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After a disastrous week, the digital currency market, including the top 5 cryptocurrencies, is poised for a recovery. According to CoinGecko, the total market capitalization of the cryptocurrency market has increased by almost 2% in the last 24 hours.
While the broader financial market is still closely watching the US debt ceiling crisis, the recent local rallies in Bitcoin and Ethereum, along with the strong performance of the top 5 cryptocurrencies, have pushed the market higher.
Top 5 Cryptocurrencies Expected to Add Profit to Investor Portfolio
KAVA
Although the past week has been a painful one for investors, KAVA has shown both TVL and price gains. According to DefiLlama, the TVL of the Kava ecosystem has grown over 3% in the last 24 hours, with a steady increase since last week. KAVA itself is under bullish pressure, with the token up over 43% over the past seven days.
Source: Defillama
The current momentum of the token seems to be slowing down, showing signs that KAVA could face losses in the short term. However, a rebound from $0.782 will open the way to $1.46 as investors gain confidence along with the general market recovery.
I DO
After the introduction of Lido V2 in February, Lido got rid of the general downturn in the market over the past few weeks. According to CoinGecko, the price of LDO is up almost 23% since last week. This demonstrates the strength of the investors as well as the strong strategic partnership that ensures Lido’s dominance in the DeFi industry.
Calling all #Ethereum frens 📢 #OKX Wallet Web Extension is now integrated with @LidoFinance 🤝
Stake your ETH, manage your funds seamlessly, and enjoy the multichain #DeFi benefits via OKX #Web3 Wallet with just a few clicks 🖱️
— OKX (@okx) May 13, 2023
The LDO bulls are currently trying to turn the $2.08 resistance into support, opening the way to $2.8. LDO’s rise to this price point is inevitable, but this can only happen if the current market momentum continues to be bullish. Monitoring the price movements of major cryptocurrencies will give investors an edge over the bears.
BGB
With the launch of its BGB cartoon ETFs, Bitget has gained dominance in the cryptocurrency market. CoinGecko data shows that the token gained 15%, which is contrary to the market drop. This makes BGB a great store token for now.
BGB found support at $0.46. This will be a crucial support where the token will find higher highs in the long run. Since BGB follows the current wave of the market, investors and traders will profit in the medium to long term.
RPL
Rocket Pool has been making a lot of noise lately as they expand their horizons. Along with their recent Atlas update, RPL has built investor confidence to showcase long term returns. According to CoinGecko, the token is up almost 12% in the past few days after the rise of the major cryptocurrencies.
🚀 Things are heating up for @Rocket_Pool.
The protocol now has more than 500K $ETH staked. That’s an 11% increase since the Atlas upgrade went live on April 17. Rocket Pool is now the 5th largest staking provider.
🔗 @samuel_haig reports:https://t.co/KB3Rr6ODsI
— The Defiant (@DefiantNews) April 27, 2023
With the bulls targeting resistance at $53.67, a reversal to support at that level would open the way to $58.88. However, this can only continue if the market maintains momentum. Thus, monitoring current market sentiment will be useful for both investors and traders.
the total market capitalization of cryptocurrencies is just over $1 trillion on the daily chart of TradingView.com
BSV
With the recent buzz created by advocates that Bitcoin SV’s larger block size and lower transaction fees make it a better alternative to BTC, BSV’s value has increased by 16%, according to CoinGecko. Along with the recent listing on Bitforex, this coin will certainly continue to grow in the market.
🤩More #brc20coins will be added to BitForex: $BSV, $ZBIT and $OHMS
⏰Starts soon!
🔗More details: https://t.co/z4PGJJ368o
✈️TG Community: https://t.co/A2T9QMAcah#bitforex #ORDI #newlistings #brc20coins #Memes pic.twitter.com/qmLGeSrPAz
— BitForex (@bitforexcom) May 12, 2023
The coin has great potential to recover positions at the $55.18 resistance level in the long term. As the coin is positioned as the best alternative to bitcoin, over time, more investors are able to invest. Once $55.18 becomes support, investors and traders should target $81.64 resistance.
(The contents of this site should not be considered investment advice. Investing involves risk. When you invest, your capital is at risk.)
– Featured Image by GreenBiz