Cryptocurrencies had a strong performance in one of the most volatile weeks.
Bitcoin surged above $27,000 for the first time in months.
Cardano, Stacks, and Conflux were among the top performers.
Cryptocurrencies had a strong performance this week even as jitters in the banking sector continued. On Friday, Bitcoin price jumped to over $27,000 for the first time in months. This was a remarkable turnaround considering that BTC was trading at $19,000 a week earlier. This article will provide predictions for some popular altcoins like Cardano (ADA), Conflux (CFX), and Stacks (STX).
Cardano price prediction
Cardano price made a strong comeback on Friday after the developers announced a new P2P upgrade for its network. Further, Cardano’s total value locked (TVL) jumped to a record high in ADA terms, signaling that the network is gaining traction.
Cardano rose to a high of 0.348 on Friday, which was above the 25-day and 50-day moving averages. The MACD moved above the neutral point while the Relative Strength Index (RSI) moved close to its overbought level.
On the hourly chart, Cardano is trading close to the major S&R pivot point. Therefore, with Bitcoin leading cryptocurrencies, I suspect that it will continue rising as buyers target the next ultimate resistance at $0.366, which is about 8% above the current level.
How to buy Cardano
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.
It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.
eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
Conflux price prediction
Conflux (CFX) price had one of the best performances this week. On-chain data showed that the network was gaining traction after partnering with China Telecom. The telecommunication giant will use the platform to build blockchain sim cards. Conflux NFTs are also doing well.
On the hourly chart, the CFX price has formed a cup and handle pattern, which is usually a bullish sign. It is also being supported by the short and long-term moving averages. Like Cardano, the Relative Strength Index (RSI) and the MACD have continued rising. The Murrey Math Lines indicator shows that it is now at the weak S&R point.
Therefore, there is a likelihood that Conflux price will also continue rising as buyers target the overshoot level at $0.4157.
How to buy Conflux
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
BKEX
BKEX is a centralized cryptocurrency exchange located in British Virgin Islands. There are 254 coins and 415 trading pairs on the exchange.
Stacks price prediction
Stacks has done well following the launch of Bitcoin Ordinals. This was an important development because Stacks is a layer 1 network that makes it possible for developers to build dapps that use Bitcoin. It is the only blockchain product that is offering the service.
On the hourly chart, the STX price has been rising and formed a cup and handle pattern. It has also moved to the stop pivot reverse point. Like Cardano and Stacks, it is being supported by short and medium-term moving averages and oscillators like the Relative Strength Index (RSI) and the MACD.
Therefore, Stacks will likely continue rising as buyers target the ultimate resistance point at $1.20. The stop-loss of this trade will be at $0.990.
How to buy Stacks
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Okcoin
Okcoin is a globally licensed exchange with offices in San Francisco, Miami, Malta, Hong Kong, Singapore and Japan. Okcoin’s mission is to help decentralize finance and level the economic playing field for everyone around the world. Serves 190+ countries with over 100K+ active traders and investors.
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