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Weekly Overview: XRP, LUNC, MKR, MATIC, SOL

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VOC, Voice of Crypto, Bitcoin, Altcoins

Today’s weekly overview shows that certain cryptocurrencies have outshined the others, despite how bloody this week has been overall.

XRP for example has had a considerable share of news headlines, because of the ongoing court case between Ripple Labs and the SEC. Just recently, the cryptocurrency has climbed above its moving average and is doing well for itself in terms of price.

Maker (MKR) too, has been making waves for itself after hitting its highest point in the last three weeks.

It is interesting to note that both XRP and MKR are payment-focused cryptocurrencies, similar to most of the others under analysis in this article.

Ripple Coin (XRP) Weekly Overview

This week, Ripple Coin has traded inside a range between the $0.5 and $0.41 zones and has seen healthy intra-day volatility.

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After a gain of almost 11% over the last 24 hours, the price of XRP appears to be consolidating around the $0.5 and the $0.46 levels.

The price of the cryptocurrency, it seems, is helped mostly by the ongoing court case between Ripple Labs and the SEC. Investors continue to flock in, in the hopes of catching any pumps that come after the resolution of the court case.

Yesterday’s price increase as well was likely helped along by the court order from a US District Court judge for the release of the Hinman documents. This served as a significant win for RIpple both in price and in the court case.

Chart showing descending channel on the price of XRP and breakout on the 29th, Weekly Overview

Chart showing descending channel on the price of XRP and breakout on the 29th | Source: Tradingview

XRP has been trading in a descending channel over the week and appears to have broken through after the court order in favor of Ripple.

LUNC Weekly Overview

Terra 2.0 has had a breeze over the last few weeks, and the last one was no different.

LUNC was one of the top gainers of last week and was just behind Ape Coin on Binance.

The recent price movement of LUNC is a considerable show of strength from its bulls and its community. Coupled with the strength of its bulls, the recent developments on burns and the 1.2% tax collected by exchanges like Binance have contributed positively to the price growth of the cryptocurrency.

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Chart of LUNC showing breakout and retest of the $0.00025 zone, weekly overview

Chart of LUNC showing breakout and retest of the $0.00025 zone | Source: Tradingview

This week, the price of LUNC hasn’t moved to the upside as much as it used to in previous weeks. However, it seems to be in consolidation and is preparing for another move to the upside according to top crypto analysts like @AltcoinSherpa on Twitter.

Maker (MKR) Weekly Overview

Just like Ripple Coin, Maker is doing very well for itself. Maker is the governance token behind the DAI stablecoin and is what powers the peer-to-peer lending platform of the same name.

Chart showing upward rally of Maker against the dollar

Chart showing upward rally of Maker against the dollar | Source: Tradingview

Chart showing upward rally of Maker against the dollar | Source: Tradingview

Maker appears to be rallying upwards despite the current bearishness of the market. Over the last day, Maker has rallied about 14% as the pound slipped against the dollar. This happened right after Tyler Winklevoss, co-founder of Gemini submitted a proposal on the Maker platform to boost the adoption of the Gemini Dollar stablecoin (GUSD) on the Maker ecosystem.

Polygon (MATIC) During The Week

The last week has been a profitable one for Polygon’s investors and traders. The altcoin started the week on a bad note and at a low of about $0.68.

Chart showing price action on MATIC over the last week 

Chart showing price action on MATIC over the last week | Source: Tradingview

However, its price started to trend upwards and managed to hit the $0.78 zone multiple times during the week.

One of the biggest boosts for the price of Polygon was the launch of the beta version of the Robinhood wallet on the Polygon network this week. Polygon appears to be on its way to breaking the $0.78 resistance and reclaiming the $1 level over the coming weeks.

Solana (SOL) During The Week

The price of Solana appears to have formed an ascending channel over the week and seems to be sticking to it pending a breakout.

Chart showing price action on SOL over the last week 

Chart showing price action on SOL over the last week | Source: Tradingview

Both Solana and maker have been recognized as the top performing cryptos of the week despite the problematic aspects of both networks that drove investors away in previous months.

Solana so far has tested the support around the $35 level twice this week and seems to be preparing for a retest. The bears are expected to defend this zone again as they have. If the price of Solana bounces off this level and fails to break through, we may see a rebound, bringing the price of the cryptocurrency down to the $31 level.

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However, if a breakout occurs, we may see the price of Solana surge upwards to the $40 zone or above.

 

 

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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Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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