5 Altcoins to Watch this Week (17.04.2023 – 23.04.2023)
Last week the crypto market experienced significant gains with some tokens surging more than 50%.
Let’s take a look at this week’s list of top 5 altcoins you should keep a close eye on.
Cardano
Cardano has recently introduced a new programming language and toolkit called Aiken, which aims to simplify the process of creating smart contracts on the blockchain. As a result of this development, the price of ADA surged by 6% within a day.
ADA’s daily chart reflects a strong upward trend, with the value of ADA moving within an ascending channel and the RSI above 70, indicating higher highs.
Additionally, investors with significant amounts of ADA, also known as “whales,” are reportedly buying more of the cryptocurrency in anticipation of a potential rally to $1. For instance, a whale address recently acquired 560 million ADA tokens worth $218 million.
At the time of writing, ADA is priced at $0.45 after a 15% weekly surge and has a $400 million 24-hour trading volume. The project’s market cap is $27 billion, which places it a #7 in CoinMarketCap’s rankings.
The 1-day technical analysis from TradingView reveals a bullish santiment with the summary and moving averages pointing at “buy” and “strong buy,” respectively, with 15 and 13 signals. Oscillators, on the other hand, are on “sell” with 5 signals.
Ethereum
With the Shapella upgrade officially going live on April 14, crypto investors can now unstake their ETH tokens.
According to Santiment, an increase in the number of traders betting against ETH after the upgrade might lead to a surge in its price. Additionally, the analytics tool has observed significant swings between shorts and longs in the perpetual contract funding rates on Deribit over the past three months.
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A short squeeze could result in more rallies as traders attempt to repurchase assets to offset their losses. However, Santiment cautions that the current number of transactions resulting in profits is the highest since January 20, which could cause a temporary price downturn.
ETH is currently trading at $2,120 after a 14% price increase in the past seven days and has a trading volume of $7.65 billion. The altcoin’s market cap is currently $254.8 billion.
As for the technical indicators, ETH shows bullish signals, with the summary showing “buy” at 15 and the moving averages “strong buy” at 13.
Arbitrum
Arbitrum also benefited significantly from the recent Ethereum upgrade, experiencing a 40% increase in price within the last seven days, becoming the third most profitable cryptocurrency.
Based on a report by Lookonchain, an unidentified buyer acquired a significant number of ARB tokens during their initial release and has now transferred all 9.94 million tokens, currently valued at $17 million, to Binance.
This buyer made headlines on March 24 when they bought 4.94 million ARB tokens for 3,700 ETH ($6.79 million) at an average cost of $1.38. The purchase made them the largest buyer of Arbitrum tokens on the first day of trading.
ARB is trading at $1.65 with a $1 billion trading volume in the past 24 hours. The token is ranked #34 by market cap, standing at $2.1 billion.
The summary of the technical analysis points to “buy” with 6 signals, while the moving averages show “strong buy” at 5.
Shiba Inu
Shiba Inu’s market capitalization reached a high of $6.96 billion yesterday before dropping to its current value of $6.81 billion. During the same time, BUSD’s market capitalization fell to $6.68 billion.
It is noteworthy that Shiba Inu’s market cap now surpasses that of Binance USD stablecoin, which coincides with a positive run for the popular meme coin. This can be attributed to recent community milestones, such as the launch of the beta version of Shibarium, also known as Puppynet, in March.
The total number of wallets connected to Puppynet increased from 4.05 million to 6 million this weekend, and the network’s transaction volume has exceeded 3.2 million as of press time.
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SHIB is trading at $0.00001158 with a 5.85% weekly increase and has a 24-hour trading volume of around $335 million.
The 1-day TA shows an extremely bullish santiment with both the summary and moving averages pointing at “strong buy” with 16 and 14 signals, respectively.
XRP
XRP has experienced a surge in investor interest, leading to a market capitalization increase of approximately $8.85 billion within a month. According to data from CoinMarketCap, the token’s market cap presently stands at $26.93 billion, indicating a growth rate of approximately 49% from the $18.07 billion recorded on March 17.
Moreover, the steady purchasing pressure has enabled XRP to surpass the elusive $0.50 resistance point, which had remained unbroken for the majority of 2023.
Currently, XRP is aiming for the $1 threshold; however, there are numerous barriers to overcome along the way. If the upswing in XRP’s price is maintained, the $0.60 level becomes critical to overcoming before contemplating a potential path toward $1.
At the time of writing, XRP is priced at $0.52 with a $616 million trading volume in the past 24 hours.
The altcoin’s technical indicators also show positive santiment, with the summary pointing at “buy” with 14 signals and the moving averages at “strong buy” with 13 signals.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
