A new week is here!
The crypto market appears to be recovering so far, with Bitcoin kicking off from the $25,000 zone and registering a weekly gain of more than 3% over the last week.
The global crypto market is also showing signs of returning strength, sitting at $1.06 trillion and holding steady.
Now to the subject matter: What are some of the top cryptocurrencies you should be keeping an eye out for this week?
Which ones should you buy, and which ones should you avoid? In this article, we will be going over five of the most interesting cryptocurrencies on the market. We will talk about what is going on with them, and why they are worth keeping an eye out for.
Ethereum price has started the week with some noticeable gains and is even fighting off calls for a selloff from its bears, due to rising US inflation.
After briefly succumbing to selling pressure over the weekend, Bitcoin's closest competitor rebounded from support at $1,600 and is now trading at $1,630.
Ethereum had been facing major price restrictions when the SEC first sued Binance and Coinbase, while going after several other cryptocurrencies like Cardano (ADA), Solana (SOL), and Polygon (MATIC), Ethereum (ETH).
So far, Ethereum has managed to keep its head above the $1,530 zone and was even able to initiate a bounce over last week, until the time of writing.
The major takeaway is that the $1,530 zone is a major one to keep an eye out for. Ethereum is safe to trade or scalp, as long as it stays above this crucal support.
You should seriously consider setting a stop-loss around this zone.
At the time of writing, XRP is trading at $0.4922 and has declined by 0.67% over the last 24 hours from the $0.5 zone.
However, there are still some interesting things to take note of in XRP's chart.
For example:
The chart shows that XRP is trading on top of an ascending trendline. This means that there is an important support zone to watch out for (which is a good thing)
This leaves some possible scenarios open for the cryptocurrency: XRP can either bounce or break its trendline to the underside.
If XRP's trading volume and active addresses kick up this week, we may see a bounce, followed by an XRP rally (potentially back to $1).
Overall, XRP has to stay above $0.46 to avoid a potential (and massive) drop to $0.35 or lower.
Optimism had a stellar week.
According to CoinMarketCap, Optimism is easily one of the best-performing cryptocurrencies on the market over the last week.
Optimism is up by 2.34% over the last day and by an impressive 10.4% over the last week.
According to the official Optimism Twitter account, a major airdrop came to the Optimism network last week.
This airdrop was expected to distribute 48M OP to just over 88,000 unique addresses. However, about 25% of eligible addresses did not claim their Optimism airdrop tokens. As a result, the rest of the tokens will be delivered by direct distribution.
It might be interesting to see what Optimism holds for this week in terms of price, as more users receive their airdropped tokens.
In summary, the fundamental outlook for OP looks good, and we sure are "Optimistic" about it.
Toncoin was by far, one of the best-performing cryptocurrencies over the last week.
This happened after the social messaging giant, Telegram openly endorsed $TON and announced plans to bring Web3 technology to Telegram, using the $TON Network's infrastructure.
The Toncoin market is cooling off at the moment. However, CoinMarketCap data still shows that the cryptocurrency is on a 38.49% gain over the last week.
After being stopped out at the $2.6 zone, TON appears to be showing signs of an incoming consolidation.
The likely course of action, as far as predictions go, depends on the cup and handle formation on TON's charts, as illustrated below.
Toncoin's price rally over August formed the cup's base. A handle will likely start to form at this point, presenting a "juicy" scalping opportunity for experienced traders between $2.6 and $2.
Litecoin is performing extraordinarily well, compared to other cryptocurrencies on the market, in terms of price.
CoinMarketCap data shows that Litecoin is up by 1.5% over the last 24 hours, and is registering a 5.88% gain over the last week.
In the charts, Litecoin is in an ascending channel and has now successfully bounced off the lower trendline of the formation.
This presents massive bullish potential for cryptocurrency.
As long as Litecoin stays above the $55 zone, the "digital silver" has nowhere else to go, but up.
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.