Top 5 Crypto to Watch Out for This Week: October 17, 2022

Top 5 Crypto to Watch Out for This Week: October 17, 2022

The crypto market hasn't been very favorable for days. Last week alone, there were more than $200 million in trade liquidations due to the price action on Bitcoin.

Throughout October, there were a few hacks on several Defi ecosystems, including Binance's smart chain last week and Solana's mango protocol this week.

Both of these hacks drained hundreds of millions of dollars from the market, crashing the price of several cryptocurrencies.

This week, however, may prove to be better than the last. This article examines some of the most promising altcoins to watch out for this week.

#1 Crypto: Ethereum (ETH)

Ethereum has been largely bearish since the merge. Over time, Ethereum has crashed from its $1,700 high and has now retested the support around the $1200 zone.

From a long-term perspective, Ethereum has found support around the $1250 zone and may experience a rebound from this level if the bulls step in and push the price upwards.

Chart showing possible Ethereum bounce and uptrend | Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AETHUSDT"><u>Tradingview</u></a>
Chart showing possible Ethereum bounce and uptrend | Source: Tradingview

It is important to remember that the larger part of the crypto market still expects the price of Ethereum to move to the upside with strong bullish momentum after the merge. If such an upswing were to happen, then a bounce like this would most likely be what comes first.

#2 Crypto: Solana (SOL)

Last week, Solana hit a rocky bottom after the $116 million exploit on Mango, a lending protocol built on the Solana blockchain.

Right after the exploit on the Mango protocol and the draining of its liquidity pool, the price of Solana (SOL) dropped by 8%, while that of Mango (MNGO) dropped by 31%.

However, Solana appears to now be recovering. Over the last day, Solana jumped 9%, almost erasing the drop it experienced this week.

Chart showing possible price movement of Solana over the next week | Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3ASOLUSDT"><u>Tradingview</u></a>
Chart showing possible price movement of Solana over the next week | Source: Tradingview

Watching out for Solana in the coming week may prove profitable since this swift recovery may signify better things to come.

According to data from CoinMarketCap, Solana has a trading volume of $1.08 billion over the last 24 hours and a market capitalization of $11 billion after an 8.17% increase over the last day.

Chart showing data on Solana from CoinMarketCap | Source: <a href="https://coinmarketcap.com/currencies/solana/"><u>Tradingview</u></a>
Chart showing data on Solana from CoinMarketCap | Source: Tradingview

#3 Crypto: Uniswap (UNI)

Uniswap has recently been in the news after raising $165 million in funding as the company aims to broaden its horizons.

It is also important to mention that Uniswap was the world's second-largest decentralized crypto exchange.

According to prior reports, Uniswap aimed to raise between $100 million to $200 million in funding. However, after getting $165 million in a series B funding led by PolyChain Capital, Uniswap is now valued at about $1.66 billion.

Chart showing triangle (flag) formation on UNI/USDT and possible price action | Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AUNIUSDT"><u>Tradingview</u></a>
Chart showing triangle (flag) formation on UNI/USDT and possible price action | Source: Tradingview

The price action on the UNI/USDT pair has already begun to react to these changes. From a medium-term perspective, the price of UNI appears to be trading inside a triangle formation and is now testing its upper resistance, as illustrated above.

If the bulls break through this line, UNI may rally upwards and reclaim the $9 level. However, if UNI fails to break through, a downward rally can be expected, followed by a support retest or a breakdown of that level.

#4 Ripple Coin (XRP)

Over the last few weeks, the price action of XRP has enjoyed relatively stable price upswings following news of the court proceedings between the SEC and Ripple Labs.

The price action on XRP appears stable compared to the rest of the crypto market. Over the last week, XRP experienced a healthy price correction, retesting the lower support of the ascending channel it has been in from a short-term perspective.

Chart showing the short-term price channel of XRP | Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AXRPUSDT"><u>Tradingview</u></a>
Chart showing the short-term price channel of XRP | Source: Tradingview

After hitting support around $0.44, XRP has begun trending upwards to retest the support around the $0.54 level.

Over the long term, XRP appears to be trying to complete a cup and handle formation and may spend the next few weeks in its efforts to reach the resistance around $0.65.

Chart showing possible cup and handle formation on XRP | Source: <a href="https://www.tradingview.com/chart/?symbol=BINANCE%3AXRPUSDT"><u>Tradingview</u></a>
Chart showing possible cup and handle formation on XRP | Source: Tradingview

#5 Polkadot (DOT)

Overall, the price outlook on Polkadot appears bearish. However, if one zooms in on the lower timeframes and tries to examine what might happen over the next few weeks, Polkadot appears to be bullish.

Polkadot Price Analysis | Source: <a href="https://www.tradingview.com/symbols/DOTUSDT/"><u>TradingView</u></a>
Polkadot Price Analysis | Source: TradingView

Like most of the others on this list, the price action on DOT appears to be in a flag formation. DOT is currently testing the upper resistance of this formation and may experience massive bullish momentum if the bulls push the price through this resistance level.

However, if the bulls fail to push the price further, DOT may reverse and experience strong bearish momentum.

Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

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