The crypto market was on edge over the weekend as the last rally of top altcoins being in the red. Bitcoin was stuck inside a narrow range above $84,000, while the valuation of all tokens rose to $2.89 trillion. This article looks at a forecast for some of the top tokens like Quant (QNT), Zcash (ZEC), and Cardano (ADA).
Quant price forecast
Quant, a top player in real-world asset tokenization and a competitor to Chainlink, was one of the best-performing tokens in the crypto industry. QNT has jumped in the last four consecutive days, reaching its highest level since October 2022.
Quant has done well after the biggest banks in the United Kingdom used its technology to facilitate tokenized deposits. As a result, investors believe that the network will continue gaining traction among more companies and organizations over time.
QNT token soared after spending months forming a falling wedge pattern. This pattern is made up of two descending and converging trendlines and is one of the most common bullish reversal signs in technical analysis.
The risk, however, is that the Relative Strength Index (RSI) has jumped to 93.50, its highest level in over a year. This surge is a sign that the coin has become highly overbought. The same is happening with other top oscillators like the Stochastic Oscillator and the MACD continuing rising.
Therefore, there is a risk that the token will reverse once this FOMO phase ends. If this happens, it may retreat to the next key target to watch, which will be the psychological level of $100. A drop below that level will point to more downside, potentially to the key support of $84.71, its highest level in May.
Zcash price forecast
Zcash token has been in a strong bullish trend this month, and is hovering at the highest level this year. ZEC trades at $1,650, a few points below the year-to-date high of $1,693, much higher than the year-to-date low of $188.
The token has jumped because of the rising demand for privacy coins and its futures open interest. It has soared above the important resistance level of $1,288, its highest level on September 9.
The token has remained above all moving averages. While this is a bullish sign, there is a risk that it may have a mean reversion, where an asset moves back to its historical averages. Also, the Relative Strength Index (RSI) has formed a bearish divergence pattern. Therefore, there is a possibility that the token may drop to the key support level of $1,288.
Cardano price prediction
Cardano token has been in a slow upward trend in the past few months. ADA has jumped from a low of $0.1388 in June to the current $0.2532.
The token has formed a rising channel, which is made up of a series of higher highs and higher lows. It is now hovering near the upper side of the channel. Also, it jumped above the 50-day moving average, while the two lines of the Percentage Price Oscillator (PPO) have jumped to the highest level in months.
Therefore, the token has two potential scenarios going forward. It may jump above the upper side of the channel and move to the psychological level of $0.300. The alternative scenario is where it drops to the lower side of the channel.