Crypto Market Update

Crypto prices bounced back on Friday as investors rotated back to risky assets amid rising recession risks. Bitcoin has moved to $84,000, while the market cap of all cryptocurrencies jumped to over $2.85 trillion. This article looks at some of the top trending crypto coins like LayerZero (ZRO), IOST (IOST), and Pi Network (PI).

LayerZero Price Analysis

LayerZero is a popular player in the crypto industry that enables applications to move data across blockchains. It is used by popular platforms like Balancer, AAVE, Ethena, PancakeSwap, and Radiant.

The daily chart shows that the ZRO price peaked at $7.56 in December and then bottomed at $1.52 this week. It has now risen and moved above the upper side of the falling wedge pattern. A falling wedge consists of two descending and converging trendlines, which often leads to a strong bullish breakout.

The Relative Strength Index (RSI) has moved above the descending trendline connecting the highest swings since December 6. Other oscillators like the MACD and the Stochastic Oscillator are also trending upwards.

Therefore, LayerZero’s price will likely continue to rise, with bulls targeting the next key resistance at $4.50, the 50% Fibonacci Retracement level. This projection will be validated if it rises above the key resistance at $2.5, its lowest level in June last year. A move to $2.5 represents a 100% increase from the current level. A drop below the support at $1.52 will invalidate the bullish outlook.

IOST Price Forecast

IOST price has performed well recently, rising from a low of $0.0040 to the current $0.0050. This rebound coincided with the launch of the IOST 3.0 upgrade and rebranding.

IOST V3 introduced new features, including a layer 2 network with advanced Real World Asset (RWA) tokenization standards and liquidity engine, aiming for frictionless conversion between traditional assets and their digital counterparts.

The daily chart indicates that the IOST price bottomed at $0.00388, a significant level as it was the lowest swing in 2024. Indicators suggest that the token has formed a double-bottom pattern with a neckline at $0.01200, a reliable bullish reversal signal.

The Relative Strength Index (RSI) and other oscillators have shown positive momentum. However, there is a risk of a typical market phenomenon known as “buying the rumor, selling the news.” A bearish breakdown will be confirmed if the price drops below the support at $0.0038.

Pi Network Price Analysis

The Pi Network price has faced pressure in recent days, even as the Pi Day Event took place, which celebrates the mathematical constant of 3.14. The expectation was for a price rebound during this event.

The hourly chart indicates that the Pi coin price has formed a head and shoulders pattern, a common bearish sign, and has reached the neckline of this pattern, also recently forming a rising wedge pattern.

Consequently, there is a risk of a bearish breakdown for the Pi Network price in the coming days due to ongoing dilution risks. If this occurs, the next key level to watch will be $1, with further potential decline to $0.50.

Relevant trends in crypto prices as of recent market movement concerning LayerZero, IOST, and Pi Network mentioned above.