The market for cryptocurrencies needed a way to process crypto-to-fiat payments or withdrawals with the same 24/7 stamina as that of the traditional financial system.
Silvergate and Signature Bank filled in that gap between cryptocurrencies and TradFi. However, the past few weeks saw both of these lenders collapsing, with Silvergate voluntarily shutting down and Signature being taken over by the New York Department of Financial Services. Silicon Valley Bank also collapsed in the same time frame after suffering a bank run.
Despite this, the market somehow managed to overcome the fear, uncertainty, and doubt in the aftermath of the lenders’ implosion even as top crypto Bitcoin failed to sustain its rally, briefly touching $26K, and retreated to the $24k region at the time of writing.
Meanwhile, several tokens are proving their mettle in the midst of the FUD.
Here Are Top 5 Cryptocurrencies To Watch This Week:
OPÂ
Optimism (OP) investors have been very optimistic about the short to medium prospect of the token. According to CoinGecko, the token is up more than 22.6% in the past 24 hours. This bullishness might be caused by the token’s high correlation with both Ethereum and Bitcoin which are both up significantly since yesterday.Â
OP bulls are nearly through the token’s resistance at $2.879 which, if completely broken, should give OP enough headroom for a further breakthrough toward $3.2, which represents a 14% gain for investors. However, caution should be exercised as a quick rise like what OP is experiencing can face a strong bearish counter in the short term.Â
DOT
Benefitting from both on-chain and off-chain developments, this token is currently experiencing a 10% upward movement according to the latest market data. The recent onboarding of music giant Beatport to Web3 will give the Polkadot ecosystem an edge over its competition.
DOT recovered lost ground as the January rally started. As it stands, strong resistance can be expected on $6.779 with support at $6.002. Investors and traders still have enough room to go up with a possible resting position at $6.350.Â
DOGEÂ
Being the first memecoin in the list, DOGE has been seeing a resurgence in price after slipping below its January rally levels. Data shows that the coin is up more than 7.1% in the past 24 hours as the market rallied with major cryptocurrencies retesting historic resistances.Â
With the token experiencing a flip in investor sentiment, DOGE might be on its way to returning above $0.08082. Investors and traders should watch the price movement of the major cryptos as this would influence the sentiment around memecoins such as DOGE.
If the bullishness of the market continues, we can expect DOGE to slip past $0.08082 and $0.8585 resistances to supports in the medium to long term.Â
SOL
Ranked number 10 in CoinMarketCap’s list, SOL has been seeing a remarkable recovery since the start of the year after a tough 2022. According to recent market data, the token is up nearly 7% in the weekly timeframe. This can be attributed to the recent buzz generated by the Grizzlython project, Solana’s most recent hackathon.Â
The token is currently breaking through $21.60. If the bulls can completely flip and settle above $21.60, investors and traders can expect higher highs in the next couple of days. This price movement sets the conditions for bulls to target $23.29 and $24.98 shortly.Â
AVAXÂ
Avalanche wiped the bears off the floor with the recent partnership with TSM. The partnership would cement AVAX’s place in the GameFi side of Web3. Blitz, a competitive gaming platform owned by TSM, will also be brought to the Avalanche ecosystem, which brings Web3 gaming into the mainstream.Â
Because of this, CoinGecko noted a 7% increase in the price of the token in the past 24 hours. Paired with the fact that bulls are close to the $18.40 resistance, AVAX has a lot of headroom for growth in the short to medium term. Bulls should exercise caution and settle above $17.36, giving them a strong launch pad for future bullish actions.Â
-Featured image from Built In
