The top 5 cryptos tread cautiously as Bitcoin enters its narrowest trading range, reminiscent of July 2020 prices, according to Glasnode. Consolidating within the tightest seven-day range in three years, Bitcoin’s movement indicates an imminent significant shift in the coming days.
Amid cautious sentiment in the broader financial market following a recent debt ceiling meeting, which prompted bearishness, there is a possibility that the bearish trend affecting Bitcoin could extend to the crypto market in the medium to long term. However, these top 5 cryptos have the potential to protect against significant downside risk and provide investors with profitable returns once bullish sentiment returns to the markets.
Top 5 cryptos that are expected to make big moves in the coming days
KAVA
With the successful launch of the Kava 13 mainnet of the ecosystem, the governance token KAVA made some impressive stats. According to CoinGecko, the token is up 50% in the past two weeks. The increased usability and scalability of the newly launched mainnet will certainly contribute to KAVA’s future performance.
SUCCESSFUL LAUNCH: #KAVA 13 Mainnet is LIVE 🚀 pic.twitter.com/wU3peIIMe7
— Kava (@KAVA_CHAIN) May 18, 2023
Currently, the token’s $0.8465 support level holds the key towards a bigger upside. The current price movement of the token suggests that a fall in value may occur in the coming days. Defending this price will be crucial to target the $1.4 resistance in the coming days.
SNX
By powering synthetic assets on the blockchain, Synthetix’s governance token SNX continues to go against the current movement of the market. At the time of writing, the token is upwards an impressive 15% in a market where major cryptocurrencies lost value. Lyraa new options market maker, will also integrate perpetuals from Synthetix into its Newport upgrade, drawing more attention to Synthetix.
For investors, holding $2,334 will be important for future price action. However, SNX’s correlation to Bitcoin could pose a problem in the near term. Despite this, USD 2,334 should resist any bearishness in the medium to long term.
TRX
The recent conclusion of Tron’s HackaTron Season 4 produced winners that will help develop DeFi and crypto as a whole. It boosted TRX away from the market’s current slippage. Coingecko data reveals that the value of the token is up 11% since last week.
The token’s current trajectory places it as a prime target for the bears. After nearly a month of sustained gains, investors should be ready for a drop towards $0.06544 in the near term. Despite this, the bulls should be able to target $0.08092 in the long run once the market cools off its bearishness.
Happy to announce our official integration with @Port3Network ‘s SoQuest platform 🎉!
Now you can use SoQuest to earn valuable rewards 🏆, create your unique on-chain identities 🆔 and discover much more!
Brace yourself for this exciting blockchain journey! 🚀 https://t.co/l07MVJtaVz
— Official Conflux Network (@Conflux_Network) May 17, 2023
CFX
Conflux has been able to continue to build despite the current market conditions multiple integrations on other networks. These developments had a positive impact on the price of CFX, with the token upwards almost 30% in the last two weeks, making it one of the biggest gainers on the market.
At the time of writing, bulls are trying to recover $0.3128. A return at this level provides a solid level of support for CFX to settle above $0.4215 in the days or months ahead. However, investors and traders should keep an eye on Bitcoin’s future price movements as the two assets are historically correlated.
Crypto total market cap nearly unchanged at $1.06 trillion on the daily chart at TradingView.com
LTC’s Hashrate is an important metric and plays a vital 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
Litecoin is the oldest cryptocurrency on the list and holds itself higher than the others on the list. To boast a very high hashrate, this coin proves to be a reliable way to transact in daily life. Due to these factors, LTC is up nearly 17% since last week.
Bitcoin’s move into a tight trading range will impact LTC’s future performance. At the moment, the asset is holding above $89.32, which could open the way to higher profits. For the long term, investors and traders should be able to target $100 to secure a bigger upside.
– Featured image of Futurist Speaker
