Tech

These Top 5 Cryptos Are Seen Making Big Moves This Week

05/23/2023
Bitcoin Ethereum News

The top 5 cryptos are treading cautiously as Bitcoin enters its narrowest trading range, reminiscent of July 2020 prices, according to Glassnode. Consolidating within its tightest seven-day range in three years, Bitcoin’s movement indicates an imminent significant shift in the days ahead.

Amidst the cautious sentiment in the broader financial market following a recent debt ceiling meeting, which has prompted bearishness, there is a possibility that the bearish trend affecting Bitcoin could extend to the crypto market in the medium to long term. However, these top 5 cryptos hold the potential to shield against significant downside risks and offer investors profitable returns once bullish sentiment returns to the markets.

Top 5 Cryptos Expected To Make Big Moves In Coming Days

KAVA

With the successful launch of the ecosystem’s Kava 13 mainnet, its governance token KAVA made some impressive stats. According to CoinGecko, the token is up 50% in the past two weeks. The increased utility and scalability of the newly launched mainnet will surely contribute to KAVA’s future performance. 

At the moment, the token’s $0.8465 support level holds the key toward a bigger upside. The current price movement of the token suggests a drop in value might occur in the coming days. Defending this price point will be crucial to target $1.4 resistance in the coming days. 

SNX 

Powering synthetic assets on the blockchain, Synthetix’s governance token SNX continues to go against the market’s current movement. As of writing, the token is up an impressive 15% in a market where major cryptocurrencies lost value. Lyra, a new options market maker on the block, will also integrate Synthetix perpetuals in its Newport upgrade which will bring more attention to Synthetix. 

For investors, holding $2.334 will be important for future price actions. However, SNX’s correlation with Bitcoin might pose a problem in the short term. Despite this, $2.334 should be able to hold against any bearishness in the medium to long term.

TRX

The recent conclusion of Tron’s HackaTron Season 4 produced winners that will help develop DeFi and crypto as a whole. It gave TRX a boost away from the market’s current slippage. Coingecko data reveals that the token’s value has increased by 11% since last week. 

The token’s current trajectory places it as a prime target for the bears. After nearly a month of continuous gains, investors should be ready for a drop toward $0.06544 in the short term. Despite this, the bulls should be able to target $0.08092 in the long term once the market cools down its bearishness. 

CFX

Conflux has been able to keep building despite the market conditions present with multiple integrations on other networks. These developments positively affected CFX’s price, with the token up nearly 30% in the past two weeks, making it one of the biggest gainers in the market. 

As of writing, bulls are trying to recover $0.3128. A return on this level will provide a solid support level for CFX to settle above $0.4215 in the coming days or months. However, investors and traders should monitor Bitcoin’s future price movements as the two assets are historically correlated with each other.

Crypto total market cap nearly unchanged at $1.06 trillion on the daily chart at TradingView.com

LTC

Being the oldest crypto on the list, Litecoin holds itself higher than the others listed. Boasting a very high hashrate, this coin proves to be a reliable way to transact in everyday life. Due to these factors, LTC is up nearly 17% since last week. 

Bitcoin’s movement toward a tight trading range is affecting LTC’s future performance. At the moment, the asset is holding above $89.32 which can open the path towards higher gains. For the long term, investors and traders should be able to target $100 to secure a bigger upside. 

-Featured image from Futurist Speaker

Source: https://www.newsbtc.com/news/top-5-cryptos-seen-making-big-moves/