The last week turned out to be one of the most profitable ones in the crypto market this year, especially with the sudden uptick in Bitcoin, from under $43,000 to nearly $49,000.
The altcoin market has echoed Bitcoin's success so far, with several cryptocurrencies emerging as top gainers on several timeframes.
In this section, we will be going over five of the most promising altcoins to watch out for in the coming week, with a special guest entrance from Cardano, one of the most promising top altcoins so far.
Here's why you should be Optimistic about this:
To begin with, Optimism is one of the crypto market's biggest gainers on all timeframes.
According to CoinMarketCap's data, this cryptocurrency is up by more than 7% over the last day alone.
On the weekly timeframe, this metric is even more interesting, with a 23% price increase over the last 7 days.
According to the charts, Optimism is showing very strong bullish signs and looks poised to continue upward from here.
The cryptocurrency is targetting a break above the $4.28 high, with the 20-day EMA acting as strong support on the cryptocurrency's path towards the bullish $5.4 target, according to the Fibonacci indicator.
According to data from CoinMarketCap, BEAM has been explosive over the last day, at the time of writing.
The cryptocurrency is up by more than 16% within the previous 24 hours and is up by as much as 49% over the last week.
This shows a massive amount of bullish momentum on the cryptocurrency, qualifying it for the spotlight in the coming week.
In the charts, BEAM isn't as mature as the other cryptocurrencies in terms of price action.
However, as shown above, the cryptocurrency is on the verge of breaking above the $0.0274 high from 14 December 2023 beyond which it has a clear path, straight up to its all-time $0.09 high from 26 October 2023.
At the time of writing, IMX is up by around 25.97% on the weekly timeframe.
This shows a great deal of strength on the cryptocurrency, especially on higher timeframes.
The cryptocurrency is currently showing signs of weakness on the daily timeframe, but there might be a very good reason why, according to the charts.
As shown by the chart above, IMX rebounded off the $1.65 support and has completed a rebound rally.
In even better news, the cryptocurrency's price successfully created a higher high above the $2.59 high from 25 December last year.
We might see a quick retest of this price level from here, after which IMX is expected to continue further upwards.
Some of the hype around the merger between ENS and GoDaddy from last week is still very much alive.
The ENS token is up by around 26% over the last week at the time of writing and is showing considerable strength on all timeframes.
In the charts, ENS appears to be attempting a rebound from the ascending trendline shown below and is very close to breaking above 14 January's $27.54 high.
If this week turns out to be ENS' week, we may see a break above this $27.54 resistance, where ENS becomes free to explore $30 or even $35.
Over the last day, Cardano is up by an impressive 4%, and by around 10% over the last week.
In the charts, we can see that Cardano is showing one of the first signs of a rebound from the $0.46 support.
Why is Cardano promising?
Cardano is promising because its rally hasn't begun yet. The cryptocurrency will kick into full bullish mode once it breaks above the $0.6769 high from 28 December.
Even more interesting is how in a recent tweet, Ali, one of the most popular analysts on Twitter, said that he believes Cardano might be on its way to $7.
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.