Top Cryptocurrencies To Record Huge Gains This Week

Top 5 Cryptocurrencies to Watch This Week

(May 19, 2024, 16:29 PM IST): The cryptocurrency market is exhibiting bullish momentum this week, led by Bitcoin (BTC) trading above $67,000. This positive trend follows the release of the April Consumer Price Index (CPI) report, indicating a moderation in core inflation and a larger-than-expected decline in retail sales. As BTC's price gains traction, several tokens are poised for significant gains. Here are the top cryptocurrencies to monitor this week:

1. Gala (GALA) Price Analysis:

Gala (GALA) recently broke out from a symmetrical triangle pattern, signaling potential bullish momentum. Currently trading at a resistance support level of $0.0454 with a market cap of $1.38 billion, GALA could experience a pump if it maintains this support. A potential pullback could lead to a price surge, with GALA potentially reaching $0.06878, a 51% increase in the coming days.

2. Enjin (ENJ) Price Analysis:

Enjin (ENJ) witnessed a significant breakout by surpassing a major trendline. Trading at $0.3219 with a market cap of $469 million, ENJ has the potential for further growth. Technical analysis suggests that ENJ could easily reach $0.4541, representing a 40.72% gain in the near term.

3. Axie Infinity (AXS) Price Analysis:

Both Enjin and Axie Infinity (AXS) exhibit similar bullish patterns, with each token breaking key trendlines. AXS currently trades at $7.37, boasting a market cap of $1.07 billion. If the bullish momentum continues, AXS could climb to $9.66, a 31.08% increase from its current price.

4. Ondo (ONDