Another week has gone by, with yet another crypto bloodbath right in the middle.
The crypto declined by more than 3% on Wednesday, amid several bits of drama with the ETFs, the hundreds of millions that flowed out from Grayscale, and a whale who supposedly woke up for the first time since 2021, and sold a whopping $5 billion worth of Bitcoin on a whim.
The crypto market is getting into action once again at the time of writing, to the relief of investors.
The total crypto market cap has gained back about 1%, and this week holds a lot of promise.
Here are our recommendations for the top altcoins to keep an eye out for, to get the most profitable results out of the week.
Ethereum has been basking under the glow of speculation on a possible altcoin boom.
Ethereum, being the leading altcoin, is expected to lead the charge of any such revolution. Ethereum, at the time of writing, currently trades at around $2,473 according to CoinMarketCap.
Ethereum also has a fear and greed index score of around 55%, indicating that investors still have some greed, but are moving forward more cautiously.
Ethereum's consolidation above the $2,500 resistance continues to drag on, with no end in sight.
However, one interesting thing about the setup above is that if there is going to be any kind of bounce on Ethereum's chart, this is the right price level for that.
Moreover, the RSI on the weekly chart also shows that Ethereum is strongly in bullish territory, and could be experiencing a strong rally anytime from now.
Ethereum's consolidation around the $2,500 support is also validated by the 20-day EMA, indicating that while a strong break below this line could signal a lasting decline, Ethereum still has a shot at raying straight up to $3,600 as shown above.
BNB's performance has been lacklustre at best, compared to its performance in 2021 and early 2022.
However, all that appears to have changed, with this cryptocurrency finding a bottom at $203.
BNB has now rallied straight up by around 60% since October last year, from $203 to $320 as shown below:
Now, according to the charts, the $340 zone has been an especially difficult one for BNB, ever since 2022.
The cryptocurrency even tried and failed to break through on 1 January this year.
BNB is currently attempting another break above $340 as shown by the snapshot below:
The outlook for BNB is that we might see a rally to $340 this week.
If a breakout from here happens, we are bound to see an undisturbed rally on BNB, straight up to around $460.
Avalanche used to be one of the best-performing cryptocurrencies on the market. Avalanche rose through the ranks so quickly, that it rallied by more than 480% from a little over $8 to around $49.96 between October and December 2023.
However, the bears had their stronghold somewhere around $50 and sank the price of AVAX straight down to $30.99.
It happens that the $30 zone is one of the strongest psychological resistances on Avalanche under $50.
Judging by this, the $30.99 zone is an important price level to watch out for this week.
If we are to see a rebound from this price level, Avalanche will likely continue further up in its rally. And if a break above $50 occurs, Avalanche will likely continue further upwards and retake $65 or even higher in a 113% move to the upside.
Optimism was second in line to Arbitrum's dominance, considering how both cryptocurrencies are from Ethereum L2 networks, and both followed Ethereum's lead.
Optimism's rally, though not as prominent as Avalanche's, sill pushed it straight up to $4.28, all the way from $1.2 within the same timeframe.
Avalanche broke through the $3.2 resistance sometime around 22 December, before being caught up to by the bears around $4.28 in mid-January this year.
Optimism has declined back to this $3.2 resistance and has now formed a double top while trying to initiate a lasting rebound.
If we do see a rebound in Optimism this week, however, the price targets would be anywhere between $4.8 and $5.9.
Uniswap, according to the charts, appears highly poised to rebound off this ascending trendline and make new higher highs (likely above $8.2).
At the time of writing, Uniswap trades at around $6.47 and has been trading on top of an ascending trendline since the general market recovery in October last year.
This indicates bullishness overall on the cryptocurrency and a possible rally very soon.
Uniswap currently trades under its 20-day EMA, indicating that in the short term, the bears have the floor.
However, it is also testing the ascending trendline shown above, around $6.5. This means that Uniswap could rebound from here, break above $7.6 and retake $9.8 in a 53% move to the upside.
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.