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The crypto market has had a fairly strong month in October, and November could be better as the fear and greed index rose to the greed area of 67. Bitcoin jumped from the September low of $49,220 to almost its all-time high of $73,800.
There are rising odds that Bitcoin will have a strong bullish breakout and reach its all-time high. Data by Polymarket shows that BTC has a 91% chance of hitting its all-time high this year. Another poll shows that Bitcoin will have a 69% chance of rising to its record high ahead of the upcoming election.
The US election will have a big impact on cryptocurrencies, especially if Donald Trump wins. He has pledged to be the most crypto-friendly president in the US and implement policies to support the sector. Besides, he owns crypto tokens worth over $6 million.
The other important catalyst for Bitcoin and other cryptocurrencies is the Federal Reserve and the soaring US debt. Analysts expect that the Fed will deliver several rate cuts as it seeks to boost an economy that is showing signs of slowing down.
A report by the Bureau of Economic Analysis (BEA) showed that the US economy expanded by 2.8% in the third quarter, easing from 3.0% in the previous quarter. There are also signs that the labor market is easing. This article looks at three top cryptocurrencies: AI Companions, Maker, and Grass.
AI Companions price analysis
AIC chart by TradingView
AI Companions is a relatively new cryptocurrency that has done relatively well since its launch a few weeks ago.
It initially rose from a low of $0.002518 in September to a record high of $0.15. It has now pulled back to $0.096, which is about 31% below its highest level this week.
AIC token’s recent surge was mostly because of the anticipation of the Gate.io listing and the news that more tier-1 exchanges were considering listing. It has also been trending in key platforms like CoinGecko and CoinMarketCap.
AI Companions is a company that aims to use artificial intelligence and augmented reality to disrupt one of the top industries. Its goal is to create a platform where users will have AI companions, a product that will help to deal with the loneliness pandemic.
The 4H chart shows that the AI Companions token has pulled back from the weekly high of near $0.14 to $0.096, its lowest point since October 28. It has retreated below the key support at $0.1200, its highest swing on October 18.
Therefore, the AIC crypto token will likely continue falling as sellers target the ascending trendline that connects the lowest swings since October 3.
Maker price analysis
MKR chart by TradingView
Maker, one of the biggest players in Decentralized Finance (DeFi), has come under pressure this year as it crashed from $4,067 in March to $1,020 earlier this month.
The most recent sell-off happened after the developers rebranded the network to Sky, a move that the community has not welcomed. As a result, there are discussions to change the platform’s name back to Maker, which explains why it has crawled back in the past few days.
The daily chart shows that the MKR token has remained below the 50-day and 100-day Exponential Moving Averages (EMA), meaning that bears are in control.
On the positive side, Maker has formed a big falling wedge pattern, a popular bullish reversal sign. Therefore, it will likely have a strong bullish breakout as traders target the next key point at $1,776, its lowest swing on March 5.
For starters, Maker/Sky is a popular network that has accumulated over 606,000 users and over $12.6 billion in assets under management. The network allows users to save money and trade easily. Its savings rate stands at 6.50%, higher than what government bonds are offering.
As part of the rebranding process, the network let users convert their MKR token to SKY and the Dai stablecoin to USDS.
Read more: DeFi protocol Sky considering a return to MakerDAO
Grass price prediction
Grass chart by TradingView
Grass is a newly launched cryptocurrency that launched its airdrop this week. It is the token for a popular blockchain project that lets users earn cryptocurrencies by just downloading and installing an application on their computers.
Grass has done fairly well as a publicly-traded token as its price has jumped from $0.5712 to the current $0.9892. It reached an all-time high of $1.15.
Most newly airdropped tokens like EigenLayer, Hamster Kombat, and Catizen have all plunged hard as many holders sell.
On the 30-minute chart, the token has moved above the 25-period Exponential Moving Average (EMA), while the MACD indicator has risen above the zero line.
Therefore, the Grass token will likely continue rising as bulls target the key resistance point at $1.1525, its highest point on October 29.
The post Top 3 crypto predictions: Grass, AI Companions (AIC), Maker appeared first on Invezz
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.