Crypto prices did well this week as investors embraced a risk-on sentiment. Bitcoin price soared to $97,000, while top altcoins like Virtuals Protocol and Fartcoin continued their recovery. This article provides a forecast for top cryptocurrencies like Morpho (MORPHO) Shiba Inu (SHIB), Arweave (AR), and Turbo (TURBO).
Why crypto prices are soaring
There are a few reasons why Bitcoin and most altcoins are doing well this week. First, the US released weak GDP data this week, as the impact of Donald Trump’s tariffs became apparent. The economy contracted by 0.3% last quarter, and there are signs that it may enter into a recession.
A recession, while undesirable, would be beneficial for cryptocurrencies as it would likely prompt the Federal Reserve to intervene by cutting interest rates. It would also prompt Trump to negotiate trade deals, a move that would likely boost the stock market.
Therefore, there is a view that the tensions that have occurred in the first four months of the year will soon come to an end. Furthermore, top analysts have delivered bullish Bitcoin price predictions, with Cathie Wood’s Ark Invest predicting that it will reach $2.4 million by 2030.
Morpho price prediction
Morpho is a fast-growing AAVE rival that lets users earn, borrow, and build using its platform. It has attracted over $4.1 billion in total deposits and has $1.5 billion worth of active loans. Its most prominent partnership is with Coinbase, which is using its platform to offer Bitcoin loans.
The eight-hour chart shows that the Morpho price has bounced back in the past few days, moving from a low of $0.08492 in April. It has crossed the important resistance level at $1.3165, and is nearing the 38.2% Fibonacci Retracement level.
The most likely scenario is where the coin jumps as bulls target the psychological point at $2, which is about 42% above the current level.
Shiba Inu price prediction
The daily chart shows that the SHIB price bottomed at $0.00001080 in April, down by over 67% from its highest level in November last year. The coin then bounced back and hit the crucial resistance level at $0.00001575.
On the positive side, the coin formed a falling wedge pattern in the first quarter. This pattern is made up of two falling and converging trendlines.
The risk, however, is that the coin has formed a double-bottom pattern at $0.000015. This pattern is one of the most bearish sign in the market. Therefore, the most likely Shiba Inu price forecast is neutral for now.
The key levels to watch are $0.000015 and $0.000010. A move above the double-top point at $0.000015 will invalidate the double-top pattern and point to more gans later this year. A drop below the support level at $0.000010 will indicate further downside.
Turbo price analysis
The daily chart shows that the Turbo price bottomed at $0.0013 in April and has bounced back by 280% to $0.0050. It has moved above the key resistance level at $0.0030, the lowest level in August last year.
Turbo price has moved above the 200-day moving average, while top oscillators like the Relative Strength Index (RSI) and the MACD have all pointed upwards.
Therefore, the token will likely continue rising as bulls target the key resistance point at $0.01, up by over 93% above the current level.
Arweave price technical analysis
The Arweave token bottomed at $4.6 in April and has bounced back to $7.5, its highest level since March 3. It has moved above the 50-day and 25-day moving average, and crossed the key resistance level at $7.6, the highest swing on March 24. Therefore, the coin will likely keep rising as buyers target the key resistance at $10.
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