Crypto Markets React as Crude Oil Prices Soar, Bitcoin Hits $77,000
The crypto market remained on edge over the weekend due to elevated crude oil prices and the upcoming Federal Reserve interest rate decision. Bitcoin and Ethereum hit new highs, reaching $77,000 and $2,500 respectively.
Investors are closely watching Pi Network (PI), which has seen its price surge from $0.0715 in July to $0.097 today. The focus is on the upcoming V27 upgrade, which will improve its smart contracts features.
Technically speaking, PI may be on the cusp of a bearish breakout, potentially reaching the year-to-date low of $0.07156. This would invalidate the bullish outlook if it moves above the key resistance level of $0.1110.
Pepe Coin (PEPE) has done well in recent months, moving from $0.0000022 in July to a high of $0.000004547 on August 22nd. However, it has pulled back to $0.000003478 and formed a falling wedge pattern, which often leads to a strong bullish breakout.
Zcash (ZEC) price has surged from its year-to-date low of $188 in January to a record high of $1,288. It has now remained above the 50-day and 100-day moving averages, but the Relative Strength Index (RSI) has formed a double-top pattern, indicating a potential continuation of the downward trend.