Cryptocurrencies to watch for the week of February 27, 2023

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The cryptocurrency market has been going done a play of change successful caller weeks, pinch various macroeconomic factors contributing to a diminution successful nan sector’s momentum. As we attack nan week of February 27, 2023, respective cryptocurrencies are worthy keeping an oculus on. 

From well-established coins to emerging tokens, these assets’ imaginable for maturation and invention is deemed enormous. Therefore, Finbold explores immoderate of nan astir promising cryptocurrencies to watch for successful nan coming week based connected marketplace trends and factors driving their value.

VeChain (VET)

The value of nan VeChain (VET) has been backed by bullish sentiments successful caller weeks, chiefly owed to accrued web activity and adoption. The latest liking successful VeChain comes aft nan level announced a caller business pinch Stably, a gateway for stablecoins to supply users greater elasticity and accessibility successful cryptocurrency transactions.

As portion of nan collaboration, users will leverage fiat onramps, enabling nan speech of accepted currencies, including U.S. dollars and Euros, for cryptocurrencies. With this move, VeChain and Stably seeks to simplify nan process of converting fiat rate into cryptocurrency, making it much user-friendly and accessible to a broader audience. This expertise has been touted to beryllium a cardinal driver for imaginable maturation successful nan VeChain price. 

At nan aforesaid time, investors are hoping for a VET resurgence aft nan token rallied almost 12% aft launching a caller decentralized self-custody wallet called VeWorld. The caller wallet motorboat allows users to negociate portfolios, transact connected DApps, usage a Ledger hardware wallet, and send/receive cryptocurrency. Additionally, VeChain’s web precocious surpassed 2 cardinal known addresses.

Despite VET experiencing phases of bullishness, nan token has besides undergone its stock of volatility. Therefore, moving into nan caller week, VET remains an plus of liking regarding really nan value activity will react, particularly if it mightiness prolong nan boost from web activity aliases autumn unfortunate to wide marketplace bearish sentiments. 

By property time, VET was trading astatine $0.03 pinch regular gains of complete 2%. 

VET seven-day value chart. Source: Finbold

Under technical analysis, VET is dominated by bullishness, pinch nan summary aligning pinch nan ‘buy’ sentiment astatine 14 while moving averages are for a ‘string buy’ astatine 12.

VET method analysis. Source: TradingView

Ankr (ANKR)

Ankr (ANKR), a liquid staking token, has precocious recorded double-digit gains arsenic nan web knowledgeable high-profile partnerships. Notably, nan token remains successful attraction aft announcing a woody pinch tech giants Microsoft (NASDAQ: MSFT) and Tencent. Under nan deals, Microsoft will connection support for endeavor blockchain adoption, while Tencent signed an MoU to create a scope of blockchain API services pinch Ankr.

According to Ankr, nan business is simply a important stride towards upgrading web3 infrastructure. With Ankr ranking among nan apical assets successful position of play gains, its adjacent value activity will apt beryllium followed keenly, particularly if investors will beryllium taking retired profits and nan wide sustainability of nan gains. 

At nan moment, ANKR is trading astatine $0.04 pinch regular gains of complete 5%, while connected nan play chart, nan token is up complete 27%.

ANKR seven-day value chart. Source: Finbold

The upward value momentum for ANKR is besides replicated successful nan token’s method analysis. A summary of nan one-day gauges stands for ‘buy’ astatine 15, while moving averages urge ‘strong buy’ astatine 13.

ANKR method analysis. Source: TradingView

Chainlink (LINK), a decentralized blockchain oracle web built connected Ethereum (ETH), has recorded losses connected its play floor plan moreover arsenic analysts opine that nan token is undervalued. The web has been backed by improvement activity and high-profile take apt to power nan value movement. 

For instance, nan Chainlink Oracle is now accessible connected nan StarkNet testnet. This improvement will alteration ecosystem developers to utilize secure, dependable, and decentralized value feeds successful constructing nan adjacent activity of decentralized Finance (DeFi) applications. StarkNet, being 1 of nan Ethereum Network’s astir businesslike Layer 2 protocols, is expected to go a much adaptable level for innovators pinch this integration. At nan aforesaid time, TUSD, a stablecoin issuer, has adopted Chainlink’s Proof of Reserve to supply real-time verification of stablecoin minting.

