The top 5 cryptocurrencies are treading cautiously as Bitcoinย (BTC) enters its narrowest trading range, reminiscent of July 2020 prices, reportsย by Glassnode. Consolidating within its tightest seven-day range in 3 years, Bitcoinโs movement signifies an imminent wholeย lotย of shift in the days ahead.
Amidst the cautious sentiment in the broader financial market following a recent debt ceiling meeting, which has prompted bearishness, thereย is a possibility that the bearish tendency affecting Bitcoinย (BTC) could extend to the cryptocurrencyย market in the medium to longstanding. Nonetheless, these top 5 cryptocurrencies hold theย capacity to shield against wholeย lotย of downside dangers and offer investors profitable returns once positiveย tendency sentiment returns to the markets.
Top 5 Cryptocurrencies Expected To Make Big Moves In Coming Days
KAVA
With the successful launch of the ecosystemโs Kava 13 mainnet, its governance cryptoย token KAVA made some impressive statistics. Reportsย by CoinGecko, the cryptoย token is up 50 percent in the past two weeks. The increased utility and scalability of the newly launched mainnet will undoubtedly contribute to KAVAโs future performance.ย
SUCCESSFUL LAUNCH: #KAVA 13 Mainnet is LIVE
โ Kava (@KAVA_CHAIN) May 18, 2023
Asย ofย now, the tokenโs $0.8465 levelย ofย support holds the key toward aย greater upside. Theย present price movement of the cryptoย token suggests a fall in value canย potentially occur in the coming days. Defending this price point will be critical to target $1.4 resistance in the coming days.ย
SNXย
Powering synthetic assets on the blockchainย tech, Synthetixโs governance cryptoย token SNX persistsย to go against the marketโs current movement. As of writing, the cryptoย token is up an impressive 15 percent in a market where major digitalย currencies lost value. Lyra, a new options market maker on the block, will likewise integrate Synthetix perpetuals in its Newport upgrade which will attract more attention to Synthetix.ย
For investors, holding $2.334 will be important for future price actions. Nonetheless, SNXโs correlation with Bitcoinย (BTC) canย potentially pose a challenge in the short term. Regardlessย of this, $2.334 should be able to hold against any bearishness in the medium to long term.
TRX
Theย pastย few conclusion of Tronโs HackaTron Season 4 produced winners that willย assist develop Decentralizedย Finance and cryptocurrency as a whole. It gave TRX a boost away from the marketโs current slippage. Coingecko data reveals that the tokenโs value has increased by 11 percent since last week.ย
The tokenโs current trajectory places it as a prime target for the bears. After nearly a 30ย days of continuous profits, investors should be ready for a fall toward $0.06544 in the short term. Regardlessย of this, the bulls should be able to target $0.08092 in the longstanding once the market cools down its bearishness.ย
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CFX
Conflux has been able to keep building regardlessย of the market conditions present with numerous integrations on other networks. These developments positively influenced CFXโs price, with the cryptoย token up nearly 30 percent in the past two weeks, making it one of the largest gainers in the market.ย
As of writing, bulls are attemptingย to recover $0.3128. A return on this level will provide a solid levelย ofย support for CFX to settle over $0.4215 in the coming days or months. Nonetheless, investors and traders should monitor BTCโs future price movements as the two assets are historically correlated with each other.
LTCโs Hashrate is a prime metric and plays a critical role in the strength and security of the Litecoin network.
The future is bright #Litecoin
pic.twitter.com/9Gff8Iqk6K
โ Litecoin (@litecoin) May 22, 2023
LTC
Being the oldest cryptocurrency 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. Owingย to these factors, LTC is up nearly 17 percent since last week.ย
BTCโs movement toward a tight trading range is affecting LTCโs future performance. Asย ofย now, the investment is holding over $89.32 which can open the path towards higher profits. For the longstanding, investors and traders should be able to target $100 to secure aย greater upside.ย
