Over the last few weeks, the cryptocurrency coins market has seen a lot of volatility and latest developments.
From the shifting values of the top cryptos on the market like DOGE, ETH, BTC, XRP, SHIB, and Tether (USDT) to the SEC suing Binance/Coinbase, to the Republican bill that currently seeks to remove the current SEC chairman, Gary Gensler.
On Monday last week, the entire market held its breath as investors awaited the reports of the latest US inflation report.
And soon after the report was released, the market shifted, sending several cryptocurrencies tumbling down.
Hopefully, the new week brings in some profitable tides.
In this article, we will go over the top 5 cryptocurrencies you should be keeping an eye out for this week if you weren't already.
We will list these cryptos, and explain why they deserve to be on the list, and by the end of the article, you should have a fairly good idea of the top 5 cryptocurrencies to be aware of this week.
Without wasting further time, the first crypto is:
Even if the previous week was something to write home about, you'll want to hear this:
Ethereum coins may only have to break through $1,900 to become massively bullish.
In a new video on Youtube, an analyst, famous on Twitter for successfully taking advantage of the minor crypto rallies this year has said something interesting, and hopefully, he's right.
The analyst stated that ETH may only have to break through $1,940 to become a bullish phenomenon.
DonAlt, in the video, outlined that a rise above $1,940 will very certainly propel Ethereum beyond $2,500 (a level last reached in early May 2022, before the Terra crash).
DonAlt also mentioned that while a break above $1,940 may just be what Ethereum needs to soar, it might be a challenge to get there in the first place.
According to the chart above, DonAlt may be right.
Ethereum is currently on top of an ascending trendline. The cryptocurrency appears to have just retested this line and is on the verge of a rebound.
As shown above, ETH coins may have some trouble breaking through the $1,940 resistance, but the rally to this point still seems pretty likely.
If ETH rallies to this point, and for some reason, fails to break through, the rally itself represents a 12% price increase all the same.
Ethereum definitely deserves the top spot on this list.
Litecoin deserves the second spot, and we'll soon see why.
The Litecoin halving continues to draw closer with every passing day. Litecoin's halving is scheduled to happen sometime around 2 August 2023, leaving less than 150 days between then and now.
In the past, the price of Litecoin has always reacted positively in the months leading up to its halvings.
For example, the price of Litecoin increased steadily before the 2015 halving and soared by a whopping 200% in the 6 months that followed.
In the chart, Litecoin is in an ascending triangle.
Litecoin fell below the lower trendline of this pattern on June 10, indicating that bears (for a while), had the upper hand. However, these bears were unable to sustain the momentum, and Litecoin appears to be recovering.
The recovery of the cryptocurrency's price in the past few days has pushed $LTC back above $75, to $76.74 where it currently sits. This shows strong buying at lower levels, and a likelihood of a breakout from the top of this formation soon.
Overall, if the bulls can keep pushing back against the bears, and they manage to squeeze LTC into the triangle again, Litecoin may have a chance at another rally to the upside.
It may be sensible to wait until LTC crosses into the formation again, before entering the market
Overall, this week holds some promise for LTC, and it deserves its spot as second.
The year has been rough on MATIC. The cryptocurrency coins has been on a steady decline since mid-February and has now hit support around $0.4985.
If a rebound of any kind is in the books for MATIC coins, now is a likely time for that to happen.
As illustrated above, the candle after MATIC retested this trendline is a long-tailed Doji, indicating a strong level of rejection from the bulls against the bears.
MATIC coins is currently oversold, adding to the likelihood of a rebound, and the bulls taking the wheel.
If this is the point where MATIC makes a turnaround, then this cryptocurrency deserves its spot on this list.
A rally from this point to the next major resistance would make a 47% move to the upside.
SUI, or Social Utility Index, is a cryptocurrency coins that was created in 2017. And over the years, the cryptocurrency has become popular due to its unique features (and the particularly massive airdrop its early adopters received on launch).
SUI coins appears to be on top of an ascending channel in the 30-day chart. The recent rally in the cryptocurrency took it right to $0.8.
After a conslidation period, SUI coins is now heading back for a retest of $0.75. And if the bulls manage to hold the price of SHu up from falling below the $0.75 mark, the cryptocurrency may very well be headed for a rebound.
At a glance, Shiba Inu coins appears to be highly bearish.
One might even argue that the memeocoin is likely to go further downwards after it broke through the $0.000008 resistance.
However, this breakdown brought SHIB coins into a retest of the $0.0000055 zone, a price level last tested in September 2021, months after the memecoin was first created.
This is an important support zone for the cryptocurrency coins, and SHIB may rebound from here this week, or in the following months.
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.