According to Glassnode data, the top 5 cryptocurrencies are treading cautiously as Bitcoin enters its narrowest trading range yet, reminiscent of prices seen in July 2020. Bitcoin is consolidating in its narrowest 7-day range in three years, suggesting a major shift is imminent in the coming days.
The bearish sentiment is fueled by the cautious mood in the broader financial markets following the recent debt ceiling meeting, and the bearish trend affecting Bitcoin has the potential to extend to the cryptocurrency market in the medium to long term. However, these top 5 cryptocurrencies have the potential to withstand significant downside risk and offer investors solid returns once bullish sentiment returns to the market.
Top 5 cryptocurrencies expected to make big moves in the coming days
Kava
With the successful launch of the ecosystem’s Kava 13 mainnet, its governance token KAVA has achieved some impressive statistics. According to Coingecko, the token has risen by 50% in the past two weeks. The added utility and scalability of the newly launched mainnet will surely help KAVA’s future performance.
Currently, the coin’s $0.8465 support level is the key to a bigger upside. The current price action of the coin suggests that a drop in value is likely in the coming days. Defending this price point is crucial to target the $1.4 resistance level in the coming days.
SNX
Synthetix’s governance token SNX, which powers synthetic assets on the blockchain, continues to move in the opposite direction of the market’s current trend. At the time of writing, the token is up an impressive 15% in a market where major cryptocurrencies are losing value. New options market maker Lyra will also integrate Synthetix perpetuals in its Newport upgrade, which will bring more attention to Synthetix.
For investors, holding $2.334 is important for future price action. However, SNX’s correlation with Bitcoin could pose a problem in the short term. Nonetheless, in the medium to long term, $2.334 should be able to fend off any bearishness.
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Conflux has been able to continue building despite market conditions with multiple integrations on other networks. These developments have had a positive impact on the price of CFX, with the token up nearly 30% in the past two weeks, making it one of the biggest gainers on the market.
At the time of writing, bulls are attempting to recover $0.3128. A return to this level would provide solid support for CFX to close above $0.4215 in the coming days or months. However, investors and traders should monitor Bitcoin’s future price action as the two assets have historically been correlated.
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Being the oldest cryptocurrency on the list, Litecoin is higher than the other listed cryptocurrencies. This coin has a very high hash rate and proves to be a reliable way to conduct transactions in everyday life. Due to these factors, LTC has gained nearly 17% since last week.
Bitcoin’s move towards a narrow trading range is affecting LTC’s future performance. Currently, the asset is holding above $89.32, which could open the way for higher gains. In the long run, investors and traders should be able to target $100 to ensure more upside.