In this update, we will see the 5 best cryptos to trade this week. Today, cryptocurrency prices skyrocketed, with Bitcoin trading above the $22,000 mark. The world’s largest and most popular cryptocurrency increased by more than 8% to $22,757. The worldwide cryptocurrency market cap surpassed $1 trillion today, rising more than 7% in the last 24 hours to $1.09 trillion. Overall, the cryptocurrency market has had a good week this week. Market sentiment is improving due to numerous positive developments in the industry.
5 Best Cryptos To Trade This Week
With market optimism on the rise, we’ve compiled a list of the 5 cryptocurrencies to add to your portfolio this week. Let’s have a deeper look.
1. Ethereum Classic (ETC)
On Thursday, ETC opened at $32.82, and its price has ranged between a high of $35.35 and a low of $32.04. The current price is $33.99, representing a +20.95% increase in just 24 hours. The coin has risen 42% in the last three days and is expected to rise even further.
This surge was triggered after Ethereum creator Vitalik Buterin shared his thoughts on the Ethereum network’s long-term potential. Buterin mentioned that the second-largest crypto network was going through a difficult transition. He stated that the network would be 55% complete once Merge is completed. He also stated that those who oppose the transition and support Proof-of-Work could continue to use Ethereum Classic.
The upcoming merger of the Ethereum Network and the original coin ETC is pushing the original coin ETC higher these days. Trading ETC this week may be the best time to take advantage of early entry benefits.
Ethereum Classic (ETC) Technical Outlook
On the technical front, the ETC/USD pair will likely encounter significant resistance near $41.50. A downward trendline extends this resistance; however, ETC’s bullish power appears strong. As a result, breaking through the $41.50 resistance level may expose the ETC price to $52. At the same time, the support level remains between $34.50 and $31.50.
2. Synthetix (SNX)
The SNX pair opened the day at $3.75 and has since traded to a high of $4.02 and a low of $3.60. The current price is $3.77, up +29.40% in the last 24 hours. For the third consecutive session, the token maintained its bullish momentum. During these three days, the token has increased by approximately 26.95%.
The token surged after its developers announced last week that the protocol’s decentralized autonomous organization (DAO) renewed its agreement with liquidity provider Jump Crypto. Following this announcement, WhaleStats revealed that SNX was the second most purchased altcoin by Ethereum Whales.
Synthetix (SNX) Technical Outlook
At around $4.73, SNX will most likely face significant resistance. The SNX/USD pair has formed a bullish engulfing candle on the daily timeframe, which is supporting a strong uptrend trend. At the same time, an upward trendline keeps the coin price at $3.05.
At the same time, the 50-day moving average (EMA) is likely to provide support at $2.61. SNX can trade bullishly until the $4.75 and $5.51 resistance levels are reached.
3. Monero (XMR)
Monero (XMR) began trading at $161.50, reaching a high of $163.40 and a low of $157.00. The current price is $160.20, a +6.09% increase in the last 24 hours. Monero is under pressure today after rising for two sessions in a row. The coin has increased by approximately 13% in the last two days.
Monero is a decentralized cryptographic project that aims to maximize anonymity while improving privacy. It is a secure, private, and untraceable digital currency system. Its high levels of privacy and anonymity are increasing its popularity and value.
Monero (XMR) Technical Outlook
The XMR coin has broken through the downward trendline, creating strong resistance at $153. If the XMR coin breaks above this level, it will be exposed to the next resistance level of $165.65. Because XMR is trading above its 50-day exponential moving average, the chances of an upward movement remain high. On the downside, XMR may find immediate support at $153, while a break below this level may lead to a drop to $138.35.
4. Ethereum (ETH)
Ethereum maintained its bullish momentum on Thursday, rising for the third consecutive session. It has reached its highest point since June 11th. ETH has increased by approximately 13.41% over the last three sessions. Positive bets are being placed on the second-largest cryptocurrency ahead of the upcoming network transition.
The Ethereum network has set September as the launch date for its long-awaited PoW-to-PoS transition, dubbed “The Merge.” Since the launch date was announced, the coin has seen a massive bullish rally, making it an excellent investment opportunity this week.
Ethereum (ETH) Technical Outlook
Ethereum, the second most valuable cryptocurrency, has recovered from a strong support level of $1,375. On the daily timeframe, Ethereum has broken through a symmetrical triangle pattern, and it is now likely to trade with a bullish bias.
The pair is moving north towards the next resistance level of $1,873. As you can see, ETH closed with a bullish engulfing candle followed by a Doji, indicating that the upward trend is likely to continue. So, consider buying trades worth more than $1,605 today.
5. Lucky Block (LBLOCK)
LBLOCK has been rising over the last few days. A day earlier, the Lucky Block ERC20 token began trading on LBank, pushing its price up to $0.0013. The coin’s value is expected to rise in the coming days as a result of the token’s next CEX listing on the MEXC exchange on August 1st.
Furthermore, the platform recently introduced a new NFT competition platform. Given these developments, the LBLOCK token’s price is expected to rise in the coming days, making it an appealing investment opportunity for this week.
Lucky Block (LBLOCK) Technical Outlook
LBLOCK remains in the spotlight due to its upcoming listing on MEXC exchange. Anyway, the technical side of LBLOCK is a little off, and it’s showing signs of consolidation in a narrow range of $0.0009 to $0.0011. The oversold coin attempts to re-enter the 23.6% Fibonacci level of $0.0012. A break above this level may expose the LBLOCK price to $0.0015. LBLOCK may gain immediate support of $0.00090 and $0.0007 on the support side. Keep an eye out to buy LBLOCK in the $0.00090 range.
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This article was written for Business 2 Community by Arslan Butt.
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