Cryptocurrency prices moved sideways this week even after the United States published encouraging consumer inflation data. Bitcoin was stuck below $60,000 while Ethereum moved slightly below $60,000. The total valuation of all cryptocurrencies remained at $2.04 trillion while the crypto fear and greed index moved to the fear zone of 37.
The main catalyst for digital coins this week was the US inflation data, which showed that the headline CPI dropped to 2.6% in August, its lowest level in over two years. This report, which came after the US released weak jobs numbers, signaled that the Fed will start cutting rates next week.
A key risk to have in mind is that the Bank of Japan (BoJ) will also have a meeting next week, meaning that the Japanese yen carry trade unwind could come back. Last month, stocks and cryptocurrencies plunged after the BoJ hiked rates, narrowing the spread between US and Japanese rates. This article provides a forecast of top cryptocurrencies like Quant (QNT), Mantra (OM), and Ripple (XRP).
Quant price forecast
Quant is a top cryptocurrency in the tokenization industry. Its overledger technology helps companies like banks and others in the financial services industry build tokenized solutions.
The QNT token was in the spotlight this week, bouncing back to its highest point since July 18. It has soared by over 54% from its lowest level this year, giving it a market cap of $933 million and making it one of the biggest coins in the industry.
Quant token jumped amid rising social media and wallet activity in the network. On the daily chart, it has risen from a low of $50.13 to almost $80. It has also formed a double-bottom chart pattern, which is a popular bullish sign.
The coin has also jumped above the 50-day and 25-day Exponential Moving Averages (EMA) while the Relative Strength Index (RSI) has tilted upwards. Therefore, Quant will likely continue rising as bulls target the next key resistance point at $83.20, its lowest swing in October last year.
The risk for Quant is that, as shown below, the number of smart money holders has been in a strong downtrend. It has 12 smart money holders, down from over 20 earlier this year. Also, the balance held by smart money has moved from over 50k to less than 7k.
Mantra price analysis
Mantra, another top player in the Real World Asset (RWA) tokenization, has been one of the best-performing cryptocurrencies in the industry. It has jumped by over 6,200% from its lowest point in 2023.
This rally has happened because of the ongoing demand for tokenization assets and its strong staking yield, which stands at over 21%. Unlike other tokens, Mantra has completed its token unlocks, meaning that there will be no significant dilutions in the future.
On the daily chart, the OM token formed a bottom at $0.8541 recently and formed a triple-bottom there. In most periods, a triple-bottom is one of the most bullish signs in the market. It has moved above its neckline at $1.068, its highest swing on August 24.
Mantra’s 25-day and 50-day moving averages have formed a bullish crossover. It has also retested the upper side of the ascending channel shown in green while the Relative Strength Index (RSI) has continued rising.
Therefore, Mantra’s outlook is extremely bullish, with the next point to watch being its all-time high at $1.4, which is about 22.5% above the current level.
Ripple XRP price analysis
Ripple’s XRP price has moved sideways in the past few weeks, in sync with other cryptocurrencies. This week, the token rose after Grayscale launched the XRP Trust, as it tests waters on whether a Ripple ETF will work. Odds are that a Ripple ETF will not be popular, especially after the disappointing performance of Ethereum funds.
The other potential catalyst for XRP is the upcoming launch of Ripple’s stablecoin, RLUSD, which will be regulated and backed 1:1 on the US dollar.
Ripple hopes that the token will become as popular as Tether (USDT) and USD Coin (USDC), which are making their developers billions of dollars. However, the risk is that the industry is saturated, with Tether having the biggest market share.
On the daily chart, the XRP token is hovering at the 50-day and 25-day moving averages as it attempts to establish direction. It remains above the key support level at $0.4300, its lowest swing in April this year.
It is also hovering slightly below the 38.2% Fibonacci Retracement level. Therefore, the token will likely remain in this range for a while as bulls wait for the next catalyst.
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