Cryptocurrency is becoming a more mainstream form of currency. As the cryptocurrency market continues to expand, many new cryptocurrencies are being created. Some old ones are also re-emerging due to overall public interest. Here is a list of crypto to look out for this week.
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Short-term holders are selling their coins due to panic, and long term holders are buying. Traders with addresses holding their Bitcoin for more than 30 days have reduced their positions by 20% since March 29 to 1.6 million $BTC, while long-term holders have constantly been buying for the past five months.
Bitcoin is currently valued at $41,101.60 and has a current market cap of $781 billion and 21,000,000 coins in supply. By writing, it ranks at #1 on CoinMarketCap.
According to the latest statistics, Ethereum holdings on large accounts have shown significant growth. The amount held by these accounts has increased by 20.21% in the last seven days and by 61.85% in the past 30 days alone.
ETH is trading at $3,089.30 and currently has a market cap of 371 billion dollars with an infinite supply of coins. It ranks #two on CoinMarketCap at the moment.
On the 1D timeframe, the price action of $ETH/USDT formed out the lower lows structure where the price action tried to break down the Strong Resistance level as well as Btry to Break of structure level, but the price rejected from the Resistance level.
The latest statistics show that GALA has grown significantly on large accounts. The amount held by these accounts has increased by +183.14% in the last seven days and by +283.70% in the past 30 days alone.
GALA is currently priced at $0.2048 and ranks #67 on CoinMarketCap. GALA also has an infinite supply of coins with a market cap of 1.4 billion dollars.
In the 1D timeframe, the price action of $GALA/USDT formed out of the Bullish Harmonic Bat pattern, where the price action tried to get reverse from the potential Reversal zone level. Currently, it is consolidating at the PRZ level.
FTX Token (FTT)
FTT is a token that can be used on FTX. It is an international crypto-based exchange with various features. The backbone of this system is the FTT token. If you consider investing in FTX tokens, then it’s a decent choice, and as it reflects a sound investment, staking can be excellent.
FTT currently trades at $42.72 and has a market cap of 5.8 billion dollars with 352,170,015 coins in supply. By writing, it ranks at #27 on CoinMarketCap.
On a 1D time frame, the price action of $FTT/USDT formed out the Descending triangle pattern where the price action formed out two taps on the resistance level. Currently, it is consolidating out at the level of Horizontal Support level.
Chainlink uses blockchain technology to execute smart contracts remotely. It allows you to execute computations and support hybrid smart contracts securely and off the blockchain. It connects three major networks Ethereum, Solana and Terra. Chainlink is one of the fastest-growing projects in the blockchain space and can be good for investment.
LINK currently trades at $14.07 and has a market cap of 6.5 billion dollars with 1,000,000,000 coins in supply. It ranks 24th on CoinMarketCap.
On a daily timeframe, the price action of $LINK/USDT formed out the Descending Triangle Pattern where the price action is roaming around at the level of RECTANGLE SUPPORT MARKED.
Discipline and Patience are the most important components of a successful trade. According to the above analysis, the coins we just discussed about might make you decent gains if other market conditions prevail favorably. Again, it’s your hard-earned money that you’ll be using. Do Your Own Research before investing.
Disclaimer: Our analysis is for educational purposes.