The crypto market moved sideways in the past few days as investors reacted to the recent hawkish statements by Federal Reserve officials statements on interest rates.
This article provides a forecast for top coins like Centrifuge (CFG), Synthetix (SNX), and MYX Finance (MYX).
Centrifuge price technical analysis
Centrifuge’s CFG token price has rebounded in the past few days, moving from a low of $0.1025 in March to $0.30 today. This rebound happened after the company launched SPXA, the first licensed S&P 500 Index fund token on Base Blockchain.
It will then expand to other chains through Wormhole, one of the top interoperability product. In a note, Centrifuge’s CEO said:
“Indices are the best way to bring stocks onchain: they’re simple, collateral-ready, and unlock liquidity in ways individual securities can’t. SPXA is the next step in making every asset investable on-chain.”
The daily timeframe chart shows that the CFG price has rebounded in the past few days. It has moved from a low of $0.1025 in March to $0.30 today. This recovery has happened in a low-volume environment.
The Centrifuge price has moved above the 50-day and 25-day Exponential Moving Averages (EMA). It has also remained above the ascending trendline that links the lowest levels since April this year.
Therefore, the CFG price will likely continue rising in the coming weeks, with the next point to watch being at $0.50, which is about 70% above the current level.
Synthetix price forecast
Synthetix’s SNX price has staged a strong rally, reaching a high of $1.2626, its highest point since February 3. It has jumped by over 140% from the year-to-date low.
The SNX token has jumped after Synthetix revealed plans to launch a perpetual futures trading platform on Ethereum. This is a notable development because of the ongoing demand for these platforms, including popular names like Aster, Hyperliquid, Avantis, and Fluid.
The daily timeframe chart shows that the SNX price has jumped above the important resistance level at $0.9313, its highest level in March and May this year. Moving above that level confirmed the bullish breakout.
Synthetix price has also moved above the 50-day and 100-day Exponential Moving Averages (EMA). Also, the Average Directional Index (ADX) has pointed upwards.
Therefore, the most likely scenario is where the coin continues rising as bulls target the 38.2% Fibonacci Retracement level at $1.6985, up by 45% from the current level.
MYX Finance price analysis
MYX Finance has been one of the best-performing tokens this year. It moved from a low of $0.054 in August to $20 in September in what some analysts believe is market manipulation.
The coin recently plunged to a low of $8.3027 to $14 as investors bought the dip. This rebound is notable as it had no major catalyst.
MYX price has moved above all moving averages. However, it has retested the overshoot level of the Murrey Math Lines tool. The Relative Strength Index (RSI) has reversed and pointed upwards.
The most likely MYX Finance price forecast is moderately bullish as traders attempt to FOMO. It will rise to the extreme overshoot point at $15.62 and then resume the downtrend in the coming days to $8.30.
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