The crypto market remained under pressure this week as the recent bull run stalled. Bitcoin price pulled back from the all-time high of over $123,200 to $116,000 today. Other altcoins were also in the red. This article looks at some of the top gainers, including Babylon (BABY), Axelar (AXL), Hyperlane (HYPE), and Particle Network (PARTI).
Babylon price forecast
Babylon is one of the top players in decentralized finance (DeFi) as its assets have jumped to over $5.1 billion in the past few months. It is the biggest player in Bitcoin staking solutions, allowing investors to generate a return from their BTC holdings.
Babylon price has plunged in the past few months, moving from a high of $0.1150 in May to $0.054 today. It has recently formed an ascending channel that connects the highest and lowest swings since June 25.
BABY price has formed a bearish flag pattern, which often leads to a strong breakdown. Therefore, the token will likely have a bearish breakdown as sellers target the lower side of the channel at $0.047.
A drop below that level indicates further downside, potentially reaching the all-time low of $0.0377. On the other hand, more gains will be confirmed if it rises above this week’s high.
Read more: INK decouples with 14% rally as Kraken integrates Ink L2 for on-chain utility
Axelar price technical analysis
Axelar is a top player in the crypto industry that connects multiple chains. It describes itself as the SWIFT of the crypto industry as it moves cross-chain messages securely and reliably.
Axelar brings the standardization to stablecoins, tokenized funds, and other assets on-chain. Its token jumped from a low of $0.2720 in April to $0.440 today.
However, there is a risk that it has formed a head-and-shoulders pattern, a popular bearish reversal sign. It is now forming the right shoulder of this pattern.
Therefore, the Axelar token will likely reverse in the coming days and retest the neckline of the head-and-shoulders pattern at $0.3300. This view will become invalid if the token rises above $0.4800.
Hyperlane price technical analysis
Hyperlane is another top interoperability protocol that helps to connect over 140 blockchains. Like Axelar, its goal is to enable cross-chain communication, asset transfers, and application interactions.
HYPER price has done well in the past few weeks. After bottoming at $0.0870 in June, it has jumped by over 580% to the current $0.5970. This surge happened in a high-volume environment, with the 24-hour figure jumping to $1 billion, a notable figure for a toke valued at $105 million.
The 12-hour chart shows that the HYPER price has rebounded in the past few days. This recovery happened after it dropped to a low of $0.3640, which was a notable level since it coincided with the highest swing in April.
While the outlook for the HYPER token is bullish, there is a risk that it has formed a double-top pattern, which may lead to more downside.
Particle Network price analysis
The daily chart shows that the PARTI price has rebounded in the past few months. It has moved from a low of $0.1398 in April to $0.2100. The recent rebound happened after it formed a descending channel, connecting the highest and lowest swings since May 18.
The Particle Network price has moved slightly above the upper side of the descending channel. It has also moved slightly above the 25-day moving average.
PARTI price will likely remain in this range in the coming days. The key levels to watch will be at $0.1850 and $0.2820.
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