Crypto prices crashed on Wednesday morning as traders waited for the upcoming US inflation data. Bitcoin crashed below the key support at $95,000, while the market cap of all crypto coins fell to $3.15 trillion. This report provides the forecasts for top cryptocurrencies like BNB, Hedera Hashgraph (HBAR), and Jupiter (JUP).
BNB price prediction
Binance coin price has held steady this week after the chain scored a big coup when Tapswap decided to launch its token on the BNB chain. As a Telegram tap-to-earn asset, there was expectation that it would select the TON Blockchain, whose other networks like Hamster Kombat and Catizen used. Tapswap said:
“Low fees, more earnings! BNB Chain keeps transaction costs minimal, so more of your rewards stay in your pocket. Win, withdraw, and stake without worrying about high fees.”
The BNB token price formed a doji candlestick pattern on the weekly chart. This pattern happened after the token retested the lower side of the ascending channel. This channel is part of the handle section of the cup and handle pattern, one of the most bullish chart patters in the market.
Therefore, the coin will likely jump to over $1,000 if the cup and handle pattern works well. This price is derived by measuring the cup’s depth and then taking the same measurements from the upper side of the cup.
The risk, however, is that the PPO and Relative Strength Index (RSI) have formed a bearish divergence pattern. This pattern happens when the indicators move downwards as an asset rises.
BNB chart by TradingView
Hedera HBAR price forecast
Hedera Hashgraph price has remained on edge in the past few weeks as its consolidation continued. This performance happened after the token formed a double-top pattern at $0.400, and whose neckline is at $0.1830. A double-top is one of the most bearish patterns in the market.
The token has retested the highest swing in April 2024. At the same time, the two lines of the percentage price oscillator (PPO) have formed a bearish crossover, while the Relative Strength Index has pointed downwards. HBAR price crashed by double digits the last time the two PPO lines crossed each other.
Therefore, the Hedera price will likely keep falling if it moves below the key support at $0.1830. A crash below that level will point to more downside, potentially to the 50-week moving average at $0.1500.
HBAR chart by TradingView
Read more: Exclusive interview with Charles Adkins, the new Hedera president
Jupiter price forecast
Jupiter, the second-biggest player in the perpetual futures trading industry, has remained in a consolidation phase in the past few weeks. As a result, it has formed a symmetrical triangle pattern, which are nearing their confluence level.
JUP price has moved slightly below the 50-day Exponential Moving Average. Also, the PPO and the RSI have all pointed downwards.
Therefore, Jupiter’s upside trajectory will remain as long as it is above the lower side of the triangle that connects the lowest swings since July 5 last year. A drop below that level risks the token falling to the next support level at $0.6630.
JUP price chart by TradingView
Berachain price analysis
Berachain token has performed as most coins do whenever they launch their airdrops. It rose and then crashed as the hype ended.
The hourly chart shows that token has formed an ascending channel. It has moved above the lower side of this channel. It has also moved slightly above the 15-period moving average and the 23.6% Fibonacci Retracement point.
Therefore, the BERA price will likely resume the downtrend in the coming weeks. If this happens, the initial target will be its all-time low of $4.72.
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