As we reach the final day of February 2023, the cryptocurrency market is cautiously hopeful. Will the bear market continue to rear its ugly head on the crypto field? Or, will the bulls turn things around and dominate the landscape?
A quick look at both crypto market trackers Coingecko and CoinMarketCap shows that most cryptos are in the red. But, despite the negative mood, some cryptos show a great deal of resilience and promise, unfazed by the obstacles as a new month rolls in.
Top 5 Cryptos Poised For Major Gains Today
ADA
Let’s start with ADA, Cardano’s native token which is used on-chain for a variety of purposes. Public data shows that the token is on the uptrend, with a percentage gain in the daily time frame which is against the bear market structure that formed last week.
As it it currently stands, the token’s price is hampered by the overall bearish structure dominant in the market. However, bulls can find support on the $0.3563 support level.
The long term outlook for ADA is neutral, signaling a strong bull and bear struggle above the current support. If the support holds, short to medium term gains are possible.
LTC
Even crypto’s ol’ reliable faced losses in the face of the bears’ clawback. However, market data shows that the altcoin is on the road back $100.
Litecoin’s price has been rising since February 25 with a subsequent drop in trade volume. This may be a sign that the panic selling that occurred last week might’ve reverted to buy pressure in the short to medium term.
Image: Litecoin — Bing images
A drop in trade volume means less people are selling or buying the asset, indicating that LTC has found support and might be heading upwards.
At the time of writing, $90.73 is where LTC bulls should gather their attention. This has been the support of the altcoin since the end of January and has since halted multiple bearish price movements as the crypto market stagnates. With the Litecoin foundation finding partnerships in every corner, LTC near $100 in the next couple of weeks is not far-fetched.
XEM
Ranked 95th on Coingecko based on market cap, this newly built cryptocurrency for the NEM network has been seeing some activity in the past couple of days. Market data shows that the token is up nearly 40% in the daily time frame, going against the flow of the broader crypto market. This is then backed by a boom in trading volume, reaching $456.5 million in the past 24 hours.
Source: Investopedia
As the NEM network continues to build upon its idea of the “NASDAQ for the new economy”, the price of XEM is expected to soar in the next couple of days. This breakout from historic resistances will certainly provide the bulls a much needed boost to target higher highs.
STX
Stacks’s role in the decentralized economy is based on how it introduced smart contracts in the world of Bitcoin. Since its inception, investors have found utility in the platform, stacking up (no pun intended) gains for STX, the native token of the platform.
With a $1.2 billion market cap, STX is up more than 11% since yesterday, outperforming both the broader crypto market and smart contract-related tokens by a big margin.
Recent price movements have pushed STX to May 2022 levels which, if sustained, will be the token’s launch pad for targeting $1.
Crypto total market cap at $1 trillion on the weekend chart | Chart: TradingView.com
KAS
Using the GHOSTDAG protocol, the Kaspa team aims to deliver a scalable and secure proof-of-work consensus engine for developers. Its native token, KAS, is currently on the upside among leading cryptos as the community tries to raise funds for a listing in one of the top 10 exchanges in the market. This is marked by a consistent rise in trade volumes in the past few days.
📢TOP 10 Exchange Crowdfund Update!
Over 1/4 of the way there! 🙏🏼 Let’s finalize this before the deadline of March 4th.
Links to donate $KAS and $USDT & see live progress here: https://t.co/Ct25Hdwlh0#KAS #Kaspa #ProofofWork #RUST #DAGKnight pic.twitter.com/PlorHUoFFo
— Kaspa (@KaspaCurrency) February 27, 2023
As it currently stands, the token’s breakthrough at $0.008886 will provide leverage for the bulls to exploit, with a possible target at $0.012914. If this bullish momentum continues, KAS may settle above $0.008886 with a breakthrough in the coming weeks at $0.012914.
-Featured image from CryptoNews.com