As February 2023 comes to a close, the cryptocurrency market is cautiously optimistic. The question on everyone’s mind is whether the bear market will persist or if the bulls will take control and lead the market to new heights.
A glance at popular crypto market trackers Coingecko and CoinMarketCap reveals that many cryptocurrencies are currently experiencing losses. However, there are a few standout cryptos that are showing resilience and potential for growth as we move into the new month.
Today, we’re highlighting the top 5 cryptos that are poised for significant gains:
First up is ADA, the native token of the Cardano blockchain. Despite the bearish trend that has been prevalent in the market, ADA is showing signs of an uptrend, with a notable daily gain. While the token’s price is still affected by the overall market downturn, it has found support at the $0.3563 level. The long-term outlook for ADA remains neutral, indicating a tug-of-war between bulls and bears. If the support level holds, we could see short to medium-term gains for ADA.
Next is LTC, Litecoin’s token, which has also faced challenges in the bear market. However, recent market data suggests that LTC is on its way back to the $100 mark. Since February 25, Litecoin’s price has been rising, accompanied by a decrease in trade volume. This could indicate a shift from panic selling to buying pressure. Currently, LTC bulls should focus on the $90.73 support level, which has been a strong defense against bearish movements since January. With new partnerships forming for Litecoin, reaching near $100 in the coming weeks seems plausible.
Ranked 95th on Coingecko by market cap, XEM, the token for the NEM network, has seen a surge of nearly 40% in the daily timeframe, defying the broader crypto market trend. This increase is supported by a significant rise in trading volume. As NEM continues to develop its vision of a “NASDAQ for the new economy,” XEM’s price is expected to climb even higher in the days ahead.
STX, the native token of Stacks, which introduced smart contracts to Bitcoin’s ecosystem, has also been performing well. With a market cap of $1.2 billion, STX has risen more than 11% since yesterday, outperforming the general crypto market and other smart contract-related tokens. This recent price movement has brought STX to levels last seen in May 2022, potentially setting the stage for a push towards $1.
Lastly, KAS, the native token of Kaspa, which utilizes the GHOSTDAG protocol, is on an upward trajectory as its community works to secure a listing on one of the top 10 exchanges. The consistent increase in trade volumes indicates strong interest in KAS. Currently, a breakthrough at $0.008886 could give bulls an advantage, with a potential target of $0.012914. If this bullish momentum continues, KAS may establish itself above $0.008886 and aim for $0.012914 in the coming weeks.
As we keep an eye on these promising cryptos, it’s clear that despite market challenges, there are opportunities for growth and gains in the ever-evolving world of cryptocurrency.
-Featured image courtesy of CryptoNews.com
Source: bitcoinist.com