- The crypto market has been volatile, with Bitcoin down by about 5% over the last 7 days.
- Polkadot is in a descending channel and may be on the verge of a breakout.
- Litecoin celebrated its halving but saw its price fall over 35%. However, HODLer sentiment remains strong.
- Stellar is poised for greater gains after Ripple’s partial victory against the SEC.
- Solana and Aave are both testing strong trendlines and could be ready for a price rally.
Volatility appears to be returning to the crypto market as Bitcoin aims for a healthy retest of the $27,000 zone, before the next leg upwards.
The crypto market has not been favourable throughout the week.
Bitcoin is down by about 5% over the last seven days and has dragged the market down with it.
However, the following week has some promise. Because of this, we have collated a list of some very interesting cryptocurrencies.
Here are some of the top 5 cryptocurrencies (in no particular order) to keep an eye out for this week, for maximum gains.
Polkadot is in a precarious situation according to the charts.
Polkadot’s price action | source: TradingView
According to TradingView, Polkadot appears to be in a descending channel and may be on the verge of a breakout.
The price action within this formation looks interesting, with the cryptocurrency showing long-tailed candlesticks and signs of strong price rejections.
On the RSI, we can see a crossover between the signal line and the MACD, indicating that Polkadot may be an interesting cryptocurrency to keep an eye out for this week.
Litecoin celebrated a major milestone in the last two weeks.
The Litecoin network hit its halving phase and had its block rewards cut from 12.5 to 6.25 Litecoin per block.
As many analysts pointed out, it turned out to be a buy the rumour, sell the news scenario because LTC’s price fell over 35% from $94 on August 1st to around $74.34 to where it now sits.
Litecoin HODLer’s net position change
However, data from Glassnode shows that HODLer sentiment remains strong, and there might be a big chance of a price bounce.
Who knows, the coming week may be the start of something big.
Stellar is one of XRP’s most formidable opponents. This cryptocurrency is now more poised than ever for greater gains after Ripple’s partial victory against the SEC.
According to a recent blog post, Denelle Dixon, the CEO of the Stellar Development Foundation (SDF), mentioned that the Foundation will be spending some of the funds from its treasury to go private the parent company of MoneyGram.
This investment from the Stellar Development Foundation is bound to be beneficial to both Stellar and MoneyGram.
This makes Stellar a worthy cryptocurrency to keep an eye out for over the next week, as the collaboration between both parties is bound to affect XLM.
XLM’s price and tokenomics
CoinMarketCap data shows that XLM is trading at about $0.1229 at the time of writing, but is currently under the influence of the general market dip.
Just like Polkadot, Solana’s price action looks very interesting.
Solana’s price action
Just like Polkadot, Solana is testing a pretty strong trendline and has long-tailed candlesticks that indicate strong price rejections.
These price rejections seem stronger on the lower trendline, indicating the possibility of a bounce.
There is also a crossover between the RSI signal line and the MACD, further strengthening the idea of a bounce.
Might the next week also be the start of something big?
Aave is similar to Polkadot, but different from Solana in terms of price action.
The cryptocurrency is currently in a descending channel and could be ready for a price rally very soon.
Aave’s price action
After a price rejection from the top of the formation around $66.38, Aave declined into a retest of $59.38 where it now sits.
Aave’s possible price action
Even if a breakout doesn’t occur immediately, Aave still has a good chance of rallying by 7% for a retest of the top of the descending triangle, somewhere around $63.
The RSI also looks pretty bullish, indicating the first signs of a crossover between the signal line and MACD.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.