Cryptocurrencies-What are the best crypto assets to invest in this week? In this context, you will find the top 5 cryptocurrencies to keep an eye on in the coming days.
After a few weeks of declines, the first week of June ended with a brighter picture for cryptocurrencies and investors. Considering some exciting opportunities and highlighted moves, in this weekly analysis content, you check out which are the top 5 cryptocurrencies of the week, which you need to keep an eye on in the coming days.
As we said, the crypto market has been favorable for the last seven days. This was first week of bullish cryptocurrencies after the turbulent period caused by the crash of Earth (LUNA and UST) in the market.
One data that shows the moment of market recovery was the performance of Bitcoin on the weekly chart, ending a negative sequence of nine straight weeks of decline, a fact that had never occurred in the history of the crypto asset.
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Top 5 Cryptocurrencies
With this moment that indicates a possible recovery, you, as an investor, need to pay even more attention. After all, all those facts that contributed to a few weeks of lateralization still impact the market, generating opportunities and the need to analyze the market efficiently.
Thus, remember that this list should not be treated as an investment recommendation but as informative content; you can find some interesting and relevant information about the moment of 5 assets in the cryptocurrency universe below.
1. Bitcoin (BTC)
BTC broke its negative streak by closing the week up 6.4% over the past seven days. Additionally, the cryptocurrency kicked off the week by posting a 4.7% rally on Monday, indicating it could have another positive week in the market.
One of the reasons for this moment for Bitcoin is the rum ours of a possible favorable law in the US, which will be presented in the coming days. The project aims to integrate Bitcoin into the traditional financial system.
Another vital mark for Bitcoin is its market dominance, which has risen to 47%, the highest percentage since October last year. This shows that investors most sought after cryptocurrency in times of the low market.
Bitcoin’s daily chart shows that the cryptocurrency has been trying to break the top of the trading channel in which BTC has been operating since the beginning of last month, between $28,400 (R$136,000) and $31,300 (R$150,000), as represented. by the yellow rectangle in the chart below:
If Bitcoin manages to break this upward channel in the next few days, there is a strong buying trend, as the next resistance for the cryptocurrency would be the region around $37,000 (R$177,000), represented by the green line.
If the asset does not break this channel and continues this recovery, we can see another sideways movement, presenting a situation for fast trades.
2. Ethereum (ETH)
The second-largest cryptocurrency on the market has attractive upside potential for the following year. One of the attractions that highlight this scenario is the gradual increase in the revenues of Ether miners through the gas fees generated in the network.
This increase in revenue has been driven by the growth in the utilization of Ethereum’s second layer networks, resulting in a considerable increase in the number of transactions on the ETH network, making it more valuable and sought after by investors.
Another factor that could boost ETH this year is implementing the Ethereum update that is about to happen. The network migration to PoS mining could be beneficial for the crypto asset in the coming months, increasing the upward trend.
The chart below shows that Ethereum has been operating close to its immediate support at moment, above $1,700 (R$8,200), represented by the red line, and without the strength to break down in this region:
ETH started the week with a rise of 2.9%, and, if the week has a positive close in the market, Ether could seek the top of this channel, represented by the yellow rectangle and positioned in the region of US$2,147 (R$10,300), which would represent an appreciation of 15.93%.
Remember that we do not make any investment recommendations. Each investor needs to analyze before considering buying or selling a crypto asset.
3. Cardano (ADA)
Cardano was one of the week’s highlights: The cryptocurrency presented the best performance among the leading cryptos on the market. With a rise of 23.5% in the last seven days.
This rally has been driven by network’s hard fork, called Vasil. Which will take place later this month and cheers traders speculating a short-term rally.
The chart shows that Cardano has a double bottom configuration. Which can be seen as an indication of a trend reversal that until then was bearish:
Considering the highs in previous updates of the Cardano network. It is likely that the ADA will see periods of highs this month, which could result in good short-term trades.
However, the cryptocurrency’s downtrend comes from its all-time high in September last year. Influenced by several delays in the delivery of project updates that caused ADA to lose a good part of its market value, which did not prevent the project from reaching new highs again in the future.
4. Pancake Swap (CAKE)
Pancake Swap has been gaining traction in recent weeks. Binance has recently invested in the decentralized exchange, driven by the massive growth of Pancake Swap within BNB Chain. According to Binance, this decentralized exchange already has more than 400,000 active users daily.
Another point favouring Pancake Swap is the increased adoption of decentralized exchanges. According to a study produced by Chainalysis, decentralized exchanges have grown lot in recent months compared to centralized exchanges.
Regarding the chart, Cake has been going through a period of lateralization since mid-May, operating in the price region between US$3.82 (R$18.33) and US$5.00 (R$23.99).
Considering the favorable numbers regarding Cake, Binance’s support for its development and the growth of DEXs in the market, the token tends to appreciate over the year. However, investors need to analyze each investment in the crypto market and check whether it makes sense to invest in specific market projects.
5. Helium (HNT)
Helium (HNT) can be consider one of the most promising projects on the market. Focused on Web 3.0, HNT promises to be a “decentralized internet provider” without the need for a company behind the wireless network.
This project already dominates the market in the United States and has excellent growth potential in Brazil. The world is going through a transition period between Web 2.0 and Web 3.0, and this movement can make HNT gain traction in the market.
The chart below shows that HNT bottomed for that year in late May. After that moment, the cryptocurrency accumulates an appreciation of 51%, indicating a reversal of the downward trend in the short term:
If HNT continues this uptrend during the week, the cryptocurrency could look for resistance region around $12.23 (R$58.67), represented by the green line. This would represent an appreciation of approximately 16.5% compared to the current price.
It is worth mentioning that the analyzes carried out in this content are not investment recommendations. It is up to the investor to define the best moments to buy or sell their crypto assets according to their investment strategy.
What Moved the Cryptocurrency Market?
Keeping up with the cryptocurrency universe is essential for those who want to invest in these assets. We know that external elements also impact these currencies in addition to internal factors related to project updates. Therefore, it is essential to read the news about cryptocurrencies.
What is the Ranking of the top 5 Cryptocurrencies of the week?
As we always say, it is worth remembering that this content should not be interpreted as an investment recommendation. Before investing in any cryptocurrency. It is necessary to conduct a detailed analysis of the timing and suitability of your investor profile.
Therefore, each piece of data reported here serves as a basis for you to make decisions when investing in cryptocurrencies. The past performance of a cryptocurrency does not guarantee the realization of the analyzed scenario; after all. The market can change, a trend can be follow. And external factors can interfere with the progress of an asset in the market.
Conclusion:
Thus. The recommendation is the search for knowledge to invest better and pay attention to news about cryptocurrencies that can impact the market and directly affect your investments.
In addition, content on strategies, techniques and methods for investing is essential. As well as help and support to carry out operations at the right time. In this regard, count on the help of the Context team and all the content on our platforms. Designed to make you invest safely, practically and with more knowledge.