Cryptocurrencies are a digital asset that has garnered an increasing amount of attention from the investment community. Many new companies are coming into space, and more are on the way. Here is a list of some of the cryptocurrencies you should look out for this week.
Table of Contents
Bitcoin (BTC)
There has been an increase in the transactions volume of bitcoin over the last few weeks, with a seven-day high of 7.67 million BTC and with a seven-day low of 2.95 million BTC.
The recent Bitcoin migration has led to a significant increase in the network’s hash rate, reaching 225.68 million TH/s yesterday. The network’s mining difficulty has also reached an all-time high as just 2 million $BTC remains mined. Mining reserves are also at their lowest level in over 12 years.
BTC currently trades at $43,676.16 and has a market cap of 830 billion dollars with 21,000,000 coins in supply. It ranks #1 on CoinMarketCap.
Bitcoin appears in a symmetrical triangle pattern during the 4-hour time frame, so waiting for a breakout or breakdown is the best bet. Above supports, a breakout will ensure we have an upward trend. Meanwhile, breaking below the supports could lead to new lows being formed.
Ethereum (ETH)
Ethereum network fees have been skyrocketing over the last few weeks. As shown in the chart, the cost has increased by 149.18% in the last week alone.
The volume of ETH staked by the people on the Ethereum network has consistently increased in recent weeks, with an average of 2.87% growth in just the last seven days.
ETH currently trades at $3,205.77 and has a market cap of 385 billion dollars with infinite coins in supply. It ranks #2 on CoinMarketCap.
In the 1D timeframe, the price action of $ETH/USDT has formed the Bearish Harmonic Bat pattern, where the price action has successfully broken out the Market structure level.
Cardano (ADA)
ADA holders are on the rise. There are now 5.09 million Cardano addresses, with a balance increasing over the last year. This is an increase of 48% YTD.
ADA currently trades at $1.08 and has a market cap of 36 billion dollars with 45,000,000,000 coins in supply. It ranks #9 on CoinMarketCap.
In the 1D timeframe, the price action of $ADA/USDT takes the formation of the Cup and Handle pattern, whereas the Handle is yet to be formed.
SKALE Network (SKL)
SKALE is the world’s only containerized blockchain capable of running unlimited numbers of secure, decentralized blockchains native to Ethereum. As a result, SKALE is a scalable solution for Ethereum. It enables developers to migrate all their development onto an adjacent, SKALE-administered sidechain without causing congestion on the Ethereum mainnet. This technology is catching on, and the future looks promising. You should certainly try it out if you’re a developer looking for new opportunities.
SKL currently trades at $0.2175 and has a market cap of 755 million dollars with 7,000,000,000 coins in supply. It ranks #101 on CoinMarketCap.
On 1w timeframe, the price action of $SKL/USDT was trading in a downtrend and bounced back from the Horizontal Support level.
Celo (CELO)
Celo is an EVM-compatible proof-of-stake protocol that offers fast transactions with collateralized tokens and works on a layer one protocol. Experts had predicted the CELO coin price could be up to $4.13 and would rise to $10.5 by early 2027.
CELO currently trades at $3.84 and has a market cap of 1.6 billion dollars with 1,000,000,000 coins in supply. It ranks #64 on CoinMarketCap.
On 1w timeframe, the price action of $CELO /USDT has broken out the Resistance Trendline, where it reversed from the Horizontal Support level.
Closing Thoughts
Trading requires immense discipline and fiscal prudence. We presented our thoughts on the coins and tokens above. We suggest you do your own research or consult your trading advisor before investing. After all its your hard earned money.
