Cryptocurrency prices were on edge this weekend as the recent ‘boringness’ continued. Bitcoin has gone nowhere recently while the market cap of all coins has remained below $2.1 trillion. This report looks at some of the most popular tokens, including Artificial Superintelligence Alliance (FET), Poodlana (POODL), and Uniswap (UNI).
FET price analysis
The Artificial Superintelligence Alliance (FET) token was on edge this week as Nvidia published its strong financial results. It initially rose to a high of $1.4796 ahead of the results and then retreated to below $1.200 as the company’s stock pulled back.
Nvidia shares retreated as investors remained concerned about the industry’s growth as its quarterly revenue jumped to over $30 billion last quarter.
On the daily chart, we see that the FET token price was trading between the 61.8% and 78.6% Fibonacci Retracement level. Most notably, it has moved above the upper side of the falling wedge chart pattern shown in green. In most cases, a wedge is one of the most popular reversal signs in the market.
FET has formed a break and retest pattern, pointing to a potential rebound in the next few weeks. If this happens, it will likely retest the important resistance point at $1.4796, its highest point last week.
Poodlana price forecast
Poodlana, one of the most successful Solana token sales of the year, made its debut in a few exchanges recently.
Since then, the token has dropped from a high of $0.042 to a low of $0.016. This retreat is usually normal for a new token since many people who bought it tends to exit.
The decline also coincided with the sell-off in the crypto market, meaning that it is part of the process.
There are signs that the POODL price has bottomed as the price has found a strong support at $0.016. It has also formed what looks like a small double-bottom pattern, a popular bullish sign.
Therefore, Poodlana token will likely bounce back in the coming days as investors buy the dip and as the Federal Reserve starts cutting interest rates. If this happens, Poodlana will likely bounce back and retest the important resistance point at $0.0335, its highest swing on August 26, which is 78% above the current level. Learn more about Poodlana here.
Uniswap price forecast
Uniswap, the biggest DEX in the industry, has done well in the past few days as the volume in its platform jumped. Data by DeFi Llama shows that the volume jumped by 11.60% in the last seven days to over $9.3 billion.
The UNI token also formed a double-bottom chart pattern at $5.60. In most cases, this is one of the most bullish signs in the market. It has now moved to the bottom’s neckline at $6, which also coincides with the 23.6% Fibonacci Retracement point.
Therefore, the token will likely continue rising as bulls target the 38.2% retracement point at $6.215.
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