As we come to the last day of February 2023, the cryptocurrency market is cautiously hopeful. Will the bear market continue to rear its ugly head in the cryptocurrency arena? Or will the bulls turn things around and dominate the landscape?
A quick look at cryptocurrency market trackers Coingecko and CoinMarketCap shows that most cryptocurrencies are in the red. But despite the negative mood, some cryptocurrencies show great resilience and promise, undeterred by obstacles as a new month rolls around.
Top 5 Crypto Set for Big Gains Today
Let’s start with ADA, Cardano’s native token that is used on-chain for a variety of purposes. public data shows that the token is in an uptrend, with a percentage gain on the daily time frame going against the bear market structure that formed last week.
As it currently stands, the price of the token is being hampered by the overall bearish structure prevailing in the market. However, the bulls may find support at the $0.3563 support level.
The long-term outlook for ADA is neutral, indicating a strong bullish-bearish fight above current support. If the support holds, gains are possible in the short to medium term.
Even the old safes of crypto faced losses against the bear rally. However, market data shows that the altcoin is on its way back to $100.
The price of Litecoin has been growing since February 25 with a subsequent drop in trade volume. This may be a sign that the panic selling that occurred last week could have reversed into buying pressure in the short to medium term.
Image: Litecoin — Bing images
A drop in trading volume means that fewer people are selling or buying the asset, indicating that LTC has found support and could be moving higher.
At the time of writing, $90.73 is where LTC bulls should get your attention. This has been the altcoin’s support since late January and has halted multiple bearish price moves since then as the crypto market stalls. With the Litecoin Foundation finding alliances in each cornerLTC close to $100 in the next two weeks is not far-fetched.
Rated 95 At Coingecko based on market capitalization, this newly created cryptocurrency for the NEM network has been seeing some activity in recent days. Market data shows the token is up nearly 40% on the daily time frame, going against the flow of the broader crypto market. This is then supported by a boom in trading volume, reaching $456.5 million in the last 24 hours.
As the NEM network continues to develop its idea of the “NASDAQ for the new economy”, the price of XEM is expected to skyrocket in the coming days. This break of all-time resistances will certainly provide the bulls with a much-needed boost to target higher highs.
Stacks’ role in the decentralized economy is based on how he introduced smart contracts to the world of Bitcoin. Since its inception, investors have found utility in the platform, racking up (no pun intended) profits for STX, the platform’s native token.
With a market capitalization of $1.2 billion, STX is above over 11% since yesterday, outperforming both the broader crypto market and smart contract-related tokens by a wide margin.
Recent price movements have brought STX back to May 2022 levels which, if sustained, will be the token’s launchpad to target $1.
Crypto total market cap at $1 trillion on the weekend chart | Chart: TradingView.com
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 rise among the leading cryptos as the community tries to increase funds to be listed on one of the top 10 exchanges in the market. This is marked by a steady increase in trading volumes in recent days.
📢Top 10 Crowdfund Exchanges Update!
More than 1/4 of the way there! 🙏🏼 Let’s get this done before the March 4th deadline.
links to donate $KAS and $USDT & watch the progress live here: https://t.co/Ct25Hdwlh0#KAS #kaspa #Work test #OXIDE #DAGKnight pic.twitter.com/PlorHUoFFo
— Kaspa (@KaspaCurrency) February 27, 2023
As it currently stands, the token’s advance at $0.008886 will provide leverage for the bulls to break out, with a possible target at $0.012914. If this bullish momentum continues, KAS may settle above $0.008886 with an advance over the next few weeks to $0.012914.
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