Investors were enthusiastic about the near-term prospects of altcoins such as Ethereum (ETH), Avalanche (AVAX), and Monero (XMR) despite the rangebound momentum that Bitcoin (BTC) has been experiencing below the $30,000 threshold.
If you are searching for a few cryptocurrencies that you should keep an eye on over the next season, the following three should be at the top of your list:
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Avalanche (AVAX)
After AVAX’s price dropped below the $23 area, the recent advances in BTC over a shorter time period gave the altcoin some impetus. Among the top ten cryptos by market size, Ethereum killer Avalanche took some of the biggest hits during the last week, but a rebound was widely expected.
Despite the 13% increases seen on Saturday, Avalanche’s native token, AVAX, was down by close to 20% over the prior week. AVAX was trading at $25.42 at the time of this writing, reflecting a daily increase of only 1%.
The initial obstacle for AVAX’s price is around the $27 level, which might be decisive for the coin’s positive trajectory if it can break through. If bulls can generate enough market momentum, AVAX may break above the $35 resistance level after it breaks through the $27 level.
Before you swap ETH for AVAX, you can also study information about them on the Godex website.
2. Ethereum (ETH)
In the cryptocurrency industry, Ethereum has the highest name recognition. Ethereum, created in 2015 by Vitalik Buterin, is the biggest network for dApps such as DeFi projects and non-fungible token (NFT) markets because to its first-mover advantage.
The update being developed by the network is termed “The Merge.” Assuming a successful rollout, it will facilitate Ethereum’s scalability by decreasing gas expenses and speeding up transactions.
Ethereum presently dominates practically all sub-categories of decentralized applications (dApps), with about 3,000 out of the entire 4,000 projects hosted on the platform. According to DeFi Llama, Ethereum has more than half of the total value locked in DeFi applications ($73 billion), making it the category leader by a wide margin.
Even still, the Ether US Dollar exchange rate is down over 60% from its November peak and approximately 48% year so far. Its market capitalization of $235 billion places it second only to Bitcoin in terms of size.
3. Monero (XMR)
Many times, optimistic sentiment has returned to the Monero (XMR) Privacy tokens in the wake of general market declines. At the time of writing, one Monero was worth $183.01, up 2.78% from the previous day and up 1.52% from the previous week. From its low in the middle of May, when it was trading for less than $170, the currency had risen by a significant amount.
Over the last several days, XMR’s advance has been assisted by the fact that the cryptocurrency has maintained trading above the psychological $175 level. The Relative Strength Index (RSI) for XMR had bounced back from the oversold area, signaling that buying pressure was growing.
The daily RSI chart for XMR showed a little rise, which contributed to the positive market momentum that was already there. The number of retailers continued to outweigh the customers.
In order for XMR to make any kind of headway in the not-too-distant future, it has to climb back above the resistance level of $200. However, if the market continues to move into a bearish trend, XMR might return to the region around $145.
If you want to exchange XMR to ETH, we would like to remind you that you may easily do this by utilizing the exchanger that is included on the Godex website.