Top crypto price predictions today: ZKsync, Monero, XRP
The crypto market remains in a downtrend with Bitcoin and altcoins declining, and total market capitalization falling to $3.39 trillion. ZKsync (ZK) gained temporarily due to the Atlas upgrade and token burn announcement but may resume a bearish trend. Monero (XMR) surged strongly amidst market declines, with bullish technical indicators suggesting further growth toward $418. XRP fell significantly this week, forming bearish technical patterns, but there is potential for a recovery to $2.6 if a double-bottom pattern develops.
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Market Overview
The crypto market remained on edge today, Nov. 5, with Bitcoin and other altcoins continuing their downtrend. The market capitalization of all tokens fell to $3.39 trillion, a trend that may continue as futures open interest drop. This article provides a forecast for top cryptocurrencies like ZKsync (ZK), Monero (XMR), and Ripple (XRP).
ZKsync Price Forecast
ZKsync is a key player in the crypto industry, offering Ethereum scaling solutions using the zero-knowledge (ZK) approach, which can process thousands of transactions per second. The ZK price has rebounded in recent days following the announcement of the Atlas upgrade, which will enhance speed and scalability. Additionally, a new initiative to boost ZK utility and manage inflation through token burns was revealed.
Key Highlights:
- ZK price moved from $0.02 (Oct. 10) to $0.075.
- The token is above the 50-day and 100-day Exponential Moving Averages (EMA).
- Supertrend indicator turned green, signaling momentum.
- Current price aligns with the year's highest point in August.
However, enthusiasm around the Atlas upgrade and token burns could fade. This could lead to a correction, potentially driving ZK down to $0.03670, its lowest level since June.
Monero Price Technical Analysis
Monero (XMR), a top player in the privacy token industry, has shown resilience despite the crashing crypto market. XMR surged from $230 (August) to $380 today as investors shifted focus to privacy tokens like Zcash and Dash.
Technical Analysis Highlights:
- XMR remains above the 50-day and 200-day EMA, providing strong support.
- Price broke past the Supertrend indicator and a critical resistance level at $355.
- Formed an inverse head and shoulders pattern, a bullish signal.
- Oscillators like the RSI and Stochastic Oscillator continue to rise.
The token is poised to continue its upward momentum, with the next target at the year-to-date high of $418. A drop below $355 would invalidate this bullish forecast.
XRP Price Forecast
The XRP price has struggled this week, despite the ongoing Swell event, which features prominent executives from corporate America. XRP also faced selling pressure as the Ripple USD stablecoin surpassed the $1 billion milestone, dropping from its year-to-date high of $3.66 to $2.1.
Key Technical Indicators:
- Formed a descending channel.
- Approaching a death cross pattern, where the 50-day and 200-day EMA intersect—a typically bearish signal.
- Potentially forming a double-bottom pattern, which could signal a bullish breakout.
Though the overall outlook for Ripple remains bearish, XRP could rebound and test the resistance level at $2.6. However, a move below the support at $2 would invalidate this optimistic scenario.