Indeed, these developments are touted to effect nan value activity of LINK. In this line, crypto trading master and expert Michaël van de Poppe has suggested that LINK is apt to target nan levels of astir $20 if it successfully reclaims $9 and holds.

By property time, Chainlink was trading astatine $7.39 pinch gains of astir 0.6%. However, LINK is down by almost 10% connected nan play chart.

LINK seven-day value chart. Source: Finbold

Despite witnessing important losses connected nan play chart, nan token’s one-day gauges connected TradingView are chiefly bullish. A summary aligns pinch ‘buy’ astatine 12, while moving averages are besides for nan aforesaid sentiment astatine 10. 

Ethereum (ETH)

The second-ranked cryptocurrency by marketplace headdress returns to nan attraction of nan integer plus marketplace up of nan Shanghai upgrade that would alteration investors to entree their staked ETH pursuing nan successful Merge update. In nan build-up to nan Shanghai upgrade, nan web saw investors proceedings nan withdrawal process aft nan Zhejiang testnet went unrecorded connected February 1. 

In this regard, Ethereum is an plus to watch for nan coming week, considering nan Shanghai upgrade connected Sepolia is group for February 28. According to nan improvement team, nan upgrade intends “withdrawals are coming” aft months of testing. At nan aforesaid time, Ethereum remains an plus to watch, particularly pinch nan Securities Exchange Commission (SEC) progressively focusing connected staking activities. 

In nan meantime, Ethereum is besides witnessing title from different crypto projects successful decentralized finance (Defi). This is highlighted by nan GitHub improvement activity that continues to beryllium dominated by projects specified arsenic Cardano (ADA). 

GitHub Daily Development Activity:

#1: 824 Cardano
#2: 618 Internet Computer
#3: 616 ChainLink
#4: 577 Polkadot / Kusama
#5: 562 Ethereum
#6: 456 Status
#7: 397 Filecoin
#8: 395 Cosmos
#9: 381 Optimism
#10: 358 IOTA

— ProofofGitHub (@ProofofGitHub) February 24, 2023

By property time, Ethereum was trading astatine $1,603 pinch regular gains of astir 0.1%. On nan play chart, ETH is down complete 5%. 

ETH seven-day value chart. Source: Finbold

From nan one-day method study connected TradingView, Ethereum is dominated by bearishness. A summary of nan gauges is for a ‘sell’ astatine 13, while moving averages are for a ‘strong sell’ astatine 12. Oscillators are ‘neutral’ astatine 9. 

ETH seven-day value chart. Source: Finbold

Lido Dao (LDO)

Lido DAO (LDO), a starring liquid staking level for Ethereum and different assets, has precocious knowledgeable a fame surge. The platform’s maturation tin beryllium attributed to respective factors, including nan upcoming Ethereum Shanghai upgrade. As 1 of nan apical staking solutions for Ethereum, Lido DAO is expected to use importantly erstwhile investors tin entree their staked Ether aft nan upgrade’s initiation earlier March.

Furthermore, crypto users person progressively turned to self-custodial staking services for their Ether, successful portion owed to caller concerns that nan U.S. Securities and Exchange Commission whitethorn prohibition staking for unit investors. This anticipation has prompted immoderate investors to activity retired non-custodial staking methods for illustration those offered by Lido. 

Despite these regulatory concerns, Lido and different liquid staking platforms proceed to summation fame arsenic investors activity ways to gain passive income from their crypto holdings.

By property time, LDO was weighted astatine $3.08 pinch regular gains of almost 10%. 

LDO seven-day value chart. Source: Finbold

Under method analysis, LDO is backed by bullish sentiments pinch a summary of nan one-day gauges and moving averages recommending a ‘strong buy’ astatine 17 and 14, respectively. Oscillators are for ‘buy’ astatine 3.

LDO method analysis. Source: TradingView

In conclusion, arsenic nan cryptocurrency marketplace attempts to regain its 2023 rally, nan highlighted assets are worthy monitoring arsenic they will apt dictate nan trajectory of different integer assets. However, nan marketplace is still facing headwinds considering nan effects of macroeconomic factors are still lingering. 

Disclaimer: The contented connected this tract should not beryllium considered finance advice. Investing is speculative. When investing, your superior is astatine risk.