As Bitcoin continues to soar, investors are keeping an eye on other cryptocurrencies that could potentially skyrocket in price. According to analysts, five coins are expected to see significant gains alongside Bitcoin this week. These include Ethereum, Binance Coin, Dogecoin, Cardano, and Polkadot. Ethereum has already gained momentum, surpassing $3,000 for the first time and is predicted to continue rising. Binance Coin is also experiencing a surge in demand following the launch of their NFT platform. Meanwhile, Dogecoin is still a volatile option, but its strong online community continues to propel its popularity. Cardano is expected to release a new smart contract system, while Polkadot’s parachain auctions are anticipated to drive up its price. Keep an eye on these five cryptos as they are seen shooting up in price with Bitcoin this week.
Following yesterday’s Bitcoin rally that surpassed the $28,000 level, there has been a shift in sentiment towards the cryptocurrency market. CoinMarketCap reports that the total market valuation of cryptocurrencies rose by 2.17% in the past 24 hours, prompting investors to take profits as prices follow the alpha coin. Altcoins have benefitted significantly, especially L1 tokens and Smart Contract-related coins which are enjoying a boost in price from the latest Bitcoin rally. With the US Federal Reserve not expected to impose another interest rate hike, the following five tokens are projected to advance further in the coming days.
Top 5 Cryptos Expected To Rally This Week:
1. MASK: The Mask network’s native token, MASK, has grown in popularity, with CoinGecko reporting a nearly 40% increase in the past 24 hours. While the token can face significant resistance at its current price of $6.21, it has a strong supply at $3.8 if it faces a correction. Flipping this resistance level would ensure investors with potentially higher upside.
2. ETC: Ethereum Classic is the proof-of-work hard fork of the main Ethereum blockchain, retaining the old characteristics of ETH pre-merge. The coin is close to its long-term resistance at $23, which, if broken, could offer more upside potential for investors. Failure to overcome this resistance to support could lead to more downside, with the potential for a bearish breakthrough at $18.13. Defending this support level while targeting $23 resistance should be the priority of the bulls.
3. FTM: Fantom, a scalable L1 platform, is increasingly popular with developers. Major players like Sushi and Curve use FTM for their decentralized exchanges, and its native token, FTM, is riding the market’s price movements with CoinGecko noting an 18% increase in price. The token currently has room to target higher prices above its support line at $0.40033, with long-term bulls targeting $0.7419, which would give FTM a possible corridor to $1.
4. APE: After facing pain in the past few days, APE is seeing some gains, with CoinGecko reporting that the token is up more than 8% in the weekly timeframe, with the potential for an explosive price boom. Currently trading in a very narrow range between $4.5 and $4.3, this should be taken as a sign that the token might rally in the near future, potentially breaching the $5 resistance to support.
5. GRT: The Graph’s native token, GRT, has been gaining ground against the bulls since last week, posting a nearly 40% gain. The role of the network in providing a query service for faster access to Web3 data can be attributed to this positive price change. GRT is currently priced at $0.161099, with long-term bulls targeting $0.3. Turning this resistance into support would give investors more upside in the long term.
In conclusion, these five tokens are expected to rally further in the coming days due to Bitcoin’s recent market surge and the US Federal Reserve’s decision not to impose another interest rate hike. Investors should be cautious, though, as cryptocurrencies tend to be extremely volatile and subject to frequent price fluctuations.