Reading 4 min Views 1 Published Updated
Concerns about the stability of the global financial system have been revived following the recent collapse of the First Republican Bank in the US.
Market confidence was hit hard as a result of this major development, especially with the possibility of a dovish attitude from the US Federal Reserve to cut interest rates.
As a result, investors’ nerves were on edge, and economic analysts are closely monitoring the situation to determine its potential impact.
Investors expected the Fed to raise interest rates to 5.25% after the collapse of Silicon Valley Bank, Signature Bank and First Republic Bank. Investors and traders reacted to this news with a more cautious position in the market.
According to CoinGecko, the cryptocurrency market has fallen 1% since yesterday. Although Bitcoin and Ethereum dropped slightly in price, the impact on the altcoin market was much stronger. Even if it’s just a short setback, these top 5 cryptocurrencies are still highly recommended for investor portfolios.
Top 5 cryptocurrencies to watch this week
Just like DOGE and SHIB, PEPE is based on a meme that first appeared in 2005. Despite being new to the block, the token is firmly bullish, with PEPE up 24% in the last 24 hours.
The token is still experiencing a strong surge in investor interest, which will be beneficial in the short to medium term. Thanks to the low price of $0.00000134, investors and traders can make some profit before the price stabilizes.
Even though the market environment has taken a beating this week, RNDR is still one of the best cryptocurrencies on the market. The latest market data shows that the token is up 19% compared to last week. With recent events on the network siding with the bulls, the token’s position in investor portfolios is safe.
RNP-003: Resource Acquisition and Allocation for Core Team and Grants received majority 𝗮𝗽𝗽𝗿𝗼𝘃𝗮𝗹 for the Foundation 𝘁𝗼 𝗮𝗰𝗾𝘂𝗶𝗿𝗲 𝗮𝗻𝗱 𝗮𝗹 𝗹𝗼𝗰𝗮𝘁𝗲 𝗿𝗲𝘀𝗼𝘂𝗿𝗰𝗲𝘀 𝗮𝗻𝗱 𝗴𝗿𝗼𝘄𝘁𝗵 𝗶𝗻𝗶𝘁𝗶𝗮𝘁𝗶𝘃𝗲𝘀
— Render Network | RNDR (@RenderToken) April 26, 2023
Currently, the bears are trying to break through the $2.1 mark. Investors and traders should then defend this support level as a bearish breakout at this price point could take the RNDR down to $1.574 in the long term.
Casper Network’s L1 blockchain governance token, CSPR, experienced a slight drop in price as most cryptocurrencies in the market fell. According to CoinGecko, the token is up 19% in a week. With a clear understanding of what the network should be like, the future of CSPR is secure.
The future of blockchain is modular 🤸
Build with us: https://t.co/OtgItFPXc5
— Casper (@Casper_Network) April 30, 2023
Token bulls are trying to stabilize the price above $0.05782. If successful, the CSPR path to $0.06371 is open. However, a bearish break at this level could bring the token back to $0.04355 in the medium to long term.
INJ was one of the top gainers this week as the market fell slightly. Data from CoinGecko shows that the token is up 10% from last week, ranking fourth on the growth leaderboard. This bullish optimism was driven by Binance allowing institutional lending to Injective, opening up a new pool of possible investors on the platform.
The token could fall to $6,904 in the medium to long term before stabilizing at that level. If so, investors should keep an eye on INJ price action in the short to medium term.
The total market capitalization of cryptocurrencies is almost unchanged at $1.14 trillion on the daily chart of TradingView.com
🔁 #Radix Recap 🔁
The #consensus2023 special 💙👇 pic.twitter.com/H7a6xzmgrp
— Radix – Radially Different DeFi (@radixdlt) April 30, 2023
XRD keeps a close eye on the market. Having a strong correlation with Bitcoin, the token is currently down nearly 3% on a daily basis. As Radix makes a fuss about Consensus 2023, it will definitely bring more investors to the platform.
XRD drops to $0.0942 which is a strong support level that the bulls could bounce off of. If the bearish breakout is stopped at this level, the path to $0.131 will be open for entry.
– Featured image from built-in