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Following a slightly bearish week in the cryptocurrency market, the upcoming weekend is anticipated to be a pivotal moment for the industry. This prediction hinges on the possibility of the ongoing feud between Donald Trump and Elon Musk coming to an end, though this seems improbable given both parties' determination to have the final say.
BeInCrypto has identified three altcoins to monitor over the weekend and the trajectory they are likely to follow in the next couple of days.
The price of 1INCH is projected to rise in the next two days due to a significant protocol upgrade. The 1IP-78 update aims to introduce enhancements designed to increase the adoption and usage of the 1inch Protocol. This upgrade could act as a trigger for positive price movement in the short term.
Even though 1INCH has dropped by 6% in the past 24 hours, trading at $0.1982, it exhibits signs of recovery. The Ichimoku Cloud suggests consistent bullish momentum, which might assist in pushing the price above the critical support level of $0.2092. This support level will play a crucial role in determining the price direction.
Should bearish market conditions persist, 1INCH might encounter further losses. Breaking below $0.2092 could lead the altcoin to $0.1886, or even lower to $0.1793. Such a decline would negate the bullish outlook and potentially initiate a prolonged downward trend for 1INCH.
HYPE has been among the top-performing tokens this week, with an 8% gain. This robust momentum is expected to extend into the weekend, possibly propelling the price above $36.47. Maintaining this trend could see HYPE experiencing further upward movements, making it a token worth keeping a close eye on.
The Chaikin Money Flow (CMF) indicator reveals that, despite some outflows, it remains above the zero line. This implies that there is still buying pressure in the market, which could drive HYPE closer to its all-time high (ATH) of $42.25. The coin is currently 23.8% short of reaching this milestone.
If outflows escalate and market sentiment weakens, HYPE could face a downturn. Dropping below the support level of $31.26 would indicate further weakness, potentially causing a fall to $27.31. Such a development would refute the current bullish outlook and alter market sentiment towards bearish.
QNT has performed admirably this week, displaying strong bullish signals akin to HYPE. The Exponential Moving Averages (EMAs), which recently formed a Golden Cross, are continuing to expand. This pattern signifies sustained bullish momentum, suggesting that QNT could witness further price increases in the near future.
This upward momentum might enable QNT to rebound from the $110 support level, with a potential climb to $121. Breaching this resistance would pave the way for a move towards $126. This positive price action indicates that QNT is likely to sustain its bullish trend for now.
Nevertheless, if the price fails to surpass $121, QNT may continue to consolidate beneath this level. Losing the $110 support could result in a sharp decline to $101, negating the current bullish outlook and signaling a shift towards bearish market conditions.
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