The crypto market remained in an upbeat tone during the weekend despite the rising geopolitical risks in the Middle East. Bitcoin was trading at $80,000, while the market capitalization of all tokens jumped to $2.6 trillion. This article provides a forecast for top tokens like Pepe Coin (PEPE), Canopy (CNPY), and Zcash (ZEC).
Pepe Coin price forecast
Pepe token bottomed at $0.00000022 in July and then started a slow comeback to the current $0.000004014. Most recently, the token formed a falling wedge pattern, a common bullish reversal sign. It also formed a bullish pennant, which is made up of a vertical line and a symmetrical triangle.
The token has remained above the 50-day Exponential Moving Average (EMA) and the Supertrend indicator. These indicators suggest that bulls are in control for now. It has now jumped above the Strong, Pivot, Reverse level of the Murrey Math Lines tool at $0.000003725.
Therefore, the path of the least resistance is upwards, with the next important target being at $0.000004547, its highest level on August 22nd. A move above that level will point to more gains, potentially to the extreme overshoot level at $0.000005215.
This rally will remain as long as the Crypto Fear and Greed Index stays above the greed zone.
Zcash price forecast: technical analysis
Zcash, the giant privacy token, has done well in the past 12 months and is now hovering at its all-time high. This surge has pushed its market capitalization to $24.5 billion, making it the 9th-biggest coin in the crypto industry. It has overtaken popular coins like Dogecoin, Monero, Chainlink, Cardano, Stellar, and Uniswap.
The weekly chart shows that the ZEC token remained in a narrow range for years. This changed late last year when it made a strong bullish breakout that has now pushed it to a record high.
The token initially peaked at $747 in November last year and then bottomed out at $188 in March this year. Now, it has staged a strong comeback and crossed the important resistance level of $747. It also crossed the important resistance level of $1,000.
The token is hovering at the Strong pivot reverse level of the Murrey Math Lines tool at $1,500. It has remained above all moving averages and the Supertrend indicators.
Therefore, the token will likely continue pumping, potentially to the Ultimate Resistance at $2,000.
Canopy price forecast
Canopy is a crypto project in the artificial intelligence industry. It describes itself as the fastest growing AI-native stack, thanks to the large community of developers and users.
Canopy unveiled the CNPY token recently, with its market capitalization soaring to over $40 million. Today, Canopy price has pulled back to the current $0.4046, down by 40% from its all-time high. This retreat has coincided with steady volume, which jumped to over $200 million.
On the two-hour chart, the token has now moved to the Major S/R pivot point of the Murrey Math Lines tool. It has also dropped below the 50-period moving average. Therefore, the path of the least resistance for the coin is downwards, with the next level to watch being at $0.30, the strong, pivot, reverse level.
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