The cryptocurrency market has been on the upswing in 2023, maintaining gains across the board. As we enter the week of February 6, 2023, it is essential to keep up to date with the latest developments in the market.
Therefore, Coinphony has selected a selection of cryptocurrencies worth watching based on their ability to aggregate, the progress made in developing their core network, and the compelling stories behind them. Here are the five digital assets to watch in the coming week;
Ethereum (ETH)
The second-ranked cryptocurrency in the market is back in the spotlight as the community prepares to withdraw deposited ETH. In this line, Ethereum has seen increased network activity ahead of the Shanghai hard fork that will give investors access to the ETH stack after the historic merge upgrade.
At the moment, investors are simulating the withdrawal process after the Zhejiang testnet has been put into operation. Before the withdrawal, Ethereum accounted for the largest share value among crypto projects that support smart contracts.
Meanwhile, the Ethereum network is recording sustained adoption, adding 130,000 unique addresses per day by 2023. It is especially important that several factors come into play when focusing on the price of Ethereum in the coming week. First, it will be important to monitor whether the testing network in Zhejiang affects the value of assets.
Meanwhile, technical analysis indicates that Ethereum may be poised for a price breakout. As reported by Coinphony, Ethereum has successfully exited the symmetrical triangle, a factor that is likely to push the price of the asset to around $3,500. At the time of writing, Ethereum is trading at $1,661 with a daily gain of around 0.1%.
In addition, a machine learning algorithm can be run predict the price It indicates that Ethereum is likely to be trading at $1,555 on February 28, 2023.
Elsewhere, Ethereum technical analysis is on TradingView Still bullish. The daily metrics summary recommends a “buy” at 13, while the moving averages suggest a “strong buy” sentiment at 12.
Cardano (ADA)
The decentralized finance (DeFi) platform has taken advantage of the surge in network activity to help the entity on its path to becoming an “Ethereum killer.” In fact, the Cardano (ADA) blockchain is recording increased use, with Coinphony reporting that the network added 50,000 addresses in January alone. The adoption of the ADA has seen an increase in capital inflows.
In addition, smart contracts, which are one of Cardano’s main metrics, continue to increase, reaching the 5,000 milestone. Among crypto projects with smart contracts, Cradano ranks second in market capitalization of invested assets at $10.4 billion. Elsewhere, as Coinphony reported, Cardano was the second crypto project with the most development activity on GitHub.
Ahead of the new week, ADA is worth watching, especially how the increased interest in the platform might affect the price. In fact, ADA has formed the basis for a possible rally based on the token’s steady build-up recently.
At press time, ADA is valued at $0.40, while on the weekly chart, the asset is up more than 2%.
During technical analysis, ADA measures daily TradingView rising. The summary recommends “Buy” at 11 while the Moving Averages suggest “Strong Buy” at 11.
Lido Dow (LDO)
Lido DAO (LDO) has emerged among the top cryptocurrencies in 2023. Notably, the asset’s gains reflected developments around the Ethereum network. In this line, Lido DAO is among the top Ethereum liquid storage solutions, and the upcoming Ethereum Shanghai upgrade has inspired the first gains. Therefore, LDO is stacked in favor because it represents a large percentage of ETH deposited.
LDO is an asset worth watching, given that Zhejiang’s testnet is the latest development activity to access cryptocurrency ETH. Also, with Ethereum dominating the massive valuation of ETH by market cap, the item is likely to affect LDO when stock drawdowns begin.
At the same time, Lido DAO has made significant gains in the DeFi ecosystem and maintained a large share of the total value locked (TVL). Currently, LDO is trading at $2.14, having corrected more than 6% in the last 24 hours.
Elsewhere, a technical analysis summary for LDO is for “Sell” at 10. The same sentiment is seen across moving averages and oscillators at 8 and 9 respectively.
Avalanche (AFAX)
Avalanche (AVAX) has seen an increase in value primarily due to its widespread adoption across multiple platforms and taking advantage of the general market bullish trend.
Recently, transfer services SafeTransfer and Delta Prime have integrated DeFi tokens into their services. Meanwhile, AVAX’s value increase can also be attributed to the partnership between Avalanche and Amazon Web Services, which fully supports Avalanche’s infrastructure and decentralized application ecosystem.
Aside from adoption, Avalanche Network seeks continued relevance in the crypto space through further development of the network. In particular, the network is likely to get a boost from the release of the new update which makes things easier for the validators. According to Ava Labs developers, the new update is called Banff 8It may directly affect optimization support for older version clients, improving interaction between peer-to-peer (P2P) networks.
Currently, AVAX is trading at $20.89, with a small gain of about 1.6% over the past seven days.
In addition, AVAX technical analysis is fundamentally positive, with a summary in line with a “buy” bias at 14, while the moving averages indicate a “strong buy” at 13.
polygon (matic)
Ethereum’s own scaling blockchain, Polygon (MATIC), is among the crypto projects with significant activity that has pushed access to new heights. For example, the recent increase in Polygon’s activity has brought it up to Passing Ethereum in terms of daily activities Besides seeing an increase in DeFi activity, the total value locked (TVL) in the protocol has surpassed $800 million. Overall, Polygon has had a great experience, with network upgrades to improve its bets and gas prices.
Another area that has catapulted Polygon to heights in the crypto market is Non-Fungible Tokens (NFT). The growth of Polygon NFT has resulted in the network recording more sales than Ethereum. Therefore, these activities are likely to affect the price of MATIC in the coming days.
Currently, MATIC is trading at $1.23 with a daily gain of around 0.6%.
A revision of the technical indicators indicates a bullish outlook for MATIC. The token summary stands at a “buy” level of 14, and the moving averages recommend a strong buy sense at 13.
The token cryptocurrency is mainly supported by network activities. However, the outlook for the asset will also depend on the general trajectory of the cryptocurrency market in the new week.
warning: The content of this website should not be considered as investment advice. Speculative investments. When you invest, your capital is at risk.
Cryptocurrencies to Watch for the Week of February 6, 2023 first appeared on Coinphony.