The cryptocurrency market has experienced weeks of bullish sentiments led by Bitcoin (BTC), which hit a new all-time high of above $73,000. Although the flagship cryptocurrency has retraced from the record high, the market can still be considered to be in a bullish scenario as Bitcoin attempts to hold its valuation above the $65,000 mark.
It’s worth noting that as the market anticipates the upcoming bullish Bitcoin halving interest, there remains a focus on how investors will react before the event, which has been known to impact the general sector.
In this line, Finbold has identified the following three cryptocurrencies worth watching for the coming week.
Dogecoin (DOGE)
Meme coins are among the standout categories in the current bull run, attracting significant investor interest amid anticipation of gains similar to those observed in 2021. At the moment, most meme coins have registered losses, but Dogecoin (DOGE) notably stands out, recording double-digit gains over the past week.
Moving into the new week, DOGE is worth watching due to its potential ability to sustain the gains recorded in the past week. Notably, these gains have seen DOGE overshadow its competitors, including Shiba Inu (SHIB)
It’s worth noting that these gains have come as Dogecoin benefited from its long-term bullish catalysts, notably its association with its vocal supporter, Elon Musk. In this regard, DOGE has stood out after it emerged that X Payments, the arm of X (formerly Twitter) responsible for driving the peer-to-peer payment business, secured three more licenses for money transmitter activities. Therefore, it will be interesting to observe how far the coin will rally amid the X-related news.
By press time, Dogecoin was trading at $0.17, having gained over 3% in the last 24 hours. Over the past seven days, the token is up almost 17%.
Bitcoin (BTC)
The current Bitcoin rally has seen the flagship cryptocurrency break free from historical patterns, particularly hitting a new all-time high before the halving event. At the moment, Bitcoin is struggling to maintain its price above the $65,000 support, with a section of analysts maintaining that the crypto is facing a strong bearish bias.
Notably, a majority of the market is anticipating Bitcoin’s value to plunge in what is termed as pre-halving retrace, making it interesting to monitor its valuation in the coming week.
As reported by Finbold, the $65,000 level remains key, considering that it will influence which direction Bitcoin will move. Particularly, crypto analyst Alan Santana noted that Bitcoin trading below the $65,000 level means that the asset is in trouble of extended losses.
By press time, Bitcoin was trading at $65,756, with extended weekly losses of over 3%.
Solana (SOL)
Solana (SOL), a decentralized finance crypto project, remains among the success stories of the current market rally, partly due to meme coins launched on the platform. Indeed, the meme coin frenzy has helped Solana-based decentralized exchanges (DEX) top the charts in trading volume at some point.
Throughout the current rally, the price of Solana has faced significant rejection around the $200 psychological level and is currently trading nearly 10% lower than the previous week’s closing level.
As we move into the new week, Solana’s price trajectory makes it worth watching. With losses recorded in the past week, sustained bearish sentiments for Solana seem likely, and investors will be eyeing possible support levels where buyers might find the Solana price attractive, particularly around the $150 level.
Furthermore, if Solana’s price manages to flip the $200 psychological level, the chances of an uptrend continuation are high. However, if Bitcoin’s price declines, then SOL could follow suit.
By press time, Solana was trading at $173 with weekly losses of 11%.
In summary, the three cryptocurrencies remain susceptible to overall market trends and are likely to face the impact of the high volatility associated with the sector.
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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