Bitcoin enters its narrowest trading range in reminder of July 2020 prices, top 5 cryptos tread cautiously glassnode, Consolidating within its tightest seven-day range in three years, bitcoin’s momentum signals an imminent significant turnaround in the coming days.
Amidst the cautious sentiment in the broader financial market after the recent debt limit meeting, which has fueled bearishness, there is a possibility that the bearish trend affecting bitcoin may extend to the crypto market in the medium to long term. However, these top 5 cryptos have the potential to protect against significant downside risk and offer investors lucrative returns when bullish sentiment returns to the market.
Top 5 Cryptos Expected to Make Big Moves in the Coming Days
To move a horse around in a circle
with successful launch In the ecosystem’s Kava 13 mainnet, its governance token Kava made some impressive statistics. According to CoinGecko, the coin is up 50% in the last two weeks. The increased utility and scalability of the newly launched mainnet will definitely contribute to Kava’s future performance.
Successful Launch: #To move a horse around in a circle 13 mainnet is live 🚀 pic.twitter.com/wU3peIIMe7
— Kava (@KAVA_CHAIN) May 18, 2023
At this point, the $0.8465 support level for the coin holds the key to a bigger rally. The current price movement of the coin suggests that there could be a further drop in the price in the days to come. Defending this price point will be crucial to target the $1.4 resistance in the coming days.
snx
Powering the synthetic asset on the blockchain, Synthetix’s governance token SNX continues to move against the current market movement. At the time of writing, the token is up an impressive 15% in a market where the value of the leading cryptocurrency has plummeted. harpA new options market maker on the block, will also integrate Synthetix Perpetuals into its Newport upgrade which will bring more attention to Synthetix.
For investors, holding $2.334 will be critical for future price action. However, SNX’s correlation with bitcoin could cause problems in the near term. Nevertheless, $2.334 should be able to hold against any downside in the medium to long term.
clean start
The recent conclusion of Tron’s Hackatron Season 4 has produced winners that will help grow DeFi and crypto as a whole. This steered TRX away from the current slide in the market. Coingecko data shows that the token has increased in value by 11% since last week.
The current trajectory of the coin places it as a prime target for the bears. After nearly a month of sustained gains, investors should prepare for a decline to $0.06544 in the near term. Nevertheless, the bulls should be able to target $0.08092 in the long term once the market cools down its bearish momentum.
thrilled to announce our official integration with @ port3network SoQuest’s platform 🎉!
Now, you can use SoQuest to earn valuable rewards 🏆 , create your own unique on-chain identity 🆔 , and explore much more!
Gear up for this exciting blockchain journey!
— Conflux Network Official (@Conflux_Network) May 17, 2023
cfx
Conflux has been able to continue manufacturing despite current market conditions multiple integration on other networks. These developments positively affected the price of CFX, with the coin gaining nearly 30% over the past two weeks, making it one of the biggest gainers in the market.
At the time of writing, the bulls are trying to recover the $0.3128 level. A return to this level will provide a solid support level for CFX to stabilize above $0.4215 in the coming days or months. However, investors and traders should keep an eye on the future price movements of bitcoin as the two assets are historically correlated.
Crypto total market cap is almost unchanged at $1.06 trillion on the daily chart on TradingView.com
The hashrate of LTC is a key metric and plays a vital role in the strength and security of the Litecoin network.
the future is bright #litecoin pic.twitter.com/9Gff8Iqk6K
— Litecoin (@litecoin) May 22, 2023
LTC
Being the oldest crypto on the list, Litecoin holds itself up higher than the others listed. rant a very high hash rate, this coin proves to To be a reliable way to transact in everyday life. Due to these factors, LTC is up almost 17% over the past week.
Bitcoin’s movement towards a tight trading range is affecting the future performance of LTC. At the moment, the asset is trading above $89.32, which could open the way for higher gains. For the longer term, investors and traders should be able to target $100 to secure significant upside.
featured image from futuristic speaker
source: www.newsbtc.com
