Despite a rough week, Bitcoin is showing signs of recovery and is trading around $57,000 at the time of writing.
Altcoins are generally performing better than Bitcoin, with Notcoin up 45% in the last 24 hours and promising further gains.
Other Promising Altcoins include Celestia, Akash, Arbitrum, and Optimism. All are testing important price levels and aiming for further upside.
While these coins show promise, the overall market remains volatile, and investors should approach them cautiously.
Last week turned out to be one of the harshest weeks for crypto in months, considering the continued wave of selling from the German government.
Towards the end of the week, around $2.7 billion worth of Bitcoin was moved from Mt Gox to an unidentified wallet, sparking fears of a sell-off and crashing the price of Bitcoin by around 15% from $63,900 to $53,400 between 1 July and 5 July.
However, amid the market's bearishness, Bitcoin is showing promising signs of a recovery and was even trading at around $57,000 at the time of writing.
The altcoin market, in particular, is performing much better, and in this article, we will discuss five of the best ones to watch this week.
Here are the best cryptocurrencies to keep on your radar over the next seven days:
At the time of writing, Notcoin is by far the most bullish altcoin among the top 100.
CoinMarketCap data shows that the cryptocurrency has been up by around 45% over the last 24 hours after crashing massively with the rest of the market in last week's bearish wave.
Notcoin’s price
The 4-hour chart below shows that the cryptocurrency rebounded off the 0.786 Fibonacci level on Friday last week and has been moving upward ever since.
We have Notcoin approaching the crucial 0.618 Fibonacci level, as shown below. The bears will likely attempt to cause a reversal of around $0.017.
Notcoin’s price action
However, suppose we see a break above this critical Fibonacci level. In that case, Notcoin will undoubtedly travel further to the upside to the 0.382 Fibonacci level around $0.027, marking an attractive 85% increase from current price levels.
Celestia is also strongly bullish and is even up by around 8% in the last 24 hours before writing, as shown in the snapshot below:
Celestia’s price
Celestia has suffered so far at the hands of its bears, dropping from around $21 in early February to around $6 now.
Celestia’s recovery
As shown above, the $4.9 zone is an incredibly strong support point, and it should give the bulls the much-needed advantage they need to drive prices higher.
The RSI on the daily chart shows that the bulls are working on a comeback from oversold positions, and as long as a break below the $4.9 - $4.1 range doesn’t occur, Celestia is poised for further upside.
Akash is also under serious bullish action at the time of writing and has risen by around 6% over the last 24 hours before writing.
Moreover, the cryptocurrency's price increased by 3% over the last week, which is more than we can say for most other cryptocurrencies.
Akash’s price
In the charts, Akash has been attempting to finalize a rebound from the (blue) descending trendline for quite a while now.
However, one of the most significant barriers to an Akash rally has been the (red) $3.7 price resistance, as shown:
Akash’s price action
As indicated, Akash is attempting to break above this $3.7 resistance once again and appears poised for success this time.
Investors should consider watching this cryptocurrency. A break and close above would push its price up to around $5.1 at least, a 45% increase from current levels.
Arbitrum is up by around 8% over the last 24 hours before writing but is still down by more than 10% over the previous week.
However, the cryptocurrency is attempting to remedy this:
Arbitrum’s price
The charts show a descending multi-month trendline, as shown below, which has remained unbroken since December 2023.
If history repeats itself, we should see the cryptocurrency go no lower than the previous $0.565 low.
Arbitrum’s price action
To sum things up, Arbitrum is headed for a massive bullish upswing, and it might help to be prepared.
According to data from CoinMarketCap, Optimism was up by around 6.3% in the 24 hours before writing. However, like Arbitrum, it is still trying to regain its composure from last week's bear market.
Optimism’s price
The chart below shows that Optimism might have crashed heavily compared to other cryptocurrencies. However, this crash has brought it into a retest of the $1.167 price support, which has remained unbroken for long to the underside since July 2022.
Optimism’s price action
The cryptocurrency, as shown above, appears poised to continue its ascent to the upside as long as a break below this crucial $1.167 price support doesn’t occur.
With this being said, investors know how and where to put a solid stop-loss/stop-limit order to protect themselves against surprise market corrections.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but 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.