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Cryptocurrency prices bounced back this week, helped by the ongoing risk-on sentiment among global investors after the Federal Reserve delivered the first interest rate cut since 2020.
Bitcoin jumped to over $63,000 while most cryptocurrencies were in the green. As a result, the total market cap of all cryptocurrencies jumped to over $2.17 trillion. Also, the rally coincided with that of other assets as the S&P 500 index jumped to a record high while bond yields pulled back.
This article looks at some of the most popular cryptocurrencies in the industry like Zetachain (ZETA), Core (CORE), and Cat in a dogs world (MEW).
Zetachain (ZET) price forecast
Zetachain is one of the top cryptocurrencies in the chain abstraction industry. It offers solutions like Bitcoin Smart Contracts, Universal Smart Contracts, and Cross-Chain Messaging. Its goal is to provide a platform where developers can build quality applications, including stablecoins.
ZETA price jumped after the developers launched the first 6.5 million ZETA for over 100,000 Green Status XP members who achieved at least 400k XP by late August. These claims will be open until October 4th and are currently valued at over $4.22 million at the current ZETA price.Announcing 6,500,000 ZETA for XP Members on the first universal blockchain! Claim, mint your XP Status NFT, and learn more about Instant Rewards: blog.zetachain.com/6-500-000-zeta…
The daily chart shows that the ZETA price bottomed at $0.3405 in August. At that price, it was down by over 88% from its all-time high.
Most recently, the token has bounced back, rising to a high of $0.7595, which coincided with the highest point on August 11.
It has jumped above the 50-day moving average, meaning that bulls are in control. However, there are signs that it has lost momentum after dropping for two consecutive days. The Relative Strength Index (RSI) has retreated from the overbought point of 71 to 62.
Therefore, Zetachain token’s outlook is neutral, with the next point to watch being at $0.7595. A move above that level will point to more gains. The alternative scenario is where it retreats and retests the key support at $0.50.
Zetachain price chart by TradingView
Core price analysis
Core Blockchain has done well in the past few months as it became the biggest layer-2 network for Bitcoin. Data by DeFi Llama shows that it has accumulated over $410 million in assets, making it bigger than Stacks (STX).
The biggest players in the Core Blockchain are Colend Protocol, Pell Network, COREx Network, Core Earn, and Avalon Finance. Colend has over $205 million in assets while Pell, a leading staking network has over $152 million.
In a report released this week, Messari noted that Core’s TVL had jumped by over 1,032% while its protocol revenue rose by 185%. BTCFi is heating up 🔥 @Coredao_Org marks a record quarter for DeFi on Bitcoin in Q2. Highlights: – TVL ⬆️ 1032% – Revenue ⬆️ 185% – Non-custodial BTC staking launched in April, along with the first native yield-bearing BTC ETP – Sparks Incentives launched in May
The daily chart shows that the CORE token price bottomed at $0.8657 this month. It struggled to move below that level in September, August, and July, a sign that investors are afraid of shorting it below that level.
Core has rebounded above the 50-day moving average while the Relative Strength Index has just crossed the neutral point at 50. Therefore, Core will likely continue rising since it has moved above the descending blue trendline that connects the highest swings since May 25.
Core chart by TradingView
Cat in a dogs world (MEW) analysis
Cat in a dogs world is one of the leading players in the Solana meme coin ecosystem with a market cap of over $481 million.
MEW has overtaken other popular coins in the industry like Book of Meme, Turbo, Mog Coin, Neiro, and Simon’s Cat.
Its recovery happened at a time when its futures open interest was soaring. It reached a high of $79 million on Friday, its highest point since July 28 and higher than this month’s low of $32 million. The rally also happened as other meme coins like Bonk, Dogwifhat, and Popcat surged.
On the daily chart, we see that the MEW price rose for five consecutive days, reaching a high of $0.0057, its highest point since August 24. It has also flipped the 50-day moving average.
Most notably, Cat in a dogs world has remained above the ascending trendline that connects the lowest point since May 23rd. The Relative Strength Index (RSI) has moved above the neutral point at 50.
Therefore, MEW price will likely continue rising, especially if buyers managed to push it above the key resistance level at $0.0057. If this happens, the next point to watch will be at $0.0088, its all-time high, which is about 62% above the current level.
For this rally to happen, Bitcoin will need to continue rising and move above the resistance point at $72,000. In most cases, meme coins like MEW, Pepe, and Dogecoin do well when Bitcoin is in a strong uptrend.
Also, MEW will need to rise above the key level at $0.0066, its highest swing in June, and the right shoulder of the head and shoulders pattern.
MEW price chart | Source: TradingView
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