The crypto market remained under pressure in the past few days as the recent momentum faded. Bitcoin has stagnated below $105,000, while the market cap of all cryptocurrencies has dropped by over 3% in the last few days to $3 trillion. This article provides a forecast for top altcoins like Onyxcoin (XCN), Dogwifhat (WIF), and Litecoin (LTC).
Onyxcoin price analysis
The Onyxcoin token has moved from obscurity into one of the best-performing players in the crypto industry. Its price jumped from a low of $0.00069 in September last year to $0.020 today, a 2,888% increase.
The XCN token rally has caught many investors by surprise. For example, in January, Justin Sun warned that its performance was likely due to price manipulation, allegations that Onyxcoin rejected.
Onyxcoin price has moved above the important support level at $0.0075, the lowest swing on April 7. It has also moved above the 50-day moving average, and most recently, is forming a bullish pennant pattern. This pattern comprises of a vertical line and a symmetrical triangle pattern.
Therefore, the most likely scenario is where the Onyxcoin price rebounds and hits the important resistance level at $0.04923, the highest swing in January this year. It needs to cross that level to invalidate the double-top pattern whose neckline is at $0.00754. A move above that level will point to more gains, potentially to $0.1.
Read more: Top 3 crypto tokens to sell to avoid long-term losses
Dogwifhat price prediction
The WIF token bottomed at $0.3024 as most Solana meme coins plunged earlier this year. It then staged a strong comeback, moving to a high of $1.3115 on May 12 as the crypto market bull run intensified.
Recently, however, there are signs that the WIF price has lost momentum and is trading at $0.9500. It is hovering at its lowest level since last Sunday.
Dogwifhat price has remained above the 50-day moving average, a sign that bulls remains in control and that the ongoing pullback is merely a technical retracement.
WIF price has also formed what looks like a cup-and-handle pattern, a common continuation sign. Therefore, there is a likelihood that the Dogwifhat price will continue rising as bulls target the initial resistance at $1.3115. A move above that level will point to more gains to $1.50.
Litecoin price forecast
The daily chart shows that the Litecoin price has been in a slow uptrend in the past few weeks, moving from a low of $63 to a high of $106.90.
Litecoin price moved above the important resistance level at $96.30, the neckline of the inverse head and shoulders pattern. The head of this pattern is at $63, while the shoulders are at around $83. An inverse H&S pattern is one of the most bullish signs in technical analysis.
Litecoin price has formed a break-and-retest pattern by moving back to the neckline at $96.30. Therefore, Litecoin price will likely have a strong bullish breakout, with the next point to watch being at $106.90 followed by $110. This rebound will likely happen as the LTC ETF odds jump.
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