Top 5 Cryptos Set for Big Gains as February Ends
As we reach the last day of February 2023, the cryptocurrency market is cautiously hopeful. Will the bear market continue to rear its ugly head in the crypto field? Or will the bulls turn things around and dominate the landscape?
A quick look at both crypto market trackers Coingecko and CoinMarketCap shows that most cryptos are in the red. But despite the negative sentiment, some cryptos are showing a great deal of resilience and promise, unaffected by the obstacles as a new month rolls in.
Top 5 Cryptos Poised for Big Wins Today
ADA
Let’s start with ADA, Cardano’s native token that is used on the chain for a variety of purposes. Public data shows that the token is in an uptrend, with a percentage increase in the daily time frame that is against the bear market structure formed last week.
As it stands now, the token’s price is hampered by the general bearish structure that dominates the market. However, bulls may find support at the $0.3563 support level.
The long-term outlook for ADA is neutral, signaling a strong bull-bear battle above current support. If the support holds, short to medium term gains are possible.
LTC
Even crypto’s old reliable faced losses in the face of the bears’ clawback. However, market data shows that the altcoin is heading back to $100.
Litecoin’s price has been rising since 25 February with a subsequent drop in trading volume. This may be a sign that the panic selling that occurred last week may have returned to buying pressure in the short to medium term.
Image: Litecoin — Bing images
A drop in trading volume means fewer people are selling or buying the asset, indicating that LTC has found support and may be on the rise.
At the time of writing, $90.73 is where LTC bulls should gather attention. This has been the support of the altcoin since late January and has since halted several bearish price moves as the crypto market stagnates. With the Litecoin Foundation find partnership in each cornerLTC near $100 in the next couple of weeks is not far-fetched.
XEM
Placed in 95th place on Coingecko, based on market cap, this newly built cryptocurrency for the NEM network has seen some activity over the past couple of days. Market data shows the token is up almost 40% in the daily time frame, going against the flow of the broader crypto market. This is then supported by a boom in trading volume, which reached $456.5 million in the last 24 hours.
Source: Investopedia
As the NEM network continues to build on the idea of the “NASDAQ for the new economy”, the price of XEM is expected to rise over the next couple of days. This breakout from historical opposition will certainly give the bulls a much-needed boost to target higher heights.
STX
Stack’s role in the decentralized economy is based on how it introduced smart contracts to the Bitcoin world. Since its inception, investors have found utility in the platform, piling up (no pun intended) gains for STX, the platform’s native token.
With a market capitalization of $1.2 billion, STX is up more than 11% since yesterday, outperforming both the broader crypto market and smart contract-related tokens by a wide margin.
Recent price movements have pushed STX to May 2022 levels, which, if sustained, will be the token’s launch pad for targeting $1.
Crypto total market cap at $1 trillion on the weekend chart | Chart: TradingView.com
CASE
User The GHOSTDAG protocol, the Kaspa team aims to deliver a scalable and secure proof-of-work consensus engine for developers. Its native token, KAS, is currently on the upside among leading cryptos as the community tries to raise funds for a listing in one of the 10 best stock exchanges in the market. This is characterized by a steady increase in trading volume in recent days.
📢TOP 10 Exchange Crowdfund Update!
Over 1/4 of the way there! 🙏🏼 Let’s finalize this by the March 4 deadline.
Links to donate $CAS and USD USD and see live progress here: https://t.co/Ct25Hdwlh0#CAS #Kaspa #ProofofWork #RUST #DAYKnight pic.twitter.com/PlorHUoFFo
— Kaspa (@KaspaCurrency) 27 February 2023
As it stands, the token’s breakout of $0.008886 will provide leverage for the bulls to exploit, with a possible target of $0.012914. If this bullish momentum continues, KAS could settle above $0.008886 with a breakout in the coming weeks at $0.012914.
– Featured image from CryptoNews.com
