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Finbold

04/13/2024

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3 cryptocurrencies to watch for the week

The cryptocurrency market has undergone a notable short-term sell-off, with Bitcoin (BTC) losing significant support at $70,000. However, despite this downturn, investors anticipate forthcoming bullish...

3 cryptocurrencies to watch for the week

The cryptocurrency market has undergone a notable short-term sell-off, with Bitcoin (BTC) losing significant support at $70,000. However, despite this downturn, investors anticipate forthcoming bullish catalysts such as the halving event.

Nevertheless, despite the current market conditions, several cryptocurrencies still warrant attention for their performance in the upcoming week. In this regard, Finbold has identified three digital assets worth monitoring and key catalysts to observe.

Toncoin (TON)

Telegram-backed Toncoin (TON) is among the high-flying cryptocurrencies, having registered gains of almost 25% on the weekly timeframe. Notably, on April 11, 2024, TON peaked at $7.63, surpassing Cardano (ADA) to claim the position of the 10th largest cryptocurrency by market capitalization.

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Moving into the coming week, it will be intriguing to see if TON can maintain its upward trajectory despite the short-term general market downturn. TON investors will undoubtedly focus on key fundamentals, such as notable partnerships. 

In this regard, the collaboration between The Open Network and biometrics company HumanCode AI stands out. The latter recently launched a $5 million incentive program in TON for individuals to enroll in the firm’s palm-scanning “proof-of-personhood” system. This initiative enables TON community members and users to connect their wallets and scan their palms to receive a share of the 1 million Toncoins offered. 

Given the current market trend favoring meme coins, it will be interesting to observe if this sector exerts a similar influence on TON. Notably, The Open Network’s Foundation recently distributed 300,000 Toncoin to active meme coin traders on platforms like DeDust and Ston.fi. 

2/ Whitelisted tokens: FISH, ANON, REDO, MRDN, TONY, ARBUZ, durev, TPET, BTC25, WIF, COFE, CATS, and BOLT.

The airdrop snapshot was taken on April 10th at 9:30 AM CET. Sybil wallets addresses were disqualified.

— TON 💎 (@ton_blockchain) April 11, 2024

This initiative aims to stimulate meme coin trading and investment on TON’s blockchain, capitalizing on meme coins’ popularity. Platforms like Solana (SOL) have seen meme tokens such as Dogwifhat (WIF) experience significant surges, rewarding early adopters with substantial returns.

Therefore, it remains to be seen how TON will respond to these pivotal fundamentals. By press time, TON was valued at $6.87

TON seven-day price chart. Source: CoinMarketCap

Dogecoin (DOGE)

Dogecoin (DOGE) has spearheaded the decline among meme cryptocurrencies as the coin mirrored the downward trajectory of Bitcoin prices. While markets maintain optimism ahead of the BTC halving, the correction in Bitcoin’s value makes it intriguing to observe in the upcoming week.

Notably, a show of strength in Bitcoin’s price could incentivize more investors to buy into DOGE. Conversely, heightened selling pressure could push Dogecoin’s price below $0.15, potentially undermining the bullish outlook and increasing the likelihood of further downside.

Indeed, Dogecoin aims to reclaim its standing in the meme crypto sector after being overshadowed in several metrics. Notably, data provided by crypto on-chain analysis platform IntoTheBlock on April 11 indicated that DOG and DEGEN are the two assets that have surpassed Dogecoin regarding weekly trader count.

Meme coins weekly trader coin. Source: IntotheBlock

Meanwhile, Dogecoin’s price remains above a crucial support level of $0.15. This support threshold presents a significant buying opportunity and could be a launching pad for OGE’s upward momentum.

Monitoring Dogecoin’s short-term price movements is essential as the token may be susceptible to increased volatility. This volatility is further underscored by the uptick in whale transactions involving DOGE. 

For example, data provided by Whale Alert on April 13 revealed three significant transactions involving 150 million, 100 million, and 74 million DOGE. Two of these transactions were withdrawals from Robinhood, while the smallest amount was a deposit to the trading platform.

As of the latest update, Dogecoin was trading at $0.17, marking a daily loss of nearly 15%.

DOGE seven-day price chart. Source: CoinMarketCap

XRP

The ongoing short-term sell-off has significantly affected XRP’s momentum towards the $1 mark. While XRP’s price had previously held steady above the $0.60 support zone, it now faces the looming threat of further decline if the crucial $0.50 support level fails to hold.

As a result, all eyes will be on XRP in the upcoming week to see if it can stop further losses, especially considering the token’s recent divergence from overall market sentiments. Some market analysts had previously suggested that XRP was poised for a significant breakout.

According to a report by Finbold, crypto analyst Egrag Crypto highlighted the delicate balance between bears and bulls in XRP’s technical analysis. While recent price movements have favored the bears, the focus now shifts to the bull’s ability to navigate XRP out of its current precarious situation.

At the same time, investors will be on the lookout for any updates on the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). Any significant developments in this case could profoundly impact XRP’s future trajectory and market sentiment.

By press time, XRP was trading at $$0.545 with daily losses of almost 9%. 

XRP seven-day price chart. Source: CoinMarketCap

Meanwhile, it’s key to note that the cryptocurrencies mentioned are still subject to external market forces that extend beyond their underlying fundamentals.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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