Cryptocurrency prices were on edge on Tuesday morning as investors waited for the upcoming Jerome Powell’s congressional testimony and US consumer inflation data. Bitcoin traded at $97,000, while the crypto fear and greed index was at $3.2 trillion. This article explores the forecast of key cryptocurrencies like IOTA, Raydium (RAY), and Litecoin (LTC).
IOTA price prediction
IOTA token has been in a steady downtrend after peaking at $0.6360 in December last year. This retreat happened even as crypto investors waited for the upcoming Rebased upgrade that will introduce multiple features in the network. These features include the EVM and Move smart contracts, allowing developers to use smart contracts.
Rebased will also introduce staking, faster speeds of between 40,000 and 50,000 transactions per second (TPS), and more interoperability. It will be the biggest update the network as it will allow it to compete with the likes of Tron and Solana.
Today we unveil IOTA Rebased 🌀🚀 The biggest upgrade in #IOTA‘s history to leapfrog us on our mission to bring the real world to Web3: ✅Parallelized MoveVM & EVM ✅Full decentralization ✅50k+ TPS & <500ms finality ✅10-15% $IOTA staking APY More 🧵🔗👇 blog.iota.org/iota-rebased-f…
IOTA price has crawled back after bottoming at $0.1780 last week. It traded at $0.2342, down from the year-to-date high of $0.4188. The 50-day and 100-day Exponential Moving Averages (EMA) are about to make a bearish crossover that is often seen as a mini death cross.
IOTA has also formed a small bearish flag pattern, a popular sign of continuation. Therefore, there is a risk that the token will crash, and possibly retest the key support at $0.1781. A break below that level will point to more downside, with the next target being at $0.15.
Raydium (RAY) price analysis
Raydium token has done well in the past 12 months as the network has emerged as the biggest decentralized exchange (DEX). As demand rose, the RAY token moved from below $1 to $8.6. However, the token has recently pulled back and is trading at $8.6 as most cryptocurrencies struggle.
Raydium price has bounced back slightly above the lower side of the ascending channel and is consolidating at the 50-day and 100-day Exponential Moving Averages (EMA). This rebound happened after it dropped to the 50% Fibonacci Retracement level at $4.40.
RAY price’s outlook is neutral, with the key support and resistance levels to watch being at $4.50 and $6.50. More downside will be confirmed if the token drops below the lower side of the channel at $4.50. A drop below that level will signal more downside, potentially to the 61.8% retracement point at $3.5.
Litecoin price forecast
The LTC price has rebounded in the past few weeks, rising from a low of $80.9 to $126. This rebound is mostly because of the anticipation of the upcoming spot LTC ETF approval in the United States. Such an approval will lead to more enthusiasm and inflows from institutional investors.
Litecoin has moved above the key resistance at $114.26, its highest level in July 2023. It has jumped above the 50-day moving average. The coin will likely keep rising as bulls target the key resistance level at $147, its highest point in 2024. It will then drop when the ETF is approved as investors sell the news.
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