The crypto market remained in a consolidation phase on Friday as the recent bull run ran out of steam on Thanksgiving Day. Bitcoin was stuck at $90,000, while the market capitalization of the industry dropped slightly to $3.1 trillion. This article provides forecasts for some top coins like Pi Network (PI), Monero (XMR), and Shiba Inu (SHIB).
Pi Network price prediction
Pi Network price has done relatively well in the past few days, making it one of the top gainers in the crypto industry. It has soared by almost 70% from its lowest level this year.
Pi Coin has risen because of the recent announcement on the CiDi investment, which gives it a major edge in the gaming industry.
This investment came a few weeks after the network made a major investment in OpenMind, a company in the robotics and the artificial intelligence industries.
At the same time, there is an expectation that Pi Network will receive a MiCA approval after it published a white paper on the same.
The four-hour chart shows that the Pi Network price has been in an uptrend in the past few weeks, moving from $0.2022 earlier this month to a high of $0.2826.
Pi Coin price has moved above the 50-period and 50-period Exponential Moving Averages (EMA), a sign that bulls are holding steady.
However, the token has now formed an evening star candle, pointing to a reversal. This explains why it moved downwards on Friday.
Therefore, the most likely scenario is where the token retreats a bit, potentially to the key support level at $0.2500, an important psychological level.
It will then resume the uptrend, and possibly move to the key level at $0.2935, its highest level in October this year. A surge above that level will point to more gains to the psychological level at $0.50.
Monero price technical analysis
Monero price has done well in the past few months as demand for privacy tokens jumped amid the Zcash rally.
The XMR price jumped from a low of $232 in August to the current $410. This rally continued this week after Grayscale announced that it would transition its trust for institutional investors into an ETF available to all investors.
Monero price is rising as hopes that exchanges will relist it as they have done with other privacy tokens. For example, OKX relisted Dash this week, a move that will make it available to more users.
Monero and other privacy tokens were delisted by most exchanges amid regulatory concerns.
The daily timeframe chart shows that the XMR price has been in a strong uptrend. It has moved above the important resistance level at $355, its highest level in July this year.
It has moved above all moving averages and is now hovering near the key resistance level at $418, its highest point on May 26. Therefore, the most likely scenario is where it continues rising, with the next target being at $470.
Shiba Inu price technicals points to more downside
SHIB price has been in a strong sell-off this year as whales continued selling their tokens and as demand for meme coins waned.
Along the way, the token has formed a descending triangle pattern, which is a common bearish continuation sign.
Shiba Inu price has now moved below the lower side of the triangle pattern at $0.00001010. It has also moved below the 50-day Exponential Moving Average, while the MACD indicator has moved below the zero line.
Therefore, the most likely SHIB price forecast is bearish, with the next key support level being at $0.000050. This view will be confirmed if it moves below the key support at $0.0000075.
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