This has created excitement among investors and traders as they look to see if the trend can continue. Therefore, Finbold looks at some of the cryptocurrencies to watch in the coming week.
Convex Finance (CVX)
Convex Finance (CVX) is a decentralized finance (DeFi) platform that has recorded a surge in price and network development. The Convex Finance token has emerged as one of the crypto market’s surprise packages, with a massive upward price trajectory that has cleared key resistance levels. In addition to aligning with the overall crypto market movement, CVX has benefited from network development that has seen the platform roll out updates to its staking mechanism and rewards distribution. The updates target cvxCR, the Convex, and the Curve token derivative staking system on Curve. The updates aim to provide additional incentives for users to stake cvxCRV. At the same time, the team has also proposed changes to platform fees, allocating 2% to purchase and stake cvxCRV for the wrapper contract, which will reduce cvxCRV circulation and increase token value for investors. The token remains an asset to watch on how the platform will react to the proposed changes and if investors will take out profits. By press time, CVX was trading at $6 with daily gains of almost 6%. From a technical analysis perspective, CVX is facing bearish sentiments with a summary aligning with ‘sell’ at 10 while moving averages are for ‘strong sell’ at 9. Elsewhere, oscillators recommend the ‘buy’ sentiment at 5.
Hedera (HBAR)
The Hedera network (HBAR) has been buzzing with increased onchain activities helping HBR rally to new highs. With increased onchain activity, Hedera has witnessed a surge in the total value locked (TVL) into its ecosystem to stand at $38.95 million by press time. Furthermore, the network’s non-fungible (NFT) token ecosystem is also recording adoption. For instance, LG’s Art Lab NFT marketplace recently revealed that it would leverage the Hedera NFT platform to realize a partnership with celebrity restaurateur Jeremy Fall. With the network working towards transitioning Web 2.0 gamers and programmers to Web 3.0, Hederal earned a ranking on the most active cryptocurrencies of 2022. It is worth noting that HBR has rallied in line with the general market, and the asset remains amongst the biggest gainers of the year. Notably, with the crypto market still facing uncertainty, the focus turns on Hedera holders if they will resort to taking out profits or if the asset will likely attract increased buying pressure. HBAR is currently valued at $0.07 with daily gains of over 1%, dropping over 3% on the weekly chart. Elsewhere, Hedera’s technical analysis is mainly bullish, with the summary going for ‘buy’ sentiment at 13. Moving averages are going for a ‘strong buy’ gauging at 12.
The Sandbox (SAND)
The metaverse hype has rebounded in 2023 after the sector appeared to lose momentum in 2022. The renewed buzz has resulted in related tokens, such as The Sandbox (SAND), regaining interest among investors who continue to pump more capital into the token. SAND has experienced an accelerated price spike after it was rumored that tech giant Apple (NASDAQ: AAPL) might venture into the metaverse later this year with the rollout of its virtual reality gear. Currently, SAND has gained 100% in 2023. Moving into the new week, it will be interesting to see how SAND performs, as the underlying fundamentals for the metaverse remain weak. Notably, SAND’s price increase is supported by positive buying volume, but the rally may be short-lived, especially if the general market loses its current bullish momentum. Additionally, the sustainability of SAND’s rally is threatened by the risk of dilution due to the platform’s monthly token unlocks, which run until the third quarter of next year. Therefore, investors might be forced to sell if the current market rally is invalidated. SAND is valued at $0.75 after losing its value by almost 6% on the weekly chart. At the same time, the taken’s technical analysis is projecting bullishness, with the summary recommending ‘buy’ at 11 while moving averages are for the ‘strong buy’ sentiment at 11.
Bitcoin (BTC)
Bitcoin’s (BTC) impressive rally in 2023 has culminated in the asset successfully breaching the $23,000 resistance level. Currently, the crypto is holding above $23,000 after bulls overpowered bears, with year-to-date gains of over 40%. The rally comes after Bitcoin entered a consolidation phase for about five days despite the crypto market facing renewed bankruptcy filings from established entities. BTC has also responded positively to the latest update from the White House announcing the release of a roadmap to mitigate cryptocurrency risks. Bitcoin has also received a boost from renewed regulatory developments, such as a bill by Arizona Senator Wendy Rogers to make BTC a legal tender in the state. However, technical indicators point to a bearish future for Bitcoin, as it is in line for a possible ‘death cross‘ scenario, where the 50-day moving average falls below the 200-day moving average, indicating a bearish trend. On the other hand, Bitcoin is likely to experience the ‘golden cross‘ formation pattern as the 50-day moving average approaches crossing above the 200-day MA, which is associated with bullish sentiments. Bitcoin is currently trading at $23,456 with daily gains of over 2%. Furthermore, the maiden cryptocurrency’s technical analysis are bullish. A summary of the daily gauges is for ‘buy’ at 15, while moving averages are recommending the ‘strong buy’ sentiment at 14. Overall, as the crypto market shows bullishness moving into February, investors are keen on the rally’s sustainability. The highlighted digital assets are worth monitoring, as they have stood out in their respective sectors. However, with lingering uncertainty, it will be interesting to see how they perform in the new week. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
