Top crypto prices were mixed on Monday morning, continuing the recent trend in the cryptocurrency market. Bitcoin’s price held steady above $105,000, while Ethereum’s price was above $2,500. This article provides forecasts for the top three coins like Flare (FLR), Horizen (ZEN), and Cookie DAO (COOKIE).
Flare price forecast ahead of a big unlock
Flare token rose as traders focused on the upcoming token unlock later this week. It will unlock tokens worth over $39 million, equivalent to 3% of the total tokens in circulation.
Token unlocks are usually bearish since they introduce new coins in the market, boosting supplies. The daily chart shows that the Flare token price was trading at $0.020 on Monday, a few points higher than the weekend low of $0.01623. It is also about 80% above the lowest point this year.
ZEN price has remained above the 50-day and 100-day Exponential Moving Averages (EMA), a sign that bulls remains in control for now. It also formed a hammer candlestick on Friday, which explains why it has risen in the past two days. A hammer comprises of a small body and a long lower wick.
Flare price has also formed a falling wedge pattern, a popular bullish reversal pattern. Therefore, the coin will likely rebound, with the next point to watch being at $0.02240, its highest point in May.
Horizen price prediction as a wedge forms
Horizen token price was trading at $9.955 on Monday morning, up by 55% from its lowest point in April. This recovery is because of the ongoing crypto market rally and demand for privacy coins.
Horizen price was hovering between the 50-day and 100-day moving averages. It has also formed a rising wedge, comprising of two ascending and converging trendlines. A wedge is one of the most bearish patterns in technical analysis.
This breakdown normally happens when the two lines are about to converge. In ZEN’s case, the two lines have a long way to converge, meaning that the consolidation will continue. The key support and resistance levels are $9 and $12.5.
Cookie DAO price forecast
Read more: Bitcoin price prediction for June: Will BTC rise or fall in June?
Cookie price has done well in the past few weeks as it jumped by 260% from the lowest point in April. This surge has brought the market cap to over $130 million, making it a top player in the BSC Chain network.
The eight-hour chart shows that the Cookie price formed a cup and handle pattern, a popular bullish continuation sign. The lower side of this cup is at $0.070, while the upper side is at $0.30. This means that the cup has a depth of about 75%.
The recent retreat was part of the formation of the handle section of the cup. Therefore, by measuring 75% from the cup’s upper side, we can estimate the most likely Cookie price prediction at $0.54, which is about 112% above the current level. A drop below the support at $0.2100 will invalidate the bullish outlook.
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