The crypto market remained on edge today, Nov. 5, with Bitcoin and other altcoins continuing their downtrend. The market capitalization of all tokens fell to $3.39 trillion, a trend that may continue as futures open interest fall.
This article provides a forecast for top cryptocurrencies like ZKsync (ZK), Monero (XMR), and Ripple (XRP).
ZKync price forecast
ZKsync is a top player in the crypto industry, where it offers Ethereum scaling solutions using the zero-knowledge (ZK) approach. It is able to process thousands of transactions in a second.
The ZK price has rebounded in the past few days after the developers announced the Atlas upgrade that will make it faster and more scalable. It also announced a new plan to boost the ZK utility and inflation by executing a token burn.
The next phase for $ZK token is real economic utility.
As interop and Prividiums enter production, the network for incorruptible finance should capture the value it creates, channeling it towards ecosystem growth.
These actions have boosted the ZK crypto price, which moved from a low of $0.02 on October 10 to a high of $0.075.
It has now moved above the 50-day and 100-day Exponential Moving Averages (EMA), while the Supertrend indicator has turned green.
The coin is hovering at an important level that has coincided with the highest point in August this year.
Therefore, the most likely scenario is where the token resumes the downward trend as the Atlas upgrade and ZK token burn enthusiasm fades. If this happens, it may drop to a low of $0.03670, its lowest level in June.
Monero price technical analysis
Monero, a top player in the privacy industry, has been in a strong uptrend in the past few days even as the crypto market crashed.
XMR price jumped from a low of $230 in August to a high of $380 today. This rebound happened as investors moved to privacy tokens like Zcash and Dash
Monero price remains above the 50-day and 200-day Exponential Moving Averages, which have provided it with substantial support since September last year.
It has also jumped above the Supertrend indicator and the key resistance level at $355, its highest level in July this year.
Monero has also formed an inverse head and shoulders pattern, a common bullish reversal sign in technical analysis, while oscillators like the Relative Strength Index and the Stochastic Oscillator have continued moving upwards.
Therefore, the token will likely continue rising as bulls target the year-to-date high of $418. A move below the support at $355 will invalidate the bullish outlook
XRP price forecast
The XRP price has crashed this week despite the ongoing Swell event that brings in top executives from corporate America.
XRP price also dropped as the Ripple USD stablecoin crossed the $1 billion milestone. It dropped to a low of $2.1, down sharply from the year-to-date high $3.66.
XRP has formed a descending channel and is about to form a death cross pattern, which happens when the 50-day and 200-day Exponential Moving Averages (EMA) cross each other. This pattern is one of most bearish ones in technical analysis.
On the positive side, there are signs that it is about to form a double-bottom pattern, which often leads to a bullish breakout. Therefore, while Ripple’s outlook is bearish, there is a possibility that it will bounce back, and possibly hit the resistance level at $2.6. A move below the support at $2 will invalidate the bullish outlook.
The post Top crypto price predictions today: ZKsync, Monero, XRP appeared first on Invezz
