The crypto market rallied today, April 14, as investors predicted that the US and Iran were escalating the rhetoric ahead of a de-escalation ahead of the ceasefire deadline. Bitcoin surged to $94,000, while the market cap of all tokens jumped by over 4%. This article provides a forecast for top altcoins like Hyperliquid (HYPE), Ripple (XRP), and Algorand (ALGO).
HYPE price prediction: technical analysis
The Hyperliquid token continued its strong rally, reaching a high of $44.65, its highest level since October last year. This rally is happening as traders wait for the upcoming HYPE ETF launch by Bitwise, a top crypto asset manager.
The token has also rallied ahead of the upcoming HIP-4 upgrade that will introduce its prediction market features. Additionally, Hyperliquid has emerged as the fastest player in the crypto industry in terms of volume, stablecoin growth, and fees.
The daily chart shows that the HYPE price has rebounded from a low of $20 a few months ago to $45 today. It has crossed the important resistance level at $43, invalidating the double-top pattern.
The coin has also moved to the 61.8% Fibonacci Retracement level. It remains above the 50-day and 100-day Exponential Moving Averages (EMA). Also, the Relative Strength Index (RSI) and the MACD indicators have continued rising.
Therefore, the HYPE token price will likely continue rising as bulls target the next key resistance at $50, followed by $60, its highest point last year.
HYPE price chart | Source: TradingView
XRP price forecast: prepares for a big move
XRP price has come under pressure in the past few months. It has dropped to $1.3640, inside a range it has remained at since February this year. This consolidation happened as demand for the token has waned, as evidenced by the falling ETF inflows.
A closer look shows that the token is forming a symmetrical triangle pattern whose two lines are nearing their confluence level. This triangle is part of the bearish pennant pattern, which often leads to a strong bearish breakout.
The token remains below all moving averages and the 61.8% Fibonacci Retracement level. This pattern points to an eventual bearish breakout.
However, on the positive side, the RSI and the MACD indicators show that they has formed a bullish divergence pattern. Therefore, these patterns mean that XRP is sending mixed signals.
What is clear, however, is that the coin is about to have a strong move in either direction ahead. A bearish breakout may have it drop to $1.1175, while a rebound will see it surge to $2.
XRP price chart | Source: TradingView
Algorand price prediction: technical analysis
The daily chart reveals that the ALGO price formed a strong bottom at $0.0805 earlier this year. It then bounced back after announcing a 25% layoff plan and after being mentioned in a Google report.
The token has formed a break-and-retest pattern by moving back to $0.0970, its highest point in March and the neckline of the double-bottom pattern. It has stabilized above the 50-day moving average.
ALGO price chart | Source: TradingView
Therefore, the token will likely rebound, potentially to the key resistance level at $0.1455, its highest point in January this year.
The post Top crypto market predictions today: HYPE, XRP, and Algorand appeared first on Invezz