Key Insights
- Despite last week’s rally, the crypto market is maintaining its momentum with a market cap of around $3 trillion.
- Floki has shown a controlled rally; key resistance/support levels could determine its trend this week.
- Hedera is in a solid upward trend, supported by a golden cross. We might see a climb to $0.18.
- WIF recently broke out of an ascending channel and could rebound towards $4.8 or higher
- Polkadot can rise by 40% this week, with SEI eyeing a breakout toward $1.
Even after the powerful rally that rippled last week, the crypto market is going strong.
Most cryptocurrencies are holding on to their gains, and the crypto market cap is hovering around $3 trillion.
The Crypto Market Overview
Even Bitcoin is still trading firmly above the $90,000 mark despite the “extreme greed” reading on the fear and greed index.
Considering the strength of the crypto market so far, let’s examine some of the most promising altcoins to watch over the coming week.
1. Floki
Floki isn’t the most bullish memecoin on the market. However, it is one of the memecoins with the best-controlled rallies.
As such, it is unlikely to crash terribly in the case of a market downturn.
CoinMarketCap data shows that cryptocurrency is up by an impressive 5% daily.
Floki’s performance
It is also up by 56% on the weekly, which is impressive as well.
According to the charts, Floki’s ascent has progressed steadily so far through the various resistances on the Fibonacci retracement tool illustrated below:
Floki’s price performance
The chart outlook pictured above shows that the memecoin is consolidating between the 38.2% and 23.6% Fibonacci levels.
These translate to a resistance of $0.000027287 and a support of $0.000022594—which will determine what happens with FLOKI within the week.
If a break and close above $0.000027287 occurs with a daily candlestick, it will serve as the ultimate signal of a trend continuation.
On the flip side, a break below $0.000022594 would signal a correction for the cryptocurrency and a possible shorting opportunity.
2. Hedera (HBAR)
Hedera is slightly weak over the daily timeframe, with a 1% price increase. However, on the weekly timeframe, it is trading at an impressive 50% price increase.
Hedera’s price performance
HBAR is currently on the list because while most other cryptocurrencies are showing signs of weakening trends, Hedera’s bullishness appears to be only starting.
The charts show a clear golden cross between the cryptocurrency’s 25- and 99-day EMAs (red and blue lines, respectively).
Price performance on Hedera
Moreover, the cryptocurrency broke above the $0.0846 price level over the weekend for the first time since breaking below in June this year.
As illustrated, the cryptocurrency has reversed for a post-breakout retest of this price level.
If the bulls can prevent a break and close below this price level again, Hedera has enough fuel for a possible jump toward $0.18—its previous local high on 24 April.
3. DogWifHat (WIF)
Like Hedera, DogWifHat hasn’t been very bullish over the last 24 hours before writing. However, it is up by around 50% on the weekly timeframe, as illustrated.
Price action on DogWifHat
DogWifHat also bears similarities to Hedera in terms of price action, considering its recent breakout from the ascending channel illustrated below:
Price action on WIF
The cryptocurrency spent last week finalizing this breakout from the $3.36 price level and hitting a high of around $4.8.
As shown, the cryptocurrency has reversed for a post-breakout retest of the channel and is working towards a rebound move.
If the bulls can hold WIF off from a drop below the $3.36 mark, they will have all they need to effect a price jump towards the $4.8 mark once again or even higher this week.
4. Polkadot (DOT)
Polkadot is also performing well on the daily timeframe, with a near 4% price increase over the last 24 hours before writing.
However, the cryptocurrency is considerably weaker on the weekly timeframe, with less than an 8% price increase over the last seven days.
Polkadot’s performance
The charts, however, show that things might be about to change.
To start with, the cryptocurrency is showing a clear golden cross between its 25 and 99-day moving averages, just like Hedera is.
Polkadot’s price performance
This indicates that its bullishness might just be starting.
According to renowned analyst Ali in a recent tweet, this week might see DOT jump by nearly 40% to a high of $7.5 at the least.
The Fibonacci retracement tool shows that if the bulls apply strong enough momentum to the incoming bullish move, the cryptocurrency could fly to as high as $11.8.
The only invalidation of the above outlooks would be a break below the $4.7 price level.
5. Sei (SEI)
According to CoinMarketCap, Sei is bearish on its daily timeframe and only has a 10% increase on its weekly.
Sei’s performance
This weekly price performance is modest compared to other cryptocurrencies but is still impressive.
In the charts, the cryptocurrency rebounded strongly above the ascending trendline illustrated:
Sei’s price performance
At the time of writing, SEI is testing the $0.56 price level and attempting a breakout.
If the bulls apply enough pressure during the week, SEI could unlock a massive +100% price increase that would carry it all the way above $1.
In terms of analyst insights, Ali Martinez sees the cryptocurrency soaring to a modest but reasonable high of $0.65 in a 30% price increase.
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.
