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  • Writer's pictureDavid Manion

These 5 Cryptos Are Set To Break The Bears’ Backs This Week


The bears are in full swing as of writing, as major cryptos bleed. According to CoinMarketCap, the crypto market shed 0.3% in the past 24 hours in total valuation.


Popular cryptos like Bitcoin and Ethereum suffered corrections, pulling the entire market downwards.


Nonetheless, the market is a dynamic entity and when other cryptos suffer, others pad their investors’ portfolios.





These cryptos set themselves apart as they have the highest probability in pushing on the upside.



Top 5 Cryptos Poised To Make A Surprise Rally

SNX

Synthetix is a protocol made specifically for the purpose of derivatives, a financial instrument that derives its value from an underlying asset like crypto or stocks. This makes it extremely popular, with the protocol’s website stating a total value locked of nearly $710 million.


According to CoinGecko, the token is up more than 18% in the weekly timeframe. SNX’s current price action is being supported at $2.8 which was a recent flip from resistance. This breakthrough might be a sign for a further upside in the short to medium term.


GMX

One of the tokens that enable the ecosystem of the same name, GMX is used as the official utility and governance token of the ecosystem. This decentralized exchange mainly focuses on derivatives trading. According to their website, the DEX gives investors access to leverage up to 50x which is a way for investors to have a bigger position than what they can afford.


With the GMX ecosystem littered with updates and positive news, it is no wonder for the token to pump nearly 5% this past day. This price movement is being supported at $66.54 with the bulls set to test $76.52 in the coming days. If the token breaks through this resistance, a retest of $88.59 is a possibility in the coming days.


MANA

Decentraland is a virtual reality platform designed to create a metaverse for its users. Recent ecosystem developments have provided a major boost to the confidence of bulls in Decentraland’s native token, MANA. At the time of writing, the token was up 5%, according to CoinGecko data.


This price movement comes after a slump that followed the general market trend in the past few days. However, as the token uses the $0.6157 support as a launch pad, bulls might be able to break through the $0.6187 resistance in the coming days with potential to test $0.6207.


FTM

After a nearly 6% decline in the past few days, FTM came in the rescue of investors as its price recovered to $0.4278 which represents a 7% increase. This can be attributed to the broader market rebound that’s currently happening, with Bitcoin and Ethereum pulling the market upwards.


The token’s support at $0.4272 is the one that blunted the bearish trend in the past days. With the market favoring a bullish price action, FTM bulls can enjoy a probable breakthrough at $0.4277 and $0.4280 in the coming days.



MATIC

MATIC has gained the favor of crypto bulls as it rose nearly 3% in the daily time frame. This comes after on-chain developments that makes the Polygon ecosystem more competitive in the Web3 space, namely the release of tools that make zero knowledge identity possible for Polygon.


Bulls can find support at $1.16 with a possible upside breakthrough at $1.164. If the bulls have enough momentum in the short to medium term, investors and traders should be able to enjoy profits.


Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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