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Here’re 3 cryptocurrencies to watch for the week of April 24

There is a modest drop in the cryptocurrency market, with some top assets shedding some of their most recent gains. It has been challenging for the sector to start a positive trend because of this pullback and the lack of noteworthy market events.

However, investors should keep a watch on a few cryptocurrencies, as they have shown signs of encouraging acceptance and network growth. Here’re 3 cryptocurrencies to watch for the week of April 24.

#1: Solana(SOL)

Thanks to recent events that can lead to a price surge, the DeFi token is again leading the crypto space. Notably, despite a mid-2020s first announcement, the Solana Android phone was finally released. The possibility of mobile-based cryptocurrency transactions enabled by the phone has created a stir in the cryptocurrency world.

As a result, Solana saw a temporary price increase, and investors are closely watching the effect on the value of SOL as a whole. Due to the general market decline, which has resulted in weekly losses of roughly 12%, SOL is still having trouble despite this gain. The SOL price at the time of publication was $21.82.

herere-3-cryptocurrencies-to-watch-for-the-week-of-april-24

SOL/USD 4-hour chart | Source: TradingView

Most TradingView’s technical analysis indicators point to a short-term bearish outlook for SOL. Moving averages show a “strong sell” at 11, oscillators are at 2, and the gauge summary indicates a “sell” at 13.

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SOL technical analysis | Source: TradingView

#2: Rocket Pool (RPL)

The success of Ethereum’s Shapella update has contributed to the recent sharp increase in Rocket Pool’s (RPL) pricing. Investors can unstake their ETH from the network thanks to the upgrade, which comprises adjustments to the Engine API, Consensus Layer, and Execution Layer.

As a result, Rocket Pool, an Ethereum staking solution that offers a more convenient way to engage in staking without having to possess 32 ETH, is rising in popularity.

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RPL/USD 4-hour chart | Source: TradingView

RPL, like Ethereum, has now given up some of its gains. As of the time of publication, RPL was down more than 3% per day and trading at $46.71. The ability of RPL to maintain and rekindle the gains from Ethereum’s staking update will be closely watched by investors.

RPL’s attitude is displaying conflicting indications in terms of technical analysis. The gauges’ summary suggests “neutral” at 8, while moving averages advise “sell” at 7. Oscillators advise ‘buy’ at 3.

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RPL technical analysis | Source: TradingView

#3: Bitcoin (BTC)

Despite its recent difficulties maintaining gains above $30,000, the general outlook for Bitcoin is still favorable. The most recent correction coincides with newly raised regulatory concerns in the US that have prompted cryptocurrency exchange Coinbase to threaten a market departure, adding to the uncertainty. The Federal Reserve has pledged to take every measure to rein in the inflationary trend. However, Bitcoin and other risky assets are still waiting for the institution to make headway.

On the other hand, Bitcoin anticipates gaining from innovations that will result in greater usage. Users of the Telegram chat service can now utilize a wallet bot to access Bitcoin services, including buying, selling, and exchanging BTC.

The cryptocurrency world is now deciding whether Bitcoin can retake the $30,000 threshold and reach new yearly highs. Mike McGlone, the senior commodity analyst at Bloomberg, forecasts a short-term decline but is still optimistic about the long term. Bitcoin is currently down more than 10% weekly and trading around $27,679.

herere-3-cryptocurrencies-to-watch-for-the-week-of-april-24

BTC/USD 4-hour chart | Source: TradingView

According to technical analysis, the emotion toward Bitcoin is neutral, with oscillators and summary at 9 and 8, respectively, and moving averages for sale at 8.

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BTC technical analysis | Source: TradingView

Even though there is a chance that the highlighted cryptocurrencies may see a significant increase, it is crucial to closely monitor any new information that might emerge in the coming week. Even though there is a chance that the highlighted cryptocurrencies may see a significant increase, it is crucial to closely monitor any new information that might emerge in the coming week.

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