The crypto market remained on edge this week as investors focused on the next action by the Federal Reserve after last week’s statement by Jerome Powell at the Jackson Hole Symposium. This article provides the top forecast for cryptocurrencies like Pyth Network (PYTH), Conflux (CFX), and Jupiter (JUP).
Pyth Network price prediction
Pyth Network price went parabolic this week, hitting its highest level since February. The jump was triggered by the decision by the US government to move most of its data on-chain using its network. By doing that, it now means that any developer can use Pyth to have this data on their applications.
The numbers are in: GDP growth has surged by 3.3%. And starting now, @CommerceGov has put America’s economic data on the blockchain for the first time ever.
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The daily chart shows that the PYTH price surged to a high of $0.2497 on Friday, its highest level since February this year. At its highest point, Pyth Network price was up by 200% from its lowest level this year.
The Pyth price jumped above the 50-day and 100-day Exponential Moving Averages (EMAs) as the short squeeze occurred.
Therefore, the most likely scenario is where the Pyth Network price retreats or consolidates a bit as investors start booking profits. If this happens, the token may retreat and retest the support at $0.1537, its highest point in July and then resume the uptrend.
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Conflux price jumps ahead of 3.0 hard fork
Conflux price has been in an uptrend in the past few months as traders waited for the upcoming launch of the third version and the hard fork. This hard fork is scheduled to happen this Sunday and will introduce new features to the network.
One of the top features will be the ability for users to create stablecoins, including the yuan on Conflux. It will also introduce parallel transaction processing, scaling it to ~15,000 transactions per second.
🔊 Heads up Conflux Fam, the v3.0.1 Hardfork is almost here.
🗓 Estimated activation: Aug 31, 08:00 UTC+8 at Epoch 129680000.
🚨 Node operators: please upgrade immediately to avoid issues.
The daily timeframe chart shows that the Conflux price jumped from its double-bottom point at $0.0622 in June to a high of $0.2786. It then pulled back to $0.1650, as the momentum wanes.
CFX price has held steady above the 50-day moving average and formed a small double-bottom patern. The current price is slightly below the ultimate resistance of the Murrey Math Lines at $0.20.
Therefore, the Conflux price will likely continue rising as bulls target the extreme overshoot point at $0.2440, up by 30% from the current level. A drop below the 50-day moving average will invalidate the bullish Conflux forecast.
Jupiter price technical analysis
The Jupiter token price has jumped in the past four consecutive days, rising to a high of $0.5346. This jump happened after the developer unveiled the public beta of Jupiter Lend, a platform that enables users to earn and borrow money.
Jupiter Lend has received a supply of $625 million, and users have already borrowed $259 million. This growth makes it one of the fastest-growing lending protocols in crypto.
It has risen above the ascending trendline that connects the lowest swings in April, June, August, and this month.
The JUP price has moved above the 50-day Exponential Moving Average. Also, the Relative Strength Index (RSI) has moved above the neutral point at 50.
Therefore, the JUP price will likely continue rising as bulls target the important resistance at $0.6717, its highest level in May and July. A move above that level will point to more upside.
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