(19 May 2024, 16:29 PM IST): The cryptocurrency market is showing signs of a bullish trend this week, driven by Bitcoin (BTC) trading above $67,000. This positive movement follows the April Consumer Price Index (CPI) report, which indicated a moderation in core inflation and a greater-than-expected cooling in retail sales. With BTC’s price gaining confidence, several tokens are poised to record significant gains. Here’s a look at the top cryptocurrencies to watch this week.
Top 5 Cryptocurrencies To Watch Out This Week:
Today, we have analyzed tokens like Gala, Enjin, and Axie Infinity, along with Ondo and Pepe, which could make big this week.
1. Gala (GALA) Price Analysis:
Gala (GALA) has recently broken out from a symmetrical triangle pattern, signaling potential bullish momentum. Currently, GALA is trading at a resistance support level of $0.0454 and has a market cap of $1.38 billion. If it can maintain this support, a pullback could lead to a pump, with GALA potentially reaching $0.06878. This would mark a 51% increase in the coming days.
2. Enjin (ENJ) Price Analysis:
Enjin (ENJ) has seen a significant breakout by breaching a major trendline. Now trading at $0.3219 with a market cap of $469 million, ENJ has the potential to rise further. Technical analysis suggests that ENJ could easily reach $0.4541, representing a 40.72% gain in the near term.
3. Axie Infinity (AXS) Price Analysis:
Both Enjin and Axie Infinity (AXS) share similar bullish patterns, with each token breaking major trendlines. AXS is currently trading at $7.37, boasting a market cap of $1.07 billion. If the bullish momentum continues, AXS could climb to $9.66, which would be a 31.08% increase from its current price.
4. Ondo (ONDO) Price Analysis:
Ondo (ONDO) has struggled to push past the $1.04 mark this week. Presently, ONDO is trading at $0.9466 within a formed channel. If ONDO can break above the $1.04 level, it could see significant gains. Traders should watch for this critical level to gauge ONDO’s potential upside.
5. Pepe (PEPE) Price Analysis:
Pepe (PEPE) the popular memecoin is experiencing bearish pressure after a recent selloff from its all-time high of $0.00001161. Currently, PEPE is trading at $0.00000945 with a market cap of $3.96 billion. If buyers can push PEPE above the $0.00000964 level by breaking the trendline, we could see good momentum. However, if the price slides below $0.00000891, bearish pressure could lead to further downside.
Beam (BEAM) Price Analysis:
Beam is on the verge of breaking its resistance trendline at $0.02630. If buyers can push the price above $0.02715, Beam could see notable gains. This breakout could trigger a strong upward movement for BEAM.
- Current Price: $0.02548
- Market Cap: $1.26 Billion
The cryptocurrency market remains highly volatile, and while these tokens show promising signs of gains, it’s important for investors to stay informed and consider market conditions before making any trading decisions.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and speculative, and past performance is not indicative of future results.