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 change things and dominate the landscape?
A quick look at cryptocurrency market trackers Coingecko and CoinMarketCap shows that most cryptocurrencies are in the red. But despite the negative mood, some cryptocurrencies show a lot of resilience and promise, unfazed by obstacles as a new month approaches.
Top 5 Cryptocurrencies Ready for Big Gains Today
Let’s start with ADA, Cardano’s native token that is used on-chain for a variety of purposes. public data shows that the token is in an uptrend, with a percentage gain on the daily time frame that goes against the structure of the bear market that formed last week.
As it currently stands, the token price is hurt by the general bearish structure prevailing in the market. However, the bulls can find support at the $0.3563 support level.
The long-term outlook for ADA is neutral, signaling a strong up-and-down fight above current support. If support holds, short to medium term gains are possible.
Even the old and trusted cryptos faced losses in the face of bear claws. However, market data shows that the altcoin is heading back towards $100.
Litecoin price was rising since February 25th with a subsequent drop in trading volume. This could be a sign that the panic selling that took place last week may have reverted 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 moving higher.
At the time of writing, $90.73 is where the LTC bulls should get your attention. This has been the altcoin’s support since late January and has since halted several bearish price moves as the cryptocurrency market has stalled. With the Litecoin foundation finding partnerships in each cornerLTC close to $100 in the coming weeks is no exaggeration.
Ranked 95th on Coingecko based on market cap, this newly minted cryptocurrency for the NEM network has seen some activity over the last few days. Market data shows the token is up nearly 40% on the daily time frame, going against the grain of the broader crypto market. This is supported by a boom in trading volume reaching $456.5 million in the last 24 hours.
As the NEM network continues to develop its idea of “NASDAQ for the new economy”, the price of XEM is expected to rise in the coming days. This breakout of historic resistances is sure to provide the bulls with a much-needed boost to reach higher highs.
Stacks’ role in the decentralized economy is based on how it introduced smart contracts into the world of Bitcoin. Since its inception, investors have found utility in the platform, racking up (no pun intended) gains for STX, the platform’s native token.
With a market value of US$ 1.2 billion, STX is above over 11% since yesterday, outperforming the broader crypto market and smart contract related tokens by a large margin.
Recent price movements have taken the STX to May 2022 levels which, if sustained, will be the token’s launch pad to hit $1.
Crypto total market cap at $1 trillion on the weekend chart | Chart: TradingView.com
Using the GHOSTDAG Protocol, the Kaspa team aims to provide a scalable and secure proof-of-work consensus mechanism for developers. Its native token, KAS, is currently trending among major cryptocurrencies as the community tries to elevation funds for a listing on one of the top 10 exchanges in the market. This is marked by a consistent increase in trade volumes over the past few days.
📢TOP 10 Exchange Crowdfund Update!
More than 1/4 of the way there! 🙏🏼 Let’s finalize this before the March 4th deadline.
links to donate $KAS It is $USD and see live progress here: https://t.co/Ct25Hdwlh0#KAS #Kaspa #ProofofWork #RUST #DAGKnight pic.twitter.com/PlorHUoFFo
— Kaspa (@KaspaCurrency) February 27, 2023
As it currently stands, the token’s advance at $0.008886 will provide leverage for bulls to exploit, with a possible target at $0.012914. If this bullish momentum continues, KAS could break above $0.008886 with a breakthrough in the coming weeks at $0.012914.
-Featured image from CryptoNews.com