The crypto market rallied today, May 9, continuing a trend that has been going on in the past few days. This surge happened as the crypto fear and greed index turned green and as the macroeconomic risks on trade subsided. This article explains why the cryptocurrency market is going up and then provides price predictions for some of the top gainers like Uniswap (UNI), Floki (FLOKI), and Fartcoin (FARTCOIN).
Why the Crypto Market is Going Up
The crypto market is going up, with Bitcoin hovering above $102,000, and Ethereum soaring above $2,400 for the first time in months. Consequently, the market cap of all coins has jumped by 5.25% in the last 24 hours to $3.25 trillion. This surge happened for three key reasons:
Falling macro risks as trade talks start.
Increased crypto accumulation.
Coinbase and Deribit deal.
The main reason why the cryptocurrency market is going up is the falling macro risks as trade talks start. The US has already reached a trade deal with the UK, and talks with China will start on Saturday. As such, there is rising optimism that GDP risks will subside, clearing a path for the Federal Reserve to start cutting rates.
Third-party data show that investors are accumulating Bitcoin, hoping that the coin will keep surging. Inflows to Bitcoin ETFs have soared to over $40.8 billion this year, and have risen in the last two consecutive months. Spot Ethereum ETFs have also started seeing more inflows this week.
Further, crypto-related deals are rising this year. Coinbase acquired Deribit on Thursday, while Ripple Labs recently bought Hidden Road and made a bid for Circle, the second-biggest stablecoin issuer. Kraken has also acquired NinjaTrader, while Robinhood bought BitStamp last year. These actions have led to optimism that the crypto market is on a strong growth path.
Top Crypto Price Predictions: Uniswap, Floki, and Fartcoin
This section provides price predictions for some of the top-performing coins in the crypto market like Uniswap, Floki, and Fartcoin.
Uniswap Price Forecast: Giant Double-Bottom Forms
The daily chart shows that Uniswap price bottomed at $4.673 this month. It formed a small double-bottom pattern whose neckline was at $6, where it has moved above. Looking back, the coin has formed a giant double-bottom at $4.63, where it has failed to move below since August last year. The neckline of this pattern is at $19.47.
Therefore, the most likely Uniswap price forecast is bullish, with the first target being at $12. This target is the 50% Fibonacci Retracement level and the highest level on June 16, which is 91% above the current level. A drop below the support at $4.6 will invalidate the bullish outlook.
Uniswap price
Fartcoin Price Technical Analysis: Rising Wedge and Falling ADX is a Risk
Fartcoin has been one of the top performers in the crypto market as it jumped by almost 500% from its March lows. It has continued rising and is now nearing the 50% retracement level.
The risk, however, is that the rally is losing momentum as the Average Directional Index (ADX) has tilted downwards. Also, the token has formed a rising wedge pattern, a reversal sign.
Therefore, there is a risk that it may pull back and possibly move below $1 in the next few days. A clear break above the upper side of the wedge will invalidate the bearish Fartcoin forecast.
Fartcoin price
Floki Price Analysis: Flips Key Resistance
The daily chart shows that the Floki price formed a big falling wedge pattern in the first quarter. After this, the coin formed an inverse head and shoulders pattern. It has now moved above the key resistance level at $0.0000962, the highest swing on April 30, and where it was forming a small double-top pattern.
The most likely Floki forecast is bullish, with the next point to watch being at $0.00011, the lowest swing on November 3.
Floki price chart
Will the Cryptocurrency Market Rally Continue?
There is a likelihood that the crypto market rally will continue as risks ease and Bitcoin demand surges. However, there may be volatility if US and China talks don’t end well.
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