The recent cryptocurrency market rally, partly fueled by the chaos in the United States banking sector, has hit a roadblock, with major assets such as Bitcoin (BTC) facing new resistance levels. At the same time, new developments expected to trigger an upward momentum seem to have also dried up.
However, amidst this setback, some digital assets are worth keeping an eye on in the coming week, as they have the potential to break out from the general market. With that in mind, Finbold has compiled a list of the top five cryptocurrencies to watch for the week of April 10.
Cardano (ADA)
Cardano’s (ADA) price is currently heavily dependent on network activities to trigger a rally, as the asset faces resistance at the $0.40 mark. In late March, ADA experienced a significant price surge in double digits as network activity accelerated.
Notably, the updated roadmap for Hydra, a layer-2 scalability solution, has put ADA back in focus, providing developers with a means to increase transaction speed and lower costs on the network. The ADA community is also eagerly anticipating the benefits of the Valentine upgrade hard fork. The upgrade, introduced in February, is touted to improve security and interoperability on the network, setting a positive tone for the ecosystem’s overall health.
As of press time, ADA was trading at $0.39, with weekly gains of less than 0.5%. However, if the cryptocurrency successfully breaks through the $0.40 resistance level, it could have massive bullish implications for the future price.
Under technical analysis, the one-day gauges retrieved from TradingView are largely bullish. A summary of the gauges recommends ‘buy’ at 14, similar to oscillators at 2. Moving averages are for ‘strong buy’ at 12.
Ethereum (ETH)
After facing resistance at $2,000 and experiencing a stalled rally, Ethereum (ETH) is now in the spotlight ahead of the Shapella hard fork scheduled for April 12. The event will allow investors to start withdrawing staked ETH, and the emergence of different entities offering re-staking services will be interesting to monitor, as it could potentially affect the value of ETH.
In this line, re-staking can prevent an overflow of unstaked ETH in exchanges, reducing selling pressure, and combined with ETH burn, it could make Ethereum deflationary in the long term, potentially driving it to its bullish target of $2,000.
On Twitter, a crypto analyst by the pseudonym elcryptoprof projected that if Ethereum breaches $2,000, it could trigger an altcoin rally. He pointed out that technical analysis suggests that Ethereum looks great in the short term, with a textbook ascending triangle pattern currently being retested. If the breakout is successful, it could push Ethereum past $2,000.
By press time, Ethereum was trading at $1,836 with daily losses of almost 2%.
Elsewhere, ETH’s technical analysis is mainly bearish. The summary of the one-day gauges recommends ‘sell’ at 14 while ‘moving averages’ are for 13.
Lido DAO (LDO)
In addition to benefiting from the recent crypto market rally, Lido DAO (LDO) has also experienced gains due to developments in Ethereum staking. As a leading liquid staking platform for Ethereum and other assets, LDO is expected to benefit further once investors can access their staked Ether.
Liquid staking solutions allow users to participate in ETH staking without the hefty minimum requirement of 32 ETH while also allowing for unstaking at any time.
Overall, in 2023, LDO has been consolidating along an uptrend line, which could potentially deliver more gains for investors if maintained. Furthermore, LDO has seen a significant increase in daily active addresses at the beginning of April, indicating growing investor interest in LDO. The Lido DAO community also focuses on the upcoming Lido V2 upgrade and its potential impact on the price action.
At the moment, LDO is trading at $2.33 with daily losses of over 5%.
For technical analysis, LDO is dominated by neutrality. A summary and oscillators recommend the ‘neutral’ sentiment at 7 and 1, respectively.
Chiliz (CHZ)
Despite the cryptocurrency market rally stalling, Chiliz (CHZ), a sports-themed digital asset, has remained among the top gainers due to increasing network activity. Investors are eager to see how the planned upgrades will impact the token’s value.
In particular, the Chiliz team recently announced plans to launch a new blockchain, which is expected to drive demand for the ecosystem’s native token. Over the past year, CHZ has consistently followed the general crypto market price movement and is currently targeting the $0.15 resistance as a short-term goal. By press time, CHZ was changing hands at $0.13 with weekly gains of almost 10%.
The token’s technical analysis has turned bullish with a summary of the one-day gauges recommending ‘buy’ at 13. Moving averages are for a ‘strong buy’ at 11.
Bitcoin (BTC)
Bitcoin recently led the cryptocurrency market in a rally but has since hit a roadblock at the $30,000 resistance level. As the second quarter of 2023 begins, investors are optimistic that Bitcoin will continue building on the gains made in the first three months of the year, outperforming most traditional investment products with a return of almost 70%.
Attention has shifted to the maiden cryptocurrency as it attempts to breach the crucial $30,000 position. Analysts predict that if Bitcoin can maintain its support at $25,000, it may have room to rally toward $35,000.
It’s worth noting that Bitcoin has a history of rebounding from severe bear markets every three to four years, and Easter historically signals the start of a bullish run in the following weeks.
At the moment, Bitcoin is trading at $27,913, representing weekly losses of almost 2%.
Elsewhere, Bitcoin’s technical analysis retrieved from TradingView points to a bullish outlook. A summary of the one-day gauges recommends ‘buy’ at 11 while moving averages are for ‘buy’ at 10.
Although the highlighted cryptocurrencies have the potential to break out, it is crucial to monitor the unfolding of the latest developments in the coming week.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/cryptocurrencies-to-watch-for-the-week-of-april-10-2023/