Analysis for many cryptocurrencies draws attention. In this article, we will share analyst expectations for Avalanche (AVAX), Optimism (OP), Immutable X (IMX), Jasmy, SUI and Bitcoin. Here are the details…
What’s on the horizon for AVAX and these coins?
There is a big bullish forecast for Bitcoin
We can start the analysis with the largest cryptocurrency, Bitcoin. Jurrien Timmer, global director of macros at Fidelity Investments, offered a fascinating perspective on the current state of Bitcoin through a series of tweets. In his thread of tweets, Timmer compared the unpredictable cryptocurrency with the bullish and bearish pattern seen in the dot-com era, noting that Bitcoin may be on the verge of a resurgence. Timmer pointed out that Bitcoin has acted like gold has always been considered a reliable store of value for many years.
In that process, the long-term winners, such as Apple and Amazon, were separated from the losers. The same has so far proven to be true for crypto. If we assume Bitcoin is the Apple of the digital-asset age, then it could make sense that Bitcoin not only survives the crypto…
— Jurrien Timmer (@TimmerFidelity) May 31, 2023
In addition, he said that Bitcoin has distinctive qualities due to the scarcity inherent in it and its trajectory of adoption of disruptive technology. He also stated that this sets him apart as a truly unique entity. He considered the dot-com bubble that occurred in the late 1990s. Timmer observed that the bubble caused a large number of unqualified stocks to skyrocket to astronomical levels. However, many of them subsequently depreciated and often lost most or all of their value when the bubble finally burst. He acknowledged that a similar pattern could be observed in the cryptocurrency world. But he also stressed that amid the turmoil, there are long-term winners like Apple and Amazon who have managed to rise above the devastation.
Expected increase for IMX price
On the other hand, analysts focus on IMX. As we reported on Kriptokoin.com, the price of IMX has been in a consolidation period between $ 0.708 and $ 0.837 for the last 2 weeks. On Thursday, the altcoin’s price dropped to the bottom of its price channel. This has forced the bulls to give a much-needed boost. This injection of buy volume then forced the price of IMX to break above the 9-day and 20-day EMA lines on Friday.
Also, the price of IMX retested the upper level of the aforementioned consolidation channel. However, it failed to close the day’s trading session above the key resistance level. Overall, technical indicators on IMX’s daily chart were still pointing bullish as the daily RSI line broke above the daily RSI SMA line, according to analysts. Also, the 9-day EMA line is on the verge of triggering an important bullish flag.
Important partnership draws attention for Sui
Looking at SUI, the biggest news is that the company has partnered with leading Formula 1 team RedBull Racing. This partnership will allow its logo to be affixed to Formula 1 cars. Sui Blockchain will also provide a variety of digital experiences for the team. But blockchains that have partnered with Formula 1 teams like Tezos and Velas in the past have not outperformed the market.
According to analyst Crispus Nyaga, the hourly chart shows that the token has recovered after the new deal. It still stays below the 25-period and 50-period moving averages. Therefore, there is a risk that the token will continue its downtrend as investors evaluate the Red Bull partnership. If that happens, the next level to watch will be this week’s low of $0.9090.
Jasmy price prediction: What’s next?
JasmyCoin dropped as low as $0.0044 as interest in cryptocurrencies waned. It has now recouped some of the recent losses and has bounced around 4 percent from this month’s low. According to the analyst, these gains are limited as the coin forms an ascending wedge formation. In price action analysis, this pattern is usually a bearish sign. Also, the wedge pattern is approaching the confluence level. Apart from that, it created an inverted cup and handle pattern. Therefore, sellers can target the next key support at $0.0044, the June low.
Next up for AVAX
Avalanche price has dropped to a key support level at $13.8 this week as cryptocurrencies pull back. It then bounced back with Trader Joe’s JOE token. On the 4-hour chart, AVAX appears to have formed a small double bottom pattern with a neckline of $15. However, the coin remains below the 50-period and 100-period moving averages. Therefore, due to the double bottom pattern, AVAX price will likely continue to rise as buyers target the neckline of the double bottom pattern at $15, according to analyst Nyaga.
Bedrock update coming for OP
Optimism is gearing up for the ultimate mainnet upgrade for Bedrock next week. This upgrade will offer lower protocol and security fees for users on the platform. This has resulted in the ecosystem’s management token OP seeing a modest price increase over the past 24 hours. This price action comes after the OP’s poor performance last month, where it fell more than 30 percent on the monthly timeframe.
According to analyst Christian Encila, the token’s current trajectory puts it on an excellent path to higher highs in the coming days. Currently, OP bulls are targeting $1.70 in the medium to long term, with the potential to breach the $2 range. If the momentum allows, traders can continue the current price action for higher gains. OP’s current support levels are around $1.3, $1 and $0.5.
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