These 5 Cryptos Are Set To Break The Bears’ Backs This Week

Christian Encila

2 years ago

4 mins read

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The bears are in full swing as of writing, as major cryptos bleed. According to CoinMarketCap, the crypto market shed 0.3% in the past 24 hours in total valuation.

Popular cryptos like Bitcoin and Ethereum suffered corrections, pulling the entire market downwards.

Nonetheless, the market is a dynamic entity and when other cryptos suffer, others pad their investors’ portfolios.

These cryptos set themselves apart as they have the highest probability in pushing on the upside.

Image: Kriptomat

Top 5 Cryptos Poised To Make A Surprise Rally

SNX

Synthetix is a protocol made specifically for the purpose of derivatives, a financial instrument that derives its value from an underlying asset like crypto or stocks. This makes it extremely popular, with the protocol’s website stating a total value locked of nearly $710 million.

According to CoinGecko, the token is up more than 18% in the weekly timeframe. SNX’s current price action is being supported at $2.8 which was a recent flip from resistance. This breakthrough might be a sign for a further upside in the short to medium term.

GMX

One of the tokens that enable the ecosystem of the same name, GMX is used as the official utility and governance token of the ecosystem. This decentralized exchange mainly focuses on derivatives trading. According to their website, the DEX gives investors access to leverage up to 50x which is a way for investors to have a bigger position than what they can afford.

With the GMX ecosystem littered with updates and positive news, it is no wonder for the token to pump nearly 5% this past day. This price movement is being supported at $66.54 with the bulls set to test $76.52 in the coming days. If the token breaks through this resistance, a retest of $88.59 is a possibility in the coming days.

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MANA

Decentraland is a virtual reality platform designed to create a metaverse for its users. Recent ecosystem developments have provided a major boost to the confidence of bulls in Decentraland’s native token, MANA. At the time of writing, the token was up 5%, according to CoinGecko data.

This price movement comes after a slump that followed the general market trend in the past few days. However, as the token uses the $0.6157 support as a launch pad, bulls might be able to break through the $0.6187 resistance in the coming days with potential to test $0.6207.

FTM

After a nearly 6% decline in the past few days, FTM came in the rescue of investors as its price recovered to $0.4278 which represents a 7% increase. This can be attributed to the broader market rebound that’s currently happening, with Bitcoin and Ethereum pulling the market upwards.

The token’s support at $0.4272 is the one that blunted the bearish trend in the past days. With the market favoring a bullish price action, FTM bulls can enjoy a probable breakthrough at $0.4277 and $0.4280 in the coming days.

Crypto total market cap at $985 billion on the daily chart | Chart: TradingView.com

MATIC

MATIC has gained the favor of crypto bulls as it rose nearly 3% in the daily time frame. This comes after on-chain developments that makes the Polygon ecosystem more competitive in the Web3 space, namely the release of tools that make zero knowledge identity possible for Polygon.

Bulls can find support at $1.16 with a possible upside breakthrough at $1.164. If the bulls have enough momentum in the short to medium term, investors and traders should be able to enjoy profits.

-Featured image from KRTV

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.