Crypto prices rebounded on Tuesday, continuing a trend that started on Monday when fears of the ongoing crisis in the Middle East eased. Bitcoin price rose to $107,000, Ethereum to $2,600, while the market capitalization of all tokens jumped to over $3.4 trillion.
This article provides a forecast for some of the top altcoins like Zebec Network (ZBCN), Onyxcoin (XCN), and LayerZero (ZRO).
LayerZero price technical analysis
LayerZero token will be in the spotlight this week as it unlocks 30 million ZRO tokens worth over $58 million on June 20th. This is one of the many token unlocks that will happen until June 202, since it has a circulating supply of 110 million and a maximum supply of 1 billion.
These token unlocks could be the reason why the ZRO token has plunged in the past few months. It moved from a high of $7.576 in December to the current $1.93, its lowest swing since March 15.
ZRO token has crashed below the key support at $2.164, the lowest swing on April 9, and the lower side of the descending triangle pattern. A descending triangle is one of the most bearish patterns in technical analysis.
LayerZero price has moved below the 23.6% Fibonacci Retracement level and the 50-day moving average. Therefore, the token will likely continue falling as sellers target the year-to-date low of $1.476, which is about 23% below the current level.
A move above the lower side of the descending triangle pattern will invalidate the bearish ZRO forecast.
Onyxcoin price analysis
Onyxcoin came into the spotlight in January when it went parabolic, moving from a low of $0.0020 to a high of $0.049 within a few days. Justin Sun, claimed that the price surge was because of price manipulation.
XCN price then crashed to a low of $0.0075 in April. It then surged by over 260% to a high of $0.027 and then pulled back. Onyxcoin price has now plunged and moved below the 50-day Exponential Moving Average and the symmetrical triangle pattern.
Most recently, the Onyxcoin price rose slightly, hovering near the key resistance at $0.015, while the Relative Strength Index has pointed upwards.
The XCN price will likely resume the downward trend and retest the key support at $0.0075, its lowest point in April. A move above the resistance at 61.8% retracement level at $0.0195 will invalidate the bearish Onyxcoin price forecast.
Zebec Network price forecast
Zebec Network is aiming to change the crypto industry by disrupting how companies pay their employees and how people pay. Its WageLink solution handles over $40 million a week, while its cards now have over 60,000 users following the Science Card acquisition.
ZBCN price made a strong bullish breakout in May, soaring from a low of $0.00084 to a high of $0.007185, a 900% surge.
The token then pulled back to a low of $0.003720, down by 48% from its highest point this year. This decline happened as the momentum faded and as investors booked profits. It also happened as it moved into the distribution or markup phases of the Wyckoff Theory.
Zebec Network price has moved above the upper side of the falling wedge pattern, a popular bullish reversal sign. Therefore, the token may continue soaring as investors target the key resistance at $0.0050, up by over 20% from the current level. A drop below the support at $0.0040 will invalidate the bullish forecast.
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