The top 5 cryptos tread cautiously as Bitcoin enters its narrowest trading range, reminiscent of July 2020 prices, according to Glassnode. Consolidating within the tightest seven-day range in three years, Bitcoin’s movement shows an imminent significant reversal in the coming days.
Amid cautious sentiment in the broader financial market following a recent meeting on the debt ceiling, which prompted breakdown, there is a possibility that the bearish trend affecting Bitcoin may extend the crypto market in the medium to long term. However, these top 5 cryptos hold the potential to protect against significant downside risks and offer investors profitable returns once strong sentiment returns to the markets.
Top 5 Cryptos Expected to Make Big Moves in the Coming Days
KAVA
With successful launch on the Kava 13 mainnet ecosystem, its management token KAVA has produced some impressive statistics. According to CoinGecko, the token has increased by 50% in the last two weeks. The increased utility and scalability of the newly launched mainnet will definitely contribute to KAVA’s future performance.
SUCCESSFUL LAUNCH: #KAVA 13 The Mainnet is LIVE 🚀 pic.twitter.com/wU3peIIMe7
— Kava (@KAVA_CHAIN) May 18, 2023
Currently, the token’s $0.8465 support level holds the key to greater upside. The current price movement of the token suggests that a drop in value may occur in the coming days. Defending this price point will be important to target the $1.4 resistance in the coming days.
SNX
Powered by synthetic assets on the blockchain, Synthetix’s management token SNX continues to defy the current market movement. In writing, the sign is upwards an impressive 15% in a market where major cryptocurrencies have lost value. Lyraa new options market creator of the block, also integrate Synthetix perpetuals in his Newport upgrade that will bring more attention to Synthetix.
For investors, holding $2.334 will be important for future price actions. However, the correlation of SNX with Bitcoin may pose a problem in the short term. Despite this, $2.334 should hold against any bearishness in the medium to long term.
TRX
The recent conclusion of Tron’s HackaTron Season 4 produced winners who will help develop DeFi and crypto in general. This gives TRX a boost from the current market slump. Coingecko data REFLECT that the value of the token has increased by 11% since last week.
The current trajectory of the token places it as a prime target for the bears. After nearly a month of continuous gains, investors should be prepared for a drop to $0.06544 in the short term. Despite this, bulls should be able to target $0.08092 in the long term once the market cools off its bearishness.
Happy to announce our official integration with @Port3Network The SoQuest platform 🎉!
Now, you can use SoQuest to earn valuable rewards 🏆, create your unique on-chain identities 🆔, and explore more!
Get ready for this exciting blockchain journey! 🚀 https://t.co/l07MVJtaVz
— Conflux Network Official (@Conflux_Network) May 17, 2023
CFX
Conflux has been able to continue building despite the current market conditions many integrations on other networks. These developments positively affect the price of CFX, which has a token upwards nearly 30% in the past two weeks, making it one of the biggest gainers in the market.
As of writing, the bulls are trying to recover $0.3128. A return to this level will provide a strong level of support for CFX to settle above $0.4215 in the coming days or months. However, investors and traders should monitor the future price movements of Bitcoin because the two assets are historically related to each other.
Crypto total market cap nearly unchanged at $1.06 trillion on the daily chart at TradingView.com
LTC’s Hashrate is a primary metric and plays an important role in the strength and security of the Litecoin network.
The future is bright #Litecoin ⚡ pic.twitter.com/9Gff8Iqk6K
— Litecoin (@litecoin) May 22, 2023
LTC
As the oldest crypto on the list, Litecoin holds its own higher than the others listed. boasted very high hashrate, this coin WITNESS to be a reliable means of transaction in daily life. Due to these factors, LTC has increased almost 17% since last week.
Bitcoin’s move towards a tight trading range is affecting the future performance of LTC. Currently, the asset is holding above $89.32 which could open the way to higher gains. For the long term, investors and traders should be able to target $100 to get a bigger increase.
-Featured image from Futurist Speaker
