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Cryptocurrency prices remained under pressure this week as a risk-off sentiment spread in the market and the countdown towards halving continues. Bitcoin has gone nowhere as it remains a few points below the year-to-date high of $33,400.
The plot thickened on Wednesday after the US published strong inflation data. A report revealed that the headline inflation jumped to 3.5% in March. The core CPI rose to 3.8%, pushing some economists to predict that the Fed will hike rates this year.
This article provides a forecast for cryptocurrencies like JasmyCoin, Pi Coin, and Ethena.
JasmyCoin price forecast
Jasmy, one of the most popular cryptocurrencies in the market, was one of the best performers this week. It jumped to a high of $0.024, its highest point since March 26th of this year.
Jasmy has rebounded above the 23.6% Fibonacci Retracement level. It has also remained constantly above the 50-day and 100-day Exponential Moving Averages (EMA), which is a sign that bulls are still in control.
Jasmy has also moved above the Ichimoku cloud indicator while the Average Directional Index (ADX) has pointed downwards. That is a sign that the trend is generally weak.
Most importantly, JasmyCoin price is approaching the Ultimate Resistance of the Murrey Math Lines tool. It has also soared above the upper side of the symmetrical triangle.
Therefore, the outlook for the JASMY token is extremely positive now that it has also formed a bullish pennant pattern. If this happens, the next point to watch will be the year-to-date high of$0.0275, its highest swing in March.
JASMY chart by TradingView
Ethena price prediction
Ethena’s price has done well after its airdrop earlier this month. This performance happened as the platform’s stablecoin continued gaining traction. Data by CoinMarketCapshows that Ethena USDe is the 7th biggest stablecoin in the world with a market cap of over $2.3 billion.
USDe has become a better alternative to popular stablecoins like Tether and USD Coin because it provides returns to its holders. All returns on USDT and USDC move to their issuers.
On the hourly chart, we see that the ENA token has jumped from below $0.30 to over $1.5 today. In this trend, the token has formed an ascending channel shown in black. It has now retreated to the middle line of this channel.
The token has also remained slightly above the 50-period Exponential Moving Average. Therefore, the outlook for the Ethena token is where it resumes the bullish trend and jumps to the psychological point at $2. The token could retest the lower side of the channel before this rebound happens.
Ethena chart by TradingView
Pi Coin price prediction
Unlike Ethena and JasmyCoin, the Pi Coin is a cryptocurrency that cannot be traded for now since it is in an enclosed mainnet. The developers have hinted that the coin will have a mainnet launch later this year.
Therefore, it is not possible to conduct a price prediction for the coin. The closest one can do this is to focus on the Pi Coin that is listed by some exchanges like Gate.io, HTX, and Bitmart. Pi Coin developers disavowed these IOU tokens in 2022.
Therefore, the best prediction to do is whether the Pi Coin will be launched in exchanges this year. The developers have provided three conditions that need to happen before this happens.
They need to have created a vibrant ecosystem to give it utility and made substantial progress on the KYC. Most importantly, the market conditions need to be supportive, meaning that the crypto bull run needs to be going on.
I have doubts that these conditions will be met by the end of the year, meaning that the token listing will likely happen in 2025, seven years after millions of pioneers started to mine the coin.
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