By Cryptocurrency prices had a mixed performance this week as investors focused on the recent Federal Reserve minutes and the ongoing Bitcoin consolidation. BTC price remained below $100,000, while the crypto fear and greed index moved to the fear zone. Still, there were some standout coins like Maker (MKR), Pyth Network (PYTH), and Alchemy Pay (ACH).
Maker price forecast
Maker’s MKR was one of the best-performing cryptocurrencies this week as it jumped to $1,400, its highest level since January 8. It has soared by 81% from the lowest level this year.
Maker’s MKR token surged as on-chain data pointed to more accumulation by whales and as its fees surged. It has also thrived as data shows that the ecosystem continued seeing demand among investors. According to its website, it now has over 613,000 users and over $17 billion in total value locked (TVL). These users are receiving over 8% annually.
The Maker token price has done well in the past few weeks. This rebound happened after the token bottomed at $800 earlier this month, forming a double-bottom pattern. A double-bottom is a situation where an asset forms two down-peaks and has a neckline, which in this case, is at $2,427.
Maker price has moved above the 50-day moving average, a sign that bulls are now in control. It has moved above the weak, stop & reverse point of the Murrey Math Lines tool. Therefore, the coin will likely keep soaring as bulls target the next key resistance point at $2,000, which is at the major S/R pivot point. A drop below $1,000 will point to more downside.
Pyth Network price prediction
Pyth Network is the biggest oracle network on the Solana ecosystem. Its token jumped this week after Coinbase launched perpetual futures. It also jumped after Grayscale launched the Pyth Trust, a move that will give it access to more institutional investors.
We are proud to announce a new single-asset crypto investment fund, Grayscale Pyth Trust $PYTH.
Available to eligible accredited investors.
Learn more about $PYTH and see important disclosures: grayscale.com/crypto-product…
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The daily chart shows that the PYTH token price bottomed at $0.1697 this week, its lowest point since December 18. It was about 70% below the highest level in December last year.
Pyth price has also formed a double-bottom pattern whose neckline is at $0.5540. Therefore, there is a possibility that the token will bounce back as bulls target the key resistance at $0.50.
However, there is also a risk that the PYTH price will continue its downward trend. It has formed an inverse cup and handle pattern, a popular continuation sign. PYTH has also formed a bearish flag pattern. Therefore, the Pyth coin price may continue falling as sellers target the next point at $0.10.
Alchemy Pay price analysis
Alchemy Pay, one of the top players in the on-ramp industry, was one of the best-performing coins in the market. This surge happened as investors watched the Consensus event in Hong Kong, where it was one of the top sponsors. It also rallied after the company received a money transfer license in Australia.
Alchemy Pay price has done well in the past few weeks as it soared above the 50-day and 100-day moving averages. It also retested the key resistance level at $0.40, the highest swing in December last year.
ACH price has moved to the major S/R pivot point of the Murrey Math Lines and has formed a cup and handle pattern. Therefore, the outlook is bullish, with the next point to watch being at $0.50, up by about 40% above the current level.
The other top-performing cryptocurrencies this week were Story (IP), Sonic (S), Berachain, Mantra, Bittensor, and Celestia.
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