The crypto market crawled back today, October 18, as traders bought the recent dip and as hopes of a trade deal between the US and China rose. This article provides predictions of top cryptocurrencies like Zcash (ZEC), Shiba Inu (SHIB), and Morpho (MORPHO).
Zcash price technical analysis
Zcash price has been in the spotlight this month as it surged all of a sudden. It moved from a low of $34 in August and reached a high of $297 last week.
This surge was triggered by an announcement by Grayscale that it would launch its fund, giving institutional investors a chance to invest in one of the biggest privacy coins in the industry. This fund has already attracted millions of dollars in inflows.
Zcash price then pulled back recently as investors started to book profits and as the crypto market crash happened.
It pulled back to low of $185 on Thursday and then bounced back to the current $220. This price action is a sign that the coin has now moved to the distribution phase of the Wyckoff Theory.
This phase is characterized by volatility, which is happening as evidenced by the soaring Average True Range, which has jumped to the highest point this year. The ATR indicator is the most common volatility indicator.
There are also signs that the Zcash price is slowly forming a double-top pattern, whose upper side will be at $297.
Therefore, the token will likely rise to the double-top point and then resume the downward trend as it moves to the markdown phase of the Wyckoff Theory.
Shiba Inu price technical analysis
The daily timeframe chart shows that the SHIB price has crashed in the past few months, moving from a high of $0.00001748 in May to the current $0.00001018.
Shiba Inu price has moved below the 50-day and 100-day Exponential Moving Averages (EMA). It has also settled at the lower side of the descending triangle pattern, which is a common bearish continuation pattern.
SHIB price has moved below the Ichimoku cloud indicator, while the Supetrend indicator has turned red.
Therefore, because of the descending triangle, the token will likely continue falling as sellers target the next key support level at $0.00000851, its lowest level this month.
A move below that level will point to more downside, potentially to the key support level at $0.0000075.
Morpho price forecast
Morpho is a top player in the crypto industry, where it offers lending solutions to individuals and companies.
Most of its growth came after integrating with Base and after the adoption by Coinbase, the biggest American crypto exchange. This growth has led to a surge in assets, which peaked at $8.5 billion earlier this month.
Morpho price has jumped as its ecosystem continues growing. The token rose to a high of $1.9, up from this month’s low of $1.0900.
Morpho token has formed an inverse head-and-shoulders pattern, which is a common bullish continuation pattern made up of a head, two shoulders, and a neckline.
The token has also moved above the 38.2% Fibonacci Retracement level at $1.7640. It also rose above the 50-period Exponential Moving Average on the eight-hour chart.
Therefore, the token will likely continue rising as bulls target the initial resistance level at $2. A move above that level will point to more gains to the 61.8% retracement level at $2.2
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