Cryptocurrencies and the global crypto market have been stagnant for a few weeks now.
There have been both positive and negative developments in the last month. Yet, some cryptocurrencies are showing an early sign of bullishness.
In this article we will explore five cryptocurrencies that have shown a good growth potential in the next week.
Top Cryptocurrencies this Week:
Let us dive into a detailed price analysis of these cryptos to assess where they will be headed this week:
Bitcoin has formed a strong support in the zone of $28.5k to $29k. This zone can now be considered as the rock bottom for current markets as Bitcoin has refused to go below these levels.
Further, options data indicate that Bitcoin can move to $34k levels as soon as the next week. There are very less call options data(that bet on price going down) below $30k which indicate bullishness.
Although there have been some slightly negative news of SEC delaying Bitcoin ETF approval, but there is also a strong sentiment from institutional investors who want to invest in digital assets like Bitcoin.
Overall these indicate a positive price movement in the nearby future.
Solana is at a very sweet spot as compared to other cryptocurrencies in technical charts. It has formed a double bottom pattern which can take it above $30 anytime.
The double bottom chart is about to finish its formation with RSI at 58 which is a moderate level. If this double bottom pattern finished in the next week, it can take SOL above $30 and is expected to cross the resistance at $27 easily.
A couple of days earlier, on 11 Aug 2023, SOL rallied 9% a week and a half, after FTX announced reopening of its exchange.
XRP has fallen further from the highs it made after its historic win against the SEC. The cryptocurrency was trading at $0.63 during press time.
The reason why we think XRP is ready for another rally because it is the sole cryptocurrency with regulatory clarity. Further, the case of institutional sales will only affect XRP most probably as a one-time fine.
Recently, XRP witnessed a $3 billion volume surge as reported by Messari. This surge can be witnessed in the graph below at the right bottom corner.
Since, there was no corresponding increase in price, we anticipate this might be a whale purchase that happened off the exchanges. This also might be a preparatory phase before price follows up.
Both ways, a bullish rally seems imminent in XRP and hence we suggest keeping an eye on it.
Shiba Inu (SHIB)
Shiba is less than 10 days away from the launch of its L2 blockchain, the Shibarium. Currently, the 12th largest crypto by volume, Shiba Inu is now ready to take its bigger cousin Dogecoin for a spin.
A blockchain would make Shiba Inu from just a meme coin to a utility coin of a Ethereum L2 scaling solution. This brings several things to the cryptocurrency:
- Lower cost of accumulation due to low gas fees.
- DApps functionality as Shibarium is EVM compatible.
- Ability to trade Shiba Inu NFTs on its own blockchain.
Hence, it is a must track cryptocurrency for the next week.
Polygon has been developing a lot with its ZK EVM.
Also on 12 Aug 2023, there was a surge in its on-chain activity. This surge was caused due to Borrow Finance, that is built on Polygon and has attracted 37 Million ROE token sales within 5 days.
The price dip which took MATIC from $0.83 to $0.66 is purely based on Technical reasons, a double top pattern formed between 6 Aug 2023 and 8 Aug 2023.
Therefore, we think that MATIC might recover soon and once it crosses the resistance at $0.7, it might soon recover to $0.8.
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.