Cryptocurrency Price Forecasts- A Look at Algorand, IOTA, EOS and ICP
The cryptocurrency market has seen a slight increase in prices this week, subsequent to encouraging US inflation data and the revival of the meme stock craze. Here is an outlook for four key tokens- Algorand (ALGO), IOTA (MIOTA), EOS (EOS), and Internet Computer (ICP).
Algorand (ALGO)
Algorand, a prominent player in the blockchain industry, is facing challenges. Its DeFi (Decentralized Finance) assets have significantly declined from a year-to-date high of over $252 million to $151 million. The price of ALGO has also dropped considerably, falling by nearly 50% after peaking at $0.3302 earlier this year.
Technical Analysis of Algorand
- Moving averages- Both the 50-day and 200-day Exponential Moving Averages (EMA) are nearing a death cross pattern, which indicates a bearish trend.
- Support levels– The price has dropped below the critical support level of $0.2530.
- Relative Strength Index (RSI) – The RSI is below the neutral point, which too suggests weakness.
Forecast for Algorand
The outlook for ALGO is bearish. It could decline further by 15% to $0.1485, the lowest level observed this year.
IOTA (MIOTA)
IOTA, another well-known cryptocurrency, has also experienced a significant price drop, falling from a YTD high of $0.4213 to below $0.2200. The DeFi TVL (Total Value Locked) within the ShimmerEVM network is weak, currently at less than $5 million.
Technical Analysis of IOTA
- Fibonacci Retracement Levels- The price has fallen below the 50% and 61.8% Fibonacci Retracement Levels.
- Death Cross- A death cross pattern has formed, which gives a strong bearish signal.
- Support levels- The price is nearing the vital support level of $0.20.
- RSI- The RSI is positioned below the neutral point and has formed a bearish flag pattern.
Forecast for IOTA
The outlook for MIOTA is extremely bearish. If the price drops below the critical support level of $0.20, a further decline to $0.17 is likely.
EOS (EOS)
Similar to other cryptocurrencies, EOS has seen a price drop from a YTD high of $1.3615 to $0.80. However, unlike Algorand and IOTA, there has been a slight increase in DeFi assets within the EOS ecosystem.
Technical Analysis of EOS
- Moving averages– The token is on the verge of forming a death cross pattern.
- Support levels- The price has fallen below the key support level of $0.9135.
- RSI- The RSI is below the neutral point, signifying a bearish trend.
Forecast for EOS
The outlook for EOS is bearish. If the price falls below the critical support level of $0.20, a further decline to $0.17 is expected.
Internet Computer (ICP)
The price of ICP reached a YTD high of $21 earlier this year, with the network’s TVL surpassing $86 million. However, it has since fallen to $12.25.
Technical Analysis of Internet Computer
- Support levels- The price is currently at a critical support level.
- Moving averages- The price remains above the 200-day EMA.
Forecast for Internet Computer
The outlook for ICP is currently neutral. If the price falls below the climbing trend line, a confirmed bearish trend would occur.
Final Thoughts
The cryptocurrency market continues to evolve consistently and to be successful, strategic decisions regarding investments are important. While Algorand, EOS, and IOTA are facing bearish outlooks, it is important to remember that cryptocurrency forecasts can be inaccurate. The market is prone to volatility, and unexpected events can significantly affect prices.
