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- 1 5 Top Cryptocurrencies like Convex Finance (CVX) have shown promising surge in TVL, indicating optimism for the future.
- 2 However, these 5 Top Cryptocurrencies like Frax Share (FXS), Curve DAO Token (CRV), Lido DAO (LDO), and ENS have seen mere price surges of 5% over the last day.
- 3 With price action stagnant but continued sectoral growth, can prices see renewed bullish momentum?
The larger crypto market saw a lack of volatility and price action was largely deprived of any major moves but a few coins saw petty gains. In a low volatility crypto market which is usually rare, this article will be taking a look at the 5 top cryptocurrencies to watch out for this week.
Most of these altcoins have been oscillating around key price levels and it would be interesting to watch where they go from here.
TVL to Drive Price Action for the 5 Top Cryptocurrencies?
Looking at DefiLlama data, the overall crypto market holds $99.73 Billion in Total Value Locked (TVL). After a peak registered in December 2021, the crypto crash took the TVL down with it, reducing it to a staggering $40.00 Billion by October 2023.
Recently, however, the sentiment flipped positive with the BTC ETF launch. As the crypto market garnered new hope TVL saw a bounce back.
Generally, a rise in the Total value Locked of any asset or blockchain indicates a positive rise in its social sentiment as well as money inflows.
TVL| Source: DefiLlama.com
At press time, a few cryptos showed a slightly positive price change over the daily price window. However, with the larger market stagnant, let us see whether growth in their respective DeFi infrastructures and TVL can lead to gains.
Where will Convex Finance (CVX) go from here?
CVX or Convex Finance ranks 193 in cryptocurrencies by market cap. The crypto saw a surprisingly bullish price action gaining over 48% in the last intraday session. The project also boosted a decent TVL of around $1.337 billion.
At press time, the CVX has traded out of the falling wedge pattern with an epic breakout with a 154% surge in the last 4 days, where the price has formed a rejection wick in the surge.
Now, the coming weeks could show a more optimistic price. If buyers keep rising, the price could claim $5.10 and $5.60 resistance levels. On the contrary, the pattern would lose significance if the price fails to sustain the gain and ends up back in the wedge. The support for the CVX price has maintained around the $3.50 and $2.90 price levels.
Frax Share (FXS) TVL Holding Strong
Frax shares (FXS) saw a price surge of more than 6% in the last 24 hours. At press time, Frax Share had a TVL of close to $1.042 Billion.
At press time, the FXS has been trying to rise for the last three days after a very long plummet southward on the daily chart.
Now, the coming weeks could show a more optimistic price. If buyers keep rising, the price could claim $5.0 and $6.5 resistance levels. On the contrary, if the price fails to sustain the gain, it could reach the support levels of $3.50 and $3.00.
Assessing Curve DAO Token (CRV) Price Action
Curve DAO (CRV) currently ranks at . Its price has surged by more than 5% in the last 24 hours. Besides, its TVL is also considerably good at above $2.506 Billion.
At press time, the CRV has been trying to rise from $0.2175 for the last three days after a prolonged degradation on the daily chart.
The upcoming weeks could show a more optimistic price. Suppose the buyers keep rising, the price could claim $0.50 and $0.65 resistance levels. On the contrary, if the price fails to sustain the gain, it could reach the support levels of $0.21 and $0.10.
Lido DAO (LDO)
Lido DAO (LDO) is from the category of DAO and DeFi. Its price has surged by more than 5% in the last 24 hours, and its TVL is also considerably good at above $33.62 Billion.
The LDO has been trying to rise at press time after forming a pullback in the falling wedge pattern.
Now, the coming weeks could exhibit a more optimistic price, and if buyers keep on surging, the price could claim $2.70 and $3.0 resistance levels. At the same time, if the price fails to sustain the gain, it could reach support at around $1.80 and $1.50.
What Ethereum Name Service (ENS) Price Structure Presents?
ENS experienced a significant rally from the $13.5 support level in mid-May, achieving an impressive 120% increase. Nonetheless, it couldn’t maintain these gains and followed a downward trendline, leading to a decline.
By June 12th, ENS had established a new support level at $19 and saw another spike in price. However, resistance at the trendline caused the price to fall once more.
Looking ahead, if ENS can hold steady and break through the trendline resistance, we could see a rise toward the $24 and $26 resistance levels. On the flip side, if the downward trend continues, ENS may find support at lower levels, potentially around $19 and $16.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
