According to Glassnode, the altcoin market remains cautious as Bitcoin enters its narrowest trading range reminiscent of July 2020 prices. You can find the 5 altcoins that got the green light with the upcoming important news in this article.
Bitcoin’s move signals an upcoming major shift
Glassnode reiterated Bitcoin July 2020 prices, highlighting opportunities in the altcoin market. The leading crypto is currently consolidating in its narrowest seven-day range. This points to an important change that will begin in the coming days.
The 7-day price range (3.4%) #Bitcoin has consolidated within is one of the tightest over the last 3yrs.
It is comparable to Jan 2023, and July 2020, both of which preceded large market moves.
This suggests high volatility is likely on the horizon.
📊 https://t.co/VHIhAlOSWL pic.twitter.com/JZjvZe3yJa
— glassnode (@glassnode) May 22, 2023
According to the analysis, amid the cautious mood in the broader financial market following recent US economic developments that caused the decline, there is a possibility that the bearish trend affecting Bitcoin will spread across the market in the medium and long term. That said, the following 5 altcoins are showing signs of strength in key news feed accompaniment.
5 altcoins that are expected to make big moves in the coming days
Kava (KAVA)
Kava (KAVA) has achieved impressive statistics with the successful launch of the Kava 13 mainnet. According to CoinGecko, the altcoin has gained 50% in the past two weeks. The increased usability and scalability of the newly introduced mainnet contributes to the future performance of KAVA.
SUCCESSFUL LAUNCH: #KAVA 13 Mainnet is LIVE 🚀 pic.twitter.com/wU3peIIMe7
— Kava (@KAVA_CHAIN) May 18, 2023
Currently, KAVA’s key support level is at $0.8465. If this level is broken, the bears will press for lower levels. The key resistance level that the bulls need to break is at $1.4. KAVA is currently trading between these two levels at $1.22, up 10% intraday.
Synthetix (SNX)
SNX continues to defy market trends. It completed an important 15% rally yesterday. In the next news, Lyra, a new options market maker, will also integrate Synthetix perpetuals into the Newport upgrade, which will draw more attention to Synthetix.
The Lyra Newport release is almost here.
Newport will integrate Lyra with Synthetix Perps, delivering deep on-chain options liquidity, low fees, and tight spreads.
It's incredible to see the speed of development across the Synthetix Ecosystem!https://t.co/N1d7NVgkJF
— Synthetix ⚔️ (@synthetix_io) May 22, 2023
Tron (TRX)
The final result of Tron’s HackaTron Season 4 has revealed winners who will help evolve DeFi and crypto as a whole. It has moved TRX away from the current slippage of the market. Coinecko data reveals that the token value has increased by 11% since last week.
TRX’s current trajectory makes it a primary target for bears. After nearly a month of sustained gains, traders should be ready for a drop towards $0.06544 in the short term. However, once the market cools down, the bulls should be able to target $0.08092 in the long term.
Thrilled to announce our official integration with @Port3Network 's SoQuest platform 🎉!
Now, you can utilize SoQuest to earn valuable rewards 🏆, craft your unique on-chain identities 🆔, and explore so much more!
Buckle up for this exhilarating blockchain journey! 🚀 https://t.co/l07MVJtaVz
— Conflux Network Official (@Conflux_Network) May 17, 2023
Conflux (CFX)
Conflux was able to continue to evolve despite market conditions available with multiple integrations in other networks. These developments have positively impacted the price of CFX and the token has increased by around 30% in the last two weeks, making it one of the top earners in the market.
As of writing, the bulls are attempting to recover $0.3128. A turn around this level will provide a solid support level for CFX to climb above $0.4215 in the coming days or months. However, as the two assets are historically related, investors and traders should watch for Bitcoin’s future price movements.
Litecoin (LTC)
Litecoin, the oldest crypto on the list, holds itself higher than the others listed. With a very high hashrate, LTC proves to be a reliable way to trade in everyday life. Due to these factors, LTC has increased by around 17% since last week.
cryptocoin.comAs you can follow from , there are weeks until the next Litecoin halving.
Bitcoin’s move towards a narrow trading range is impacting the future performance of LTC. LTC is currently trading above $90. This is an important level that moves the bulls into action. In the long run, traders should be able to target $100 to secure a bigger rise.
