Cryptocurrencies saw a challenging week as profit-taking by investors led to a decline in prices. Bitcoin, Ethereum, Render, Solana, and Near Protocol all experienced dips. This was also accompanied by a sell-off of Grayscale Bitcoin Trust (GBTC) positions due to its high expense ratio of 1.50%, compared to the 0.25% of iShares Bitcoin Trust (IBTC).
In this article, we will take a look at some of the top cryptocurrencies to watch, including Bitcoin Dogs (ODOG), Ribbon Finance (RBN), and Sui.
Ribbon Finance is a decentralized finance (DeFi) platform that allows users to earn yield through decentralized options and lending. With a total value locked (TVL) of over $34 million and millions in assets in its Ribbon Earn and Ribbon Lend features, RBN has performed well in recent weeks. Its price has surged from a low of $0.1462 to a high of $1.91, representing a 1,231% increase. The coin has sustained its bullish trend, remaining above the 50-day and 100-day Exponential Moving Averages. It also recently formed a bullish engulfing candlestick pattern, indicating potential for further growth. If RBN can surpass the resistance at $1.70, we could see it reach even higher levels. However, if it falls below this week’s low of $1.2050, this bullish view will become invalid.
Bitcoin Dogs is a new cryptocurrency that has already raised over $13 million in its token sale. Despite not yet being listed on exchanges, it has garnered a lot of attention and support from investors. This is due to the current bull market in the crypto industry, with a total market cap of over $2.6 trillion. Additionally, the team behind Bitcoin Dogs has plans for real utility for the token, such as a 1,000 NFT collection and a gaming platform. With the success of other meme coins like Book of Meme, Solama, and Pepe, there is optimism for the future of Bitcoin Dogs.
Sui has also emerged as a top-performing cryptocurrency, with a growing ecosystem of developers and users. The TVL has reached a record high of over $700 million, and the token has been on a strong bullish trend this year. It has consistently remained above the 50-day and 100-day EMAs and is now close to its February 15th high. The key resistance to watch for is at $1.9697, and if Sui can break above this, it could rally to $2.50.
In conclusion, despite the dips in the market this week, these top-performing cryptocurrencies show potential for further growth. Investors should keep an eye on RBN, Bitcoin Dogs, and Sui as they continue to make headlines in the crypto world. Share this article and stay updated on the latest developments in the industry.