Due to the drop in traders’ sentiments, the market’s condition is also declining. The global market cap has dropped to $2.41 Trillion, and the fear and greed index has sunk to 53. The 24-hour trading volume is also on the low side with $ 72.8 billion, and Bitcoin price has declined to $66,198 and much more. However, a few cryptos have indicated the signs of recovery despite the bearish conditions.
In this blog, let us discuss the top cryptos that might recover this week.
Akash Network (AKT)
The recovery journey has begun for the Akash network as it has gained an 8% hike in the 24 hours. AKT’s decline started even before the rest of the cryptos faced a downward push. It has been declining for weeks now, losing 40% of its value in the month interval. However, that is about to change as the network activity has increased, pushing the trading volume by 183% to $47,525,537.
The technical indicators and moving averages indicate a strong buying zone. Moreover, the Relative Strength Index (RSI) is 57.543, which is an indication of buyers’ dominance. Additionally, in the last three months, Akash Network has attempted two peaks to surge to the all-time high of $8.08 set three years ago. The closest it moved to the ATH was the target of $6.19 in March. A similar rally is expected for this month as well.
Shiba Inu
Shiba Inu enthusiasts are on hold for the much-awaited rally. Despite being the most favored meme coin, SHIB did not accomplish the all-time high target of $0.00008845, set three years ago. The ongoing decline has pushed the Shiba Inu price to $0.00002088, which is 75% away from the ATH. Though the target is huge, the SHIB price has begun lifting slowly with the increasing number of transactions on the network. It now has a trading volume of $482.1M after a 41% surge.
The technical indicators hint at the strong buying zone for Shiba Inu, with the Simple Moving Average (5,10) indicating the same. It will be among the first few cryptos to recover from this market drop.
Pepe (PEPE)
PEPE is among the most demanding cryptocurrencies from the start, especially because of 829% gains in the last six months, putting it in the top 25 cryptos on CoinmarketCap. The hype peaked in May when it rose to new heights continuously before facing a downtrend. The PEPE price is $0.0000121, slowly moving down the ATH peak, but the bulls have made their presence in the market again, with investors raising the trading volume by 16% to $969.61M. The technical indicators speak of dominating buyers in the market. Moreover, the simple (5,10,20)and exponential averages (5,10) are inclined toward buying pressure.
The ongoing crypto market drop might continue for some time, but not all cryptos have followed the downtrend. A few cryptos like AKT have already begun the upsurge to recover.
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The post 3 Top Cryptos That Might Recover This Week appeared first on CoinGape.
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