After Bitcoin led the rally among top cryptos yesterday and breaching the $28,000 level, there has been a reversal in the sentiment surrounding the digital currency market. According to CoinMarketCap, the total market valuation of cryptocurrencies rose by 2.17% in the past 24 hours, leading to investors grabbing profits as prices follow the alpha coin.
Altcoins have benefitted from this heavily. CoinGecko data shows that L1 tokens and Smart Contract-related coins have enjoyed a boost in price from the latest rally by Bitcoin. With the anticipation that the US Federal Reserve would not impose another interest rate hike, these five tokens below are expected to advance further in the coming days.
Top 5 Cryptos Expected To Rally This Week
Touted as the portal to the new internet, the Mask network’s native token bearing the same name has grown in popularity. According to CoinGecko, MASK is up nearly 40% in the past 24 hours.
At its current price of $6.21, the token can face significant resistance at $6.4. However, MASK does have a strong supply at $3.8 if the token ever faces a correction. In the meantime, flipping this resistance level would ensure investors of a potentially higher upside.
Ethereum classic is the proof-of-work hard fork of the main Ethereum blockchain. It retains the old characteristics of ETH pre-merge.
The coin is fairly close to its long-term resistance at $23, which if broken, could open up more upside potential for investors. However, failure to overcome this resistance to support would lead to more downside, with a potential of a bearish breakthrough at $18.13. Simultaneously defending this support level while targeting $23 resistance should be the priority of the bulls.
Fantom has been growing in popularity with developers as it is a scalable L1 platform. Major names like Sushi and Curve use FTM for their decentralized exchanges. FTM, the platform’s native token, is riding the market’s price movements with CoinGecko noting an 18% increase in price.
The token is currently above its support line at $0.40033 which is providing the bulls with enough room to target higher prices. Long-term, bulls should target $0.7419, which would give FTM a possible corridor to $1.
After facing pain in the past few days, APE is seeing some gains. According to CoinGecko, the token is up more than 8% in the weekly timeframe with a larger possibility of an explosive price boom.
APE is currently trading in a very narrow trading range only spanning $4.5 and $4.3. This should be taken as a sign that the token might rally in the near-future, with a potential of breaching the $5 resistance to support.
Cryptos total market cap at a little over $1 trillion on the daily chart at TradingView.com
The Graph’s native token GRT has been gaining ground against the bulls since last week. Data shows the token is up significantly, posting a nearly 40% gain. The role of the network in providing a query service for faster access to Web3 data can be attributed to this positive price change.
GRT is currently changing hands at $0.161099. In the long run, the bulls should have no problem targeting $0.3. Turning this resistance to support would give investors of cryptos more upside in the long term.
-Featured image from Capital.com