Cryptocurrencies moved sideways this week as Bitcoin remained below $26,000.
XDC Network, Cronos, and Astar were among the biggest gainers.
Cryptocurrency prices had a relatively muted performance this week as a sense of fear spread in the market. Bitcoin was stuck at $26,000 while American indices like the Dow Jones, Nasdaq 100, and S&P 500 retreated. The US dollar index (DXY), on the other hand, staged a strong recovery as it soared to the highest level in five months.
XDC Network price forecast
XDC Network has had one of the best performances this year. It jumped from a low of $0.024 in January and peaked to a high of $0.093 in August. Recently, however, the token has pulled back and is now ~40% below the highest level this year. It is now consolidating at the 25-period and 50-period exponential moving averages.
The token has also moved slightly above the important support level at $0.045, the highest level in April this year. At the same time, its volatility has slumped, as evidenced by the falling Average True Range (ATR) indicator, which has fallen to the lowest level since July 25th.
Therefore, the outlook for the XDC Network is bearish, with the initial support being $0.50, the lowest level on August 26th. Traders should focus on the resistance at $0.067 since a move above that level will see it continue its bullish trend to $0.08.
Cronos price prediction
Cronos, formerly known as Crypto.com coin, has been in a bearish trend as demand for the coin wanes. Its DeFi ecosystem has also seen outflows as the total value locked (TVL) slipped from over $4.4 billion to less than $500 million. Tectonic and VVS Finance are no longer the popular DeFi protocols they were earlier on.
Cronos price found a strong support at $0.050, where it struggled to move below in June and August of this year. It remains below the 50-day moving average and the descending trendline shown in green. The Stochastic Oscillator has also tilted upwards.
Therefore, the CRO price outlook is neutral for now. More downside will be confirmed if the price drops below the support at $0.05. If this happens, the next level to watch will be at $0.45. The alternative scenario is where it rises and retests the descending trendline at $0.057.
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Astar Network price forecast
Astar Network is a leading blockchain on Polkadot’s ecosystem. Recently, the ASTR token has been in a bullish trend after it bottomed at $0.0322 on June 10th. Precisely, the coin has jumped by more than 70% to the current $0.06.
Along the way, the coin has formed an ascending channel shown in green. It has also jumped above the 23.6% Fibonacci Retracement level while the Stochastic Oscillator has drifted upwards. Therefore, the Astar token price will likely continue rising as buyers target the key resistance point at $0.070, the highest point on August 23rd, and the 38.2% retracement level.