The crypto market appears to be recovering after a heavy downturn that shaved as much as 5% off the total market cap in the middle of last week.
Bitcoin briefly retested the $38,000 zone last week, as the altcoins and even the ETFs followed suit and turned red.
By Thursday, the total market cap sat at around $1.55 trillion, despite starting the week above $1.7 trillion
However, as it turns out, we are starting to see a correction and a great deal of green.
That's why in this article, we will be going over five of the top altcoins to watch out for this week, for the best chances of making a profit.
Without further ado, let's jump in.
According to CoinMarketCap, Ethereum currently trades at around $2,277 and is still struggling with a market recovery on the daily timeframe.
Ethereum is currently up by around 0.58% over the last day, whilst nursing an 8% dip over the weekly timeframe, from last week.
But why should you keep an eye out for Ethereum next week?
According to the charts, Ethereum appears to have found some support around the $2,120 zone as shown above.
While the cryptocurrency is still sluggish in terms of gains, it appears to be in the middle of a rebound, and can only go up from here.
Unless, of course, the bears pull it below $2,120.
Investors can feel free to trade as they like, and only need to watch out for any breaks below the $2,120 zone.
Investors have been on the lookout for some of the good old Avalanche action.
The cryptocurrency's growth was explosive in the final quarter of 2023 and only declined after being cut short after a close shave with the $50 zone.
According to data from CoinMarketCap, some of that "avalanche action" is here again, as shown by the snapshot below:
Avalanche is up by about 10% over the last day alone, in a blatant show of strength.
This paints good prospects for the Ethereum L2 solution over the coming week.
According to the chart above, the rejection from $50 brought Avalanche into a retest of the $27 zone.
Avalanche is showing signs of a valid rebound off this zone, as well as a possible break above its local high of around $50.
If the current rally on the cryptocurrency continues into the week, we are bound to see a valid break above $50 on Avalanche, as well as a target of $75.
According to CoinMarketCap, Helium currently trades at around $7.95 and is currently sluggish on the daily timeframe, but is up by a whopping 17.5% over the last week.
This presents a confusing scenario for Helium, which clears up when we take a look at the charts.
Helium's price has now printed a triple top pattern on the $8.5 zone.
This shows a determination to break through, and if these retests continue into the coming week, the $8.5 zone is bound to give way sooner or later.
The real confirmation, however, would be a break above 20 December's $9.5 high.
IOTA, according to the data from CoinMarketCap, is currently trading at a 3.7% intra-day rally, and a price of $0.25.
In the charts, we can see that after a flash rally to $0.46 and an even more drastic crash to $0.2, IOTA is trying to get back up again as shown below:
Does IOTA have any chance of recovery from here?
For one, it already seems like a rebound is underway.
This week is bound to confirm whether IOTA turns out to be one of the top winners, and investors are advised to watch out for any breaks below the $0.2 support.
Over the last few weeks, SUI has darted in and out of the "best performer" lists. CoinMarketCap data shows that the cryptocurrency currently trades at around $1.35, and is currently a little bearish from the daily perspective.
However, over the last week, SUI is up by around 21.5%, indicating underlying strength.
In the charts, SUI appears to have just broken above a cup and handle formation, as shown below:
SUI is now trading atop the $1.35 resistance, and may now be in the middle of the consolidation that eventually leads to its $2.1 ATH or even higher.
This week might turn out to be SUI's week, considering the incoming 55% rally to $2.1.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.