In short: Bitcoin is trading within its narrowest range in three years, indicating a significant shift is likely in the coming days. There is a possibility that the bearish trend affecting Bitcoin could extend to the crypto market, but the top five cryptos, including KAVA, SNX, TRX, CFX, and LTC, offer potential to shield against significant downside risks and offer profitable returns when bullish sentiment returns. These cryptos have made notable gains recently and investors should monitor their key support levels and price movements in the short and long term.
Our quick analysis:
The crypto market seems to be holding its breath as Bitcoin enters its narrowest trading range since July 2020. While this indicates an imminent significant shift, the recent debt ceiling meeting and bearish sentiment in the broader financial market could lead to a medium to long-term downturn for Bitcoin and potentially other cryptocurrencies. However, certain cryptos show potential for profitable returns and a shield against downside risks. Here are five to watch in the coming days:
KAVA: With the successful launch of Kava 13 mainnet, KAVA's governance token has shown an impressive 50% increase in the past two weeks. While a price drop may occur in the near future, defending the $0.8465 support level could target $1.4 resistance.
SNX: Synthetix's governance token, SNX, has defied the market's current movement, displaying an impressive 15% increase. Holding the $2.334 level is crucial, and while correlation with Bitcoin may pose challenges, it should hold in the medium to long term.
TRX: Tron's HackaTron Season 4 produced winners and a boost for TRX, with the token increasing by 11% since last week. After a month of continuous gains, investors should prepare for a drop toward $0.06544, but bulls could target $0.08092 in the long term.
CFX: Despite the market conditions, Conflux has kept building and has seen nearly a 30% increase in the past two weeks. Bulls are trying to recover $0.3128, which could settle CFX above $0.4215 in the coming days or months.
LTC: With a high hashrate, Litecoin is a reliable way to transact in everyday life and is up nearly 17% since last week. While Bitcoin's movement could affect LTC's performance, holding above $89.32 could open up the path toward higher gains, with a long-term target of $100.
While there are no guarantees in the crypto market, these five cryptos show potential for significant movement and profitable returns in the coming days. Keep an eye on them and be ready to ride the waves of the ever-changing crypto landscape.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
The crypto market seems to be holding its breath as Bitcoin enters its narrowest trading range since July 2020. While this indicates an imminent significant shift, the recent debt ceiling meeting and bearish sentiment in the broader financial market could lead to a medium to long-term downturn for Bitcoin and potentially other cryptocurrencies. However, certain cryptos show potential for profitable returns and a shield against downside risks. Here are five to watch in the coming days:
KAVA: With the successful launch of Kava 13 mainnet, KAVA's governance token has shown an impressive 50% increase in the past two weeks. While a price drop may occur in the near future, defending the $0.8465 support level could target $1.4 resistance.
SNX: Synthetix's governance token, SNX, has defied the market's current movement, displaying an impressive 15% increase. Holding the $2.334 level is crucial, and while correlation with Bitcoin may pose challenges, it should hold in the medium to long term.
TRX: Tron's HackaTron Season 4 produced winners and a boost for TRX, with the token increasing by 11% since last week. After a month of continuous gains, investors should prepare for a drop toward $0.06544, but bulls could target $0.08092 in the long term.
CFX: Despite the market conditions, Conflux has kept building and has seen nearly a 30% increase in the past two weeks. Bulls are trying to recover $0.3128, which could settle CFX above $0.4215 in the coming days or months.
LTC: With a high hashrate, Litecoin is a reliable way to transact in everyday life and is up nearly 17% since last week. While Bitcoin's movement could affect LTC's performance, holding above $89.32 could open up the path toward higher gains, with a long-term target of $100.
While there are no guarantees in the crypto market, these five cryptos show potential for significant movement and profitable returns in the coming days. Keep an eye on them and be ready to ride the waves of the ever-changing crypto landscape.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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