Three Cryptocurrencies to Watch in the Coming Week
The cryptocurrency market has been experiencing a bullish trend lately, with Bitcoin reaching new all-time highs above $73,000. Although Bitcoin has retraced from its peak, the market is still considered to be in a bullish scenario as Bitcoin tries to maintain its value above $65,000. As investors anticipate the upcoming Bitcoin halving event, there is a focus on how they will react before the event, as it has historically impacted the market. In this article, we will highlight three cryptocurrencies worth watching for the coming week.
Dogecoin (DOGE)
Meme coins have gained significant attention during this bull run, with investors hoping for gains similar to what was observed in 2021. While most meme coins have experienced losses recently, Dogecoin (DOGE) stands out with double-digit gains over the past week. Moving forward, DOGE is worth watching due to its potential to sustain these gains and outperform its competitors.
- DOGE has benefited from its association with Elon Musk, a vocal supporter of the cryptocurrency.
- X Payments, responsible for driving the peer-to-peer payment business at X (formerly Twitter), has secured three more licenses for money transmitter activities. This news could further boost DOGE’s rally.
At present, Dogecoin is trading at $0.17 and has gained over 3% in the last 24 hours. Over the past seven days, it is up almost 17%.
Bitcoin (BTC)
The current Bitcoin rally has defied historical patterns by hitting a new all-time high before the halving event. However, Bitcoin is currently struggling to maintain its price above the $65,000 support level, leading some analysts to believe that a bearish bias is present. Many in the market anticipate a price plunge before the halving event, making it crucial to monitor Bitcoin’s valuation in the coming week.
- The $65,000 level is key and will influence the direction Bitcoin takes. Falling below this level could indicate extended losses.
Currently, Bitcoin is trading at $65,756 with weekly losses of over 3%.
Solana (SOL)
Solana (SOL), a decentralized finance crypto project, has been successful during the current market rally, partly due to meme coins launched on its platform. The popularity of meme coins has helped Solana-based decentralized exchanges top the trading volume charts. However, Solana’s price has faced significant rejection around the $200 psychological level and is currently trading nearly 10% lower than the previous week’s closing level.
- Solana’s price trajectory in the coming week will be worth watching. Sustained bearish sentiments may continue, and investors will look for support levels where buyers might find the price attractive.
- If Solana can break above the $200 psychological level, an uptrend continuation is likely. However, if Bitcoin’s price declines, SOL could follow suit.
At present, Solana is trading at $173 with weekly losses of 11%.
Summary
In summary, these three cryptocurrencies are worth monitoring in the coming week:
- Dogecoin (DOGE) – The meme coin has recorded double-digit gains and stands out among its competitors.
- Bitcoin (BTC) – The flagship cryptocurrency is struggling to maintain its price above $65,000, and its valuation will be influenced by the upcoming halving event.
- Solana (SOL) – The decentralized finance project has been successful but faces resistance around the $200 level. Its price trajectory will depend on market conditions and Bitcoin’s performance.
Hot Take: Cryptocurrency Market Volatility Ahead
The cryptocurrency market is highly volatile, and these three cryptocurrencies are likely to be affected by overall market trends. It is important for investors to stay informed and monitor the market closely as it continues to evolve.
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