cryptocoin.com As we reported, leading crypto analysts suggest that these altcoin projects will rise throughout the week! So what are these altcoins? Here are the popular altcoin projects to watch during the week…
Popular analysts explained: “This week, these altcoins may explode!”
The cryptocurrency market is currently experiencing a slight downturn and major assets such as Bitcoin (BTC) and Ethereum (ETH) have lost some of their recent gains. This correction and the lack of significant developments in the market made it difficult for the industry to enter an uptrend. However, investors should still keep an eye out for certain cryptocurrencies that show promising adoption and network developments. Here are the crypto money projects that can rise during this week;
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Decentralized finance (DeFi) coin Solana (SOL) is once again at the forefront of the crypto space thanks to recent developments that could potentially trigger a price rally. Notably, the much-anticipated version of the Solana (SOL) Android phone has finally been announced after the initial announcement in mid-2022. The phone is expected to create opportunities for mobile-based crypto transactions, which has created a stir in the crypto community. As a result, Solana has experienced a short-term price increase, and investors are watching closely for the overall impact on SOL’s value. Despite this increase, the SOL is still struggling due to the general market correction, which has resulted in weekly losses of about 12 percent. Instantly, SOL is trading at $21.36.
TradingView’s technical analysis indicators show a largely bearish outlook for the SOL in the short term. The summary of the indicators suggests a ‘sell’ at 13, while the oscillators at 2 and the moving averages at 11 suggest a ‘strong sell’.
Rocket Pool (RPL)
Rocket Pool (RPL) price has seen a significant spike in recent days, partly due to the success of Ethereum’s Shapella upgrade. The upgrade combines changes to the execution layer, consensus layer, and Engine API, allowing investors to remove their ETH from the network. This has contributed to the growing popularity of Rocket Pool as a staking solution for Ethereum and provides a more accessible way to participate in staking without the need to hold 32 ETH.
However, RPL has since wiped out some of its earnings along with Ethereum. Momentarily, the RPL is trading at $45.99, losing over 3 percent daily. Investors will want to watch if RPL can sustain and revive Ethereum’s gains from the staking update. That’s why this week, investors’ eyes will be on this altcoin.
Looking at its technical analysis, RPL comes up with mixed signals. A summary of the indicators suggests ‘neutral’ at 8, while the moving averages suggest ‘sell’ at 7. Oscillators suggest ‘buy’ at 3.
Bitcoin (BTC)
Despite struggling to sustain gains above $30,000 recently, the overall mood of Bitcoin remains bullish. The latest correction came as renewed regulatory concerns in the US caused more uncertainty by crypto exchange Coinbase, which threatened to exit the market. At the same time, while Bitcoin and other risky assets continue to await progress from the Federal Reserve, the institution has promised to do everything to contain rising inflation.
Bitcoin, on the other hand, looks forward to benefiting from increased adoption developments. For example, Telegram messaging app users can now access Bitcoin services such as buying, withdrawing and exchanging BTC via a wallet bot. The crypto community is now focused on whether Bitcoin can reclaim $30,000 and hit new year highs. Mike McGlone, senior commodity strategist at Bloomberg, forecasts a short-term pullback, but remains bullish for the long-term outlook. Currently, Bitcoin is trading at $27,332 with a weekly loss of over 10 percent.
Looking at the technical analysis, Bitcoin’s sentiment is neutral, with both the summary and oscillators at 9 and 8, respectively, and the moving averages at 8, selling.
However, experts state that it is necessary to pay attention to the possibility of a significant growth in cryptocurrencies throughout the week, and recommend that new developments that may emerge next week be followed closely.
