5 Top Cryptocurrencies To Watch this Week

5 Top Cryptocurrencies To Watch this Week

Key Insights

  • The crypto market is recovering from the previous week's dip,
  • Several cryptocurrencies, including DyDx, HBAR, and 1Inch, are expected to experience token unlocks this week, which could have a significant impact on their prices.
  • Bitcoin's exchange reserves have plummeted to their lowest historical point, which is a good sign for the price of Bitcoin.
  • Whales are refusing to sell their ETH, which could also be bullish for the price of ETH.
  • DyDx, HBAR, and 1Inch are either bullish or are poised for bullishness in the charts.

The crypto market continues to recover from the previous week's dip and some green is starting to return.

The crypto market's heatmap | source: <a href='https://www.coinglass.com/LiquidationData' target='_blank' rel='noreferrer noopener'><u>CoinGlass</u></a>
The crypto market's heatmap | source: CoinGlass

Bitcoin is still stuck at the $26,000 zone, as Ethereum continues to struggle at $1,648.

However, this article will be about some of the top cryptocurrencies of the week.

These cryptocurrencies include Bitcoin, Ethereum, DyDx, Hedera (HBAR) and 1Inch.

Let's go over what we have.

DyDx, HBAR and 1Inch Could Rise Soon, Due To Upcoming Crypto Token Unlock

According to recent reports, this week is scheduled for some important token unlocks, that may change the dynamics of the crypto market.

Data from Token Unlocks shows that several cryptocurrencies including DyDx, HBAR and 1Inch, among others like Optimism, SUI and GMT are expected to experience some important token unlocks in a matter of days from now.

Upcoming token unlocks
Upcoming token unlocks

For instance, DyDx is expecting the release of 6.52 million DYDX tokens (worth more than $14 million at current prices).

Hedera (HBAR) on the other hand, is expecting the unlocking of 1.15 billion HBAR tokens, worth more than $67 million at current prices.

And finally, 1Inch is gearing up for the release of more than $15 million worth of 1Inch tokens on Thursday, 31 August this week.

Such a massive amount of tokens (worth about $96 million) entering the market is expected to have pretty significant effects on the cryptocurrency's price and volatility, and it may help to be prepared for potential price swings.

Good News: Bitcoin's Exchange Reserves Plummet

As it turns out, investors are massively holding on to their Bitcoin for dear life, and it appears that no one is willing to sell.

According to a recent tweet from on-chain data aggregation platform, Santiment, the amount of Bitcoin in exchanges has plummeted as of late, to its lowest historical point.

Bitcoin's decline in exchange supply
Bitcoin's decline in exchange supply

According to Santiment, only 5.8% of Bitcoin's supply is sitting on exchanges.

This is good news because investors pulling their Bitcoin off exchanges indicates that they are uninterested in selling, and may be expecting the price to rise.

If no one is selling their Bitcoin, then Bitcoin is at less risk of declining further.

Santiment also mentioned that Bitcoin transactions above $100,000 are now on the rise, and are averaging at about 57,400 transactions per week.

Whales Are Refusing To Sell Their ETH

According to another recent tweet from Santiment, the 10 largest ETH addresses now hold about 35% of the cryptocurrency's available supply.

This indicates that the whales may be deliberately accumulating Bitcoin

Ethereum's rise in whale holdings
Ethereum's rise in whale holdings

While this is good news, there is also the issue of decentralization, and how the top addresses shouldn't control 35% of any asset's supply.

However, Santiment mentions that this number went up because of smaller traders shying out of the market after the crypto market decline last week.

DyDx On The Verge Of A Breakout

On DyDx's chart, we can see some very interesting things in terms of price action.

DyDx's price action
DyDx's price action

The first is that the cryptocurrency is in a falling wedge formation.

DyDx in this formation, means that we can expect a great deal of bullishness if a breakout occurs to the upside.

This leads us to the second point.

DyDx's price action
DyDx's price action

DyDx is close to a retest of the formation's upper trendline, and may even be poised for a breakout to the upside soon.

DyDx is currently stuck between its 200 and 50-day moving averages, and a break through each of these moving averages should tell us where DyDx may be headed.

According to CoinMarketcap, DyDx is trading at $2.16 at the time of writing, and is up by 0.41% over the last day, at the time of writing.

Hedera (HBAR) May Be In For Some Downside

HBAR may be slightly less bullish than DyDx in the short term.

The cryptocurrency is on an ascending trendline from the long-term perspective.

Hedera's price action
Hedera's price action

However, the cryptocurrency sits on the $0.0556 support and is looking fairly likely to enter a breakdown.

Hedera's price action
Hedera's price action

If a breakdown of this zone occurs, HBAR will decline straight down into a retest of its ascending trendline at $0.042.

Hedera is trading at $0.0556 at the time of writing, and is down by 4.52% over the last day, at the time of writing.

1Inch's Incoming Support

1Inch in the charts is generally bearish.

Its price action over the year has been on top of a descending trendline from $0.36 in mid-December 2022, until date.

However, 1Inch appears to be consolidating above the $0.236 zone as illustrated below.

1Inch's price action
1Inch's price action

1Inch should be fine if it stays above this $0.236 support. However, its rally may have to wait if the $0.236 zone gets broken down.

1Inch's price action
1Inch's price action

As illustrated above, if the $0.236 zone gets broken down, 1Inch will decline for a retest of its greater trendline at $0.17, before entering a bullish rally to the upside.

According to CoinMarketcap, 1Inch is trading at $0.22466 at the time of writing, and is up by 0.86% over the last day, at the time of writing.

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.

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