Crypto prices will be in the spotlight in the coming days as focus shifts to the upcoming Federal Reserve decision. With the US dollar index forming a falling wedge, we could see the DXY bounce back ahead of the Fed decision. Since cryptocurrencies have an inverse relationship with the dollar, we could see some of them rebound. In this crypto price prediction, we will look at some of the most popular tokens to watch, including dYdX, Waves, and Chainlink (LINK).
dYdX price prediction
The dYdX crypto price surged to a high of $2.4 on Thursday. This was an important price since it was the highest point since November 15. It was also about 135% from the lowest level in December. The dYdX token soared as investors reacted to the decision by the developers to postpone the token unlock program that was scheduled for February. The unlock, which is highly dilutive, will now happen in December.
The 4H chart shows that the dYdX price has been in a strong bullish trend in the past few weeks. As it rose this week, it managed to move above the 78.6% Fibonacci Retracement level. It also rose above the 25-day and 50-day moving averages and the crucial resistance level at $1.87, the highest point on January 23rd. Therefore, I suspect that the coin will continue falling during the weekend as sellers target the level at $1.87.
How to buy dYdX token.
Chainlink (LINK) price prediction
Chainlink price continued its bullish trend this week as the total value locked (TVL) in DeFi jumped to over $70 billion. Most DeFi protocols that use Chainlink saw inflows. Turning to the 4H chart, we see that LINK price has been in a strong bullish trend.
As it rose, it formed an ascending channel pattern that is shown in black. It is now a few points below the upper side of the channel. The coin also remains above the 25-day and 50-day moving averages and is slightly below the 78.6% Fibonacci Retracement point. Therefore, I suspect that LINK price will pull back and retest the lower side of the channel at $6.85.
How to buy Chainlink.
Waves crypto price prediction
Waves crypto price has been in a strong bullish trend in the past few months as the network continues to rebuild following Neutrino’s depeg. As it rose, the token moved above the important resistance level at $2.59, the highest point on January 16 and in December.
The coin has moved above all moving averages and the 50% Fibonacci Retracement level. Therefore, the bullish momentum will likely continue as buyers target the key resistance level at $3, which is about 3% above the current level.