After experiencing gains last week, the current market structure is now posing a challenge to the progress made by the bulls. According to CoinGecko, the total market cap of cryptocurrencies has decreased by 2% in the past 24 hours, indicating a significant shift in sentiment as major cryptocurrencies’ momentum has slowed.
As the new month begins, these top 5 coins show promise amidst the current downturn. Investors and traders may find value in these cryptocurrencies as the market looks to regain ground in the coming days.
Top 5 Coins To Watch This Week
Uniswap is one of the household names in the world of decentralized finance. With its native token sitting at the price of $5.9, the token holds a potential upside in the medium to long term. Despite this, investors and traders will experience pain in the short term with UNI slipping 3% in the daily timeframe.
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On-chain development should drive the demand for UNI. After the release of its mobile wallet last month, the token’s rebound from $5.8 is inevitable. Investors should also watch the charts of UNI as it moves to a narrower trading range.
If the token manages to regain $6.2, UNI should have enough momentum for a bigger upside.
Bored Ape Yacht Club. Image: TheStreet
Despite showing weakness after the January market rally, APE has recently shown promise for investors due to strong on-chain developments from Yuga Labs, the creator of the Bored Ape Yacht Club NFT collection. At the time of writing, the token has risen nearly 5% within the weekly timeframe, going against the current crypto market momentum.
APE is currently trading above $4, which is expected to support the bulls in the coming days. Furthermore, the narrow trading range in which the token finds itself adds to the bullishness. If the token breaks through $4.5, the potential upside for investors will grow significantly.
Despite the recent controversy about Justin Sun surrounding Huobi Global, the Tron ecosystem continues to thrive. TRX, the native token of the ecosystem, is up nearly 2% in the weekly timeframe. The token’s price movement follows the crypto market’s broader movement in the past few days.
TRX is seen below the $0.065 resistance as it follows the current market slippage. If the bears capitalize on this downward pressure, TRX can drop toward $0.062 support. If the bulls can defend the drop to this support, the token can rebound toward $0.071.
Ethereum Classic. Image: Getty
Ethereum Classic is Ethereum’s fork that retains ETH’s old characteristics. The altcoin certainly has a place in the portfolios of investors and traders. However, ETC has been struggling in the past few days. CoinGecko reveals that the altcoin is down more than 4% in the daily timeframe.
For ETC, the altcoin’s price movement has stagnated above $20. Ethereum Classic is also trading at a narrow trading range which may lead to an explosive upside toward $23. If ETC bulls strengthen the current support, a retest or a possible breakthrough above this level is inevitable.
Crypto total market cap currently at $1.14 trillion on the daily chart at TradingView.com
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Stacks, which rounds up our top 5 coins roster, have been going bullish after a few weeks of pain. According to CoinGecko, STX, the ecosystem’s native token is up more than 2% in the daily timeframe with the biggest gains being made in the monthly at nearly 6%. The organization’s recent announcement that they will fund projects that would benefit the ecosystem’s Bitcoin layer is expected to affect investor sentiment.
STX is currently trying to rebound above the $0.868 support level. If successful, investors and traders could see gains in the coming days. STX bulls can comfortably target $1.1 in the short to medium term depending on the crypto market’s sentiment.
-Featured image from GAAP Dynamics