto industry has turned sour. It has fallen more than 16% from its highest point this year to trade at $124.51.
AAVE remains above its 50-day and 200-day moving averages and important support at $115.15, its all-time high of May 27. It also dipped slightly below the 23.6% Fibonacci retracement point.
Therefore, the most likely scenario is that the AAVE token will bounce back and retest this month’s highest point. This bounce will occur when the token forms a double top on the chart, the neck of which will be this week’s low at $117.20.
Toncoin Price Prediction
The Toncoin token has become one of the breakout stars of this year, entering the top ten tokens with a valuation of over $14 billion. The TON blockchain has also become one of the leading networks in the decentralized finance (DeFi) space with assets of over $600 million.
The biggest catalyst for Toncoin has been the rise of the tap-to-earn industry, which has become one of the fastest growing sectors in crypto. Tap-to-earn is a sector that allows people to tap and earn tokens on a Telegram mini-app.
Hamster Kombathas is becoming a leading player in the industry with over 300 million users worldwide. Other notable names include Notcoin, Tapswap, and Pixelverse.
Toncoin’s price has been in the spotlight this week for two main reasons. First, DOGS, a token in the ecosystem, has started trading and has been one of the best performers. Second, it has been in the spotlight since Durov’s arrest in France.
On the daily chart, the TON price peaked at $8.30 on June 15 and is now down more than 32% from its highest point this year.
The token has fallen below the 50-day and 200-day moving averages and is sitting along the 38.2% Fibonacci retracement point. It has also formed what looks like a head and shoulders chart pattern, which often leads to a bearish breakout.
Thus, the TON price is likely to be extremely volatile as traders focus on the Durov case in France. The base case is when it returns, as it has also formed a small double bottom pattern on the chart at $5. Key points to watch will be at $6 and $4.50
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