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Crypto prices bounced back on Friday as investors rotated back to risky assets amid rising recession risks. Bitcoin has moved to $84,000, while the market cap of all cryptocurrencies jumped to over $2.85 trillion. This article looks at some of the top trending crypto coins like LayerZero (ZRO), IOST (IOST), and Pi Network (PI).
LayerZero price analysis
LayerZero is a popular player in the crypto industry that enables applications to move data across blockchains. It is used by popular players in the crypto industry like Balancer, AAVE, Ethena, PancakeSwap, and Radiant.
The daily chart shows that the ZRO price peaked at $7.56 in December and then bottomed at $1.52 this week. It has now risen and moved above the upper side of the falling wedge pattern. A falling wedge is made up of two descending and converging trendlines. In most cases, this pattern leads to a strong bullish breakout.
The Relative Strength Index (RSI) has moved above the descending trendline that connects the highest swings since December 6. Other oscillators like the MACD and the Stochastic Oscillator have also pointed upwards.
Therefore, the LayerZero price will likely continue rising as bulls target the next key resistance at $4.50, the 50% Fibonacci Retracement level. This view will become validated if it rises above the key resistance point at $2.5, its lowest level in June last year. A move to that level will be a 100% increase from the current level. A drop below the support at $1.52 will invalidate the bullish view.
IOST price forecast
IOST price has done well in the past few days, rising from a low of $0.0040 to the current $0.0050. This rebound happened as the developers launched the IOST 3.0 upgrade and rebranding.
IOST V3 introduced new features, including a layer 2 network that has advanced Real World Asset (RWA) tokenization standards and liquidity engine. The goal is to provide a frictionless conversion between traditional assets and their digital counterparts.
The daily chart shows that the IOST price bottomed at $0.00388, a notable level since it was the lowest swing in 2024. There are signs that the token has formed a double-bottom pattern whose neckline is at $0.01200. A double bottom is one of the most popular bullish reversal signs.
The Relative Strength Index (RSI) and other oscillators have all pointed upwards. Also, the momentum indicator has drifted upwards.
IOST price faces the risk known as buying the rumor and selling the news. This is a situation where an asset rises ahead of a major event and then retreats when it happens. In this case, a bearish breakdown will be confirmed if the price drops below the support at $0.0038.
Pi Network price analysis
The Pi Network price has remained under pressure in the past few days even as the Pi Day Event happened. Pi Day is an annual event that celebrates the mathematical constant of 3.14. The expectation was that the Pi Network price would rebound during the event.
The hourly chart shows that the Pi coin price has formed a head and shoulders pattern, a popular bearish sign. It has moved to the neckline of this pattern. It also recently formed a rising wedge pattern.
Therefore, there is a risk that the Pi Network price will soon have a bearish breakdown in the coming days as dilution risks remain. If this happens, the next point to watch will be $1. A drop to $1 will risk moving further downwards, with the next point to watch being at $0.50.
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