Cryptocurrency prices plunged this week after Silvergate Capital postponed its annual report, pushing its stock price down by over 60%. Bitcoin plunged to $22,000 while Ethereum price retreated to about $1,565. Litecoin plunged to $88. In this article, we will look at the forecast of some of the top cryptocurrencies like EOS, IMX, and QuickSwap.
EOS price prediction
EOS was one of the best-performing blue-chip cryptocurrencies during the week. Its price jumped to a high of $1.3032, the highest level since September last year. On the daily chart, the coin moved above the important resistance point at $1.1586, the highest point on January 30th. It has also risen above the ascending trendline shown in red.
EOS has also risen above the 25-day and 50-day moving averages. It has formed a small double-top pattern whose neckline is at $1.05. Therefore, there is a likelihood that the price will retreat sharply if there are not enough bulls to push it above the double-top level of $1.300.
If this happens, EOS crypto price will drop and retest the key support at $1, which is about 20% below the current level. A move above the important resistance point at $1.30 will invalidate the bearish view.
EOS chart by TradingView
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Immutable X price prediction
IMX price had a strong week, helped by the upcoming Illuvium NFT collection launch. It was trading at $1.03, which was slightly above the important support level at $0.8960. On the daily chart, Immutable X has formed a cup and handle pattern, which is usually a bullish sign.
It has also moved above the 25-day and 50-day moving averages while the MACD has formed a bearish divergence pattern. Therefore, the Immutable X price will likely have a bullish breakout as long as it is above the important support at $0.8367. A bigger bullish breakout will be confirmed if the price moves above the resistance at $1.3200.
IMX chart by TradingView
QuickSwap price prediction
QuickSwap is a decentralized exchange (DEX) that has over $161 million in assets. It handles over $40 million in daily volume, with the most active assets being Wrapped Ether. It is one of the biggest players in the Polygon ecosystem.
On the daily chart, we see that QUICK price staged a strong recovery and reached a high of $137.08, the highest point since July last year. It has formed a bullish flag pattern and moved above the 25-day and 50-day moving averages. The MACD has formed a bearish crossover pattern. Therefore, the coin will likely have a bullish breakout in the coming days.
QUICK chart by TradingView