5 Cryptocurrencies Should Trade From Trading The Week Of March 13, 2023, XRP is notable
Despite the market’s unpredictability, a few cryptocurrencies show potential and should be watched in the coming week. The following 5 cryptocurrencies are worth tracking throughout the week of March 13 and examining the variables influencing their performance.
#1: Kava (KAVA)
The weekly advances that Kava (KAVA) has led, principally fueled by network activity, have been accelerating. The validator incentives that Kava recently disclosed served as a positive trigger for the token’s price.
More validators ran their nodes on the Kava blockchain after the launch. Additionally, Kava incentivized its validators to switch from centralized cloud platforms like Amazon Web Services (AWS) and Google Cloud to decentralized ones like Akash. To advance decentralized infrastructure on Kava, Akash contributed $1 million in AKT, the native token of Akash Network, to Kava Strategic Vault.
Users on Kava are probably more motivated due to this endeavor, which has increased network activity. The campaign builds on earlier efforts by Kava that saw the token listed on the cryptocurrency exchange Coinbase.
As a result, as we start a new week, KAVA is worthwhile to observe, especially if the network can maintain the benefits of network activity. With the market experiencing pessimistic feelings, KAVA is still susceptible to selling pressure as investors are likely to take profits. At the time of publication, KAVA was up roughly 15% weekly, trading at $0.92.
KAVA/USD 4-hour chart | Source: TradingView
The majority of TradingView’s one-day technical analysis for KAVA is bullish. The technical indicators are the attitude gauge for “buy” at 11. Moving averages can also be used to buy at 9.
KAVA technical analysis | Source: TradingView
#2: XRP (XRP)
While the parent business of the token, Ripple, fights the SEC in court, XRP has come under scrutiny. The high-profile failure of Silicon Valley Bank has brought the token to the forefront of attention (SBV).
Investors in XRP are still keeping an eye on the case while waiting for the summary verdict. Given Ripple’s confidence, an outcome in the company’s favor would probably favor XRP and vice versa. By press time, XRP was trading at $0.357, having registered daily losses of about 0.6%.
XRP/USD 4-hour chart | Source: TradingView
With moving averages and summary averages indicating a “strong sell” sentiment gauge at 16 and 14, respectively, XRP’s technical analysis is primarily negative.
XRP technical analysis | Source: TradingView
#3: Maker (MKR)
The new strategy allows users to borrow more money by increasing the maximum debt cap from 20 million DAI to 30 million DAI and lowering the annual borrowing price for Rocket Pool ETH from 0.5% to 0.5%. Other loan products were also subject to a drop in borrowing fees, which increased trading activity and raised the price of MKR as more users joined the network.
Members are voting to authorize the release of more funds to buy U.S. government bonds worth $750 million, a massive development for the Maker community. The choice is motivated by bonds’ increasing allure as an asset class in the face of rising interest rates.
MKR is a stock to watch, mainly if on-chain activity enables the token to maintain gains despite the adverse environment. MKR is currently up more than 5% daily and trading at $667.
MKR/USD 4-hour chart | Source: TradingView
MKR’s technical analysis, however, is pessimistic. Moving averages advise a “strong sell” at 13, while a summary of the indicators on TradingView indicates a “sell” at 14. Oscillators have a 9-point “neutral” gauge.
MKR technical analysis | Source: TradingView
#4: ImmutableX (IMX)
The game drew over 100,000 players during the beta phase in the most recent quarter, indicating significant room for expansion. If the network alliance can result in a value breakout, IMX is worth watching when the market is searching for drivers of price movement upward.
At the time of publication, IMX had more than 1% daily gains and was trading at $0.79.
IMX/USD 4-hour chart | Source: TradingView
Technically speaking, IMX is primarily negative, with moving averages and summary averages advising “sell” at 11 and 10, respectively.
IMX technical analysis | Source: TradingView
#5: Bitcoin (BTC)
The first cryptocurrency was one of the top assets that saw a capital outflow as a result of the failure of Silvergate Bank. During the event, Bitcoin’s (BTC) correction to below $20,000 sent shockwaves through the market. Nonetheless, despite the market being exacerbated by the USDC stablecoin de-pegging from the dollar, Bitcoin has surpassed $20,000 this year.
Jerome Powell, the chairman of the U.S. Federal Reserve, has said that interest rates might increase further and stay high for longer than expected. Risk assets, like Bitcoin, which have already had a considerable fall over the previous year owing to rising interest rates, have been negatively impacted by this statement.
The current gloomy picture for the cryptocurrency business is worsened by additional alarming developments in the larger financial environment. There seems to be no incentive for investors to invest in Bitcoin.
Many investors are wary and unsure about the future of crypto assets due to the market’s growing adverse sentiment saturation. Despite the general adverse mood, the CoinMarketCap cryptocurrency community predicts the commodity will trade at $21,192.
Although Bitcoin has recaptured the $20,000 position, keeping an eye on the commodity in the coming week is essential to see if it can hold the level or if bearish feelings will cause it to fall much more. At the time of publication, Bitcoin was up more than 2% on the daily chart, trading at $20,647. Bitcoin is down more than 8% on the weekly chart.
BTC/USD 4-hour chart | Source: TradingView
The pessimistic sentiment surrounding Bitcoin is a problem for technical analysis. The gauges are summarized as “sell” at 12. Moving averages are at 11 for a “strong sell” feeling. The market’s response to the aftermath of the U.S. banking crisis and other current events, such as potential interest rate hikes, could greatly influence how the highlighted cryptocurrencies perform.
BTC technical analysis | Source: TradingView
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