The crypto market is doing well this weekend, with altcoins doing better than Bitcoin. Some of the top gainers are coins like Arbitrum (ARB), Zcash (ZEC), and PancakeSwap (CAKE). This article provides a forecast for top coins like Dogecoin (DOGE), Ripple (XRP), and Venice Token (VVV).
Dogecoin price prediction
The daily chart shows that the DOGE price has remained inside a narrow range in the past few months. It remained between the support and resistance levels of $0.067 and $0.0790 between June 24 and August 20th. In some instances, this consolidation is usually a sign that investors are accumulating the token.
DOGE price has now moved above the important resistance level of $0.0790, confirming a bullish breakout. It has also retested it, in a process known as a break-and-retest, which is a common continuation sign in technical analysis.
The token has remained above the 50-day Exponential Moving Average (EMA), while the Relative Strength Index (RSI) has jumped above the neutral level of 50.
This performance has coincided with the higher volume, with the 24-hour figure rising to over $1.49 billion. Its futures open interest have risen, a sign that investor demand is rising. However, DOGE ETF inflows have struggled, with their outflows hitting $343k this month.
Therefore, technicals suggest that the DOGE token may continue rising in the foreseeable future, with the next key resistance level to watch being at $0.1183, its highest level in May this year. Such a move would imply a 30% surge from the current level.
XRP price forecast
XRP token has held steady in the past few weeks and is hovering near its highest level in August. This rebound happened after it formed a falling wedge pattern, which is made up of two descending and converging trendlines. This pattern normally leads to a strong bullish breakout.
The token’s rally has coincided with the ongoing demand for its ETFs. XRP ETF inflows jumped by over $159 million last month and have already added over $13 million this month. The supply in key exchanges like Binance and Coinbase has continued to fall.
Technically, XRP has moved above the 50-day moving average, a sign that bulls are in control for now. It has formed a bullish flag pattern. Therefore, there is a likelihood that the coin will have a strong bullish breakout, potentially to this month’s high of $1.6975.
Venice Token price forecast
The VVV token has rebounded in the past few days, moving from a low of $9.88 in July to the current $17.05. It has jumped above the important level of $14.71, its highest level on July 26 and the neckline of the double-bottom pattern.
The token has moved above the 50-day moving average. However, there are signs that it has formed a double-top pattern at $18.48 and a neckline at $16. This pattern suggests that a reversal is possible. Similarly, the Relative Strength Index (RSI) has dropped from the overbought level of 80 to 60.
On the positive side, the token may benefit from the upcoming Anthropic IPO, which may boost top AI coins. If this happens, the token may jump to the year-to-date high of $21.41, which is about 25% above the current level.