Cryptocurrency prices bounced back during the weekend as investors rushed to buy last Friday’s dip. Bitcoin moved comfortably above $57,000 while the total market cap of all coins rose to over $2.1 trillion.
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This rebound, as I wrote on Saturday, could be a dead cat bounce, where an asset in a freefall experiences a brief rebound. Besides, Bitcoin has already formed a big double-top pattern that implies that a drop to $44,000 is possible.
Further, Bitcoin’s balance in exchanges has continued rising in the past few weeks as the German government continue selling.
This article looks at some of the forecasts for tokens like Notcoin (NOT), Aevo (AEVO), and Dogecoin (DOGE).
Notcoin price forecast
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Notcoin is a leading Telegram tap-to-earn platform that lets people generate tokens by just tapping on the app.
It launched its highly successful airdrop in May, pushing its market cap to over $2.5 billion as demand rose. Recently, however, the network has faced numerous headwinds that have pushed its price down by over 50%.
Competition from other fast-growing tap-to-earn platforms like Hamster Kombat and TapSwap has risen in the past few weeks. Hamster has accumulated over 200 million users while TapSwap recently crossed 63 million users.
Hamster and TapSwap are yet to launch their airdrops, a move that has made them more attractive to investors.
The four-hour chart shows that the NOT price bottomed at $0.0092 on Friday and has now bounced back by 63% to trade at $0.015. It has crossed the 25-period moving average and the descending trendline that connects the highest swings since June 4th.
The rebound also happened after the Notcoin price formed a falling wedge chart pattern, which is a popular bullish sign. Therefore, the likely scenario is where the token retreats and retests the support at $0.01265. A move above the key resistance point at $0.01650 will invalidate the bearish view.
Aevo price analysis
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Aevo is a fast-growing blockchain network that lets users trade perpetual and options easily. Its platform has accumulated over $66.25 million in total assets. The token went public in May, and has retreated sharply since then. It has dropped by over 67% from its highest level in June to the current $0.4580.
The Aevo token bottomed at $0.3350 on Friday and has rebounded to $0.4585, a notable level since it was the lowest point in June. It has moved slightly above the 25-period moving average while its volume has retreated.
Aevo token has formed a break and retest pattern, pointing to a potential bearish reversal. If this happens, it will drop to retest the support at $0.35.
Dogecoin price forecast
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Dogecoin price crashed to a multi-month low of $0.09120 on Friday as the crypto sell-off accelerated. It then bounced back on Saturday and reached a high of $0.1150. This rebound happened after it formed a long-legged doji pattern, a popular reversal sign.
On the daily chart, the token has remained below the 61.8% Fibonacci retracement point and the 25-day moving average. Worse, there are signs that Dogecoin is about to form a death cross, where the 50-day and 200-day moving averages cross each other. A death cross is often followed by a deeper dive.
Therefore, the ongoing rebound is mostly a dead cat bounce, which will lead to more downside this week. If this happens, the next point to watch will be last week’s low of $0.09120. A move above the 50% Fibonacci Retracement point at $0.1430 will point to more upside in the near term.
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