5 Top Cryptocurrencies To Watch this Week: MATIC, ARB, CAKE, INJ, RNDR
Key Insights:
While there is a general price downtrend, the cryptocurrencies have made minimal gains.
The global crypto market cap is $1.16 trillion, according to on-chain data.
Bitcoin increased over the day, pumping most Altcoins.
Five altcoins to look out for include CAKE, INJ, RNDR, MATIC, and ARB.
Bitcoin increased by 2.38% over the day, owing to positive investor sentiment from improving the US debt limit. This had an effect on most Altcoins, pumping their values.
Most of the cryptocurrencies made minimal gains over the last 24 hours. Its global crypto market cap surged to $1.16T, a 1.91% increase per report.
In this article, we shall focus on the top five altcoins to look out for this week as they provide a good trading opportunity. They include; PancakeSwap (CAKE), Injective coin (INJ), Render token (RNDR), Polygon (MATIC) and Arbitrum (ARB).
PancakeSwap (CAKE)
CAKE — the native token of PancakeSwap — fell victim to the general price volatility in the market. Recently, its value plummeted to its lowest point in two years at $1.54 on May 26.
An overnight increase of 12.7% set its price to $1.76 per reports. Now, speculation abounds that CAKE can rebound further.
Bullish investors are cautiously trying to overcome the immediate hurdle and push its price to the $2.0 level. On a further encouraging note, its trading volume surged by 372% to over $75 million.
The following is a technical analysis chart of CAKE.
Injective (INJ)
The price of INJ is up by more than 12% to $7.54 per reports. There are claims that it is due to an announced collaboration with Dvision to launch NFTs for the metaverse.
INJ is on a bullish run based on volume and price movement. Its trading volume is also up by 200% to over $117M.
The following is a technical analysis chart of INJ.
Render (RNDR)
RNDR is down by -3.15% lower over the past 24 hours and is currently trading at $2.58 per reports. It was also given a low-risk rating by analysts.
Last week's biggest gainer by more than 30%, its increase was attributed to Apple's decision to release its Mixed Reality (MR) headset, in which the RNDR token can find use. Now, its price has dropped but
The following is a technical analysis chart of RNDR.
Polygon (MATIC)
MATIC has hit a support price of $0.93 up by 0.84% in the past 24h per reports. Its 24h market volume is up by 28.54% to over $302 million.
Next, the coin aims for a further recovery to $1, and one can hardly bet against it.
Arbitrum (ARB)
ARB is currently priced at $1.25, up by 4.63% per reports. Its 24h volume also increased by 81% to more than $344 million.
Its price analysis is bullish, as it has been rallying for the past three days. Resistance for ARB is present at $1.35 and Support at $1.20.
The following is a technical analysis chart of ARB.
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