Bitcoin and other altcoins are having another tough week as the crypto fear and greed index tumbled to the neutral point of 50. Bitcoin retreated below the crucial support level of $60,000 for the first time since January while most altcoins are down by over 30% from their highest point this year. This article looks at some altcoins like Zilliqa (ZIL), Binance Coin (BNB), and EOS.
Zilliqa price forecast
Zilliqa token has been in a strong sell-off this week as investors focus on the ongoing crypto weakness and the performance of its ecosystem. It crashed from the year-to-date high of $0.044 in March to a low of $0.021 on Monday, a 50% retreat.
Zilliqa’s price action has coincided with the sharp retreat in activity in its DeFi ecosystem. Data shows that the network has only $5.4 million in total value locked (TVL). Avely Finance TVL has retreated by almost 30% in the past 30 days while the ZilSwap and PlunderSwap have shed over 35% in the same period.
ZIL price has retreated below the crucial support level at $0.02775, its highest swing in December last year. It has also moved below the 50-day and 200-day moving averages, pointing to more weakness.
Most notably, Zilliqa is forming a bearish flag pattern, which is characterized by a long flag pole and a rectangle-like formation. It is one of the most popular continuation patterns. The token has also moved below the neckline of the double-top pattern.
Therefore, the outlook for the Zilliqa price is extremely bearish, with the initial target being at $0.020.
Read more: How to buy Zilliqa.
EOS price prediction
EOS price has continued its bearish trend in the past few weeks. It crashed from the year-to-date high of $1.3615 in March to $0.75. The token has moved below the symmetrical triangle pattern that has been forming, which is a sign that bears prevailed.
EOS token has also dropped below the important support at $0.9105, its highest point in December last year. It is now sitting near the bottom trading range of the Murrey Math Lines.
Like ZIL, EOS token has formed a bearish pennant pattern. Therefore, the outlook for the coin is extremely bearish, with the next point to watch being at $0.60, the strong pivot and release point of the Murrey Math Lines.
Fundamentally, EOS is facing major headwinds because of a lack of developer interest in the network. Its DeFi TVL has dropped to $102.36 million. EOS REX has shed over 26% of assets in the past 30 days while DeFiBox has lost 17%.
Binance Coin (BNB) price forecast
Binance Coin token has also come under intense pressure in the past few days. It has dropped from a high of $630.7 on April 12th to a low of $514.3. Recently, it has done better than most other cryptocurrencies as it bounced back from $514 to $553.
Binance Coin has formed a double-bottom pattern at $514.3 and moved above the bottom of the trading range point of the MML tool. It is also attempting to retest the lower side of the symmetrical triangle pattern that formed in the past few months.
Therefore, unlike EOS and Zilliqa, the outlook for the BNB price is moderately bullish, with the next point to watch being at $580 (top of the trading range). A break above that level will point to more upside.
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