Cryptocurrency Prices Surge 280% as US Economy Contracts 0.3%

Cryptocurrency prices have shown significant gains this week as investors adopted a risk-on sentiment. Bitcoin surged to $97,000, while other top altcoins like Virtuals Protocol and Fartcoin continued their recovery. This article provides a forecast for several prominent cryptocurrencies: Morpho (MORPHO), Shiba Inu (SHIB), arweave (AR), and turbo (TURBO).

Several factors have contributed to the recent surge in cryptocurrency prices. The US economy contracted by 0.3% last quarter, largely due to the impact of Donald Trump’s tariffs. This economic slowdown has raised concerns about a potential recession, which could prompt the Federal Reserve to cut interest rates. Such a move would likely benefit cryptocurrencies. Additionally, there is optimism that the tensions experienced in the first four months of the year will soon subside, further boosting market sentiment. Top analysts, including Cathie Wood’s ark Invest, have delivered bullish Bitcoin price predictions, with some forecasting it could reach $2.4 million by 2030.

Morpho, a fast-growing rival to AAVE, allows users to earn, borrow, and build using its platform. It has attracted over $4.1 billion in total deposits and has $1.5 billion worth of active loans. One of its most prominent partnerships is with coinbase, which uses its platform to offer Bitcoin loans. The eight-hour chart shows that the Morpho price has rebounded in recent days, moving from a low of $0.08492 in April. It has crossed the important resistance level at $1.3165 and is nearing the 38.2% Fibonacci Retracement level. The most likely scenario is that the coin will jump as bulls target the psychological point at $2, which is about 42% above the current level.

Shiba Inu's price chart shows that it bottomed at $0.00001080 in April, down by over 67% from its highest level in November last year. The coin then bounced back and hit the crucial resistance level at $0.00001575. On the positive side, the coin formed a falling wedge pattern in the first quarter, which is generally bullish. However, the risk is that the coin has also formed a double-bottom pattern at $0.000015, which is a bearish sign. Therefore, the most likely Shiba Inu price forecast is neutral for now. The key levels to watch are $0.000015 and $0.000010. A move above the double-top point at $0.000015 will invalidate the double-top pattern and point to more gains later this year. A drop below the support level at $0.000010 will indicate further downside.

The daily chart for Turbo shows that its price bottomed at $0.0013 in April and has since bounced back by 280% to $0.0050. It has moved above the key resistance level at $0.0030, the lowest level in August last year. Turbo's price has also moved above the 200-day moving average, while top oscillators like the Relative Strength Index (RSI) and the MACD have all pointed upwards. Therefore, the token is likely to continue rising as bulls target the key resistance point at $0.01, up by over 93% above the current level.

Arweave's token bottomed at $4.6 in April and has since bounced back to $7.5, its highest level since March 3. It has moved above the 50-day and 25-day moving average and crossed the key resistance level at $7.6, the highest swing on March 24. Therefore, the coin is likely to keep rising as buyers target the key resistance at $10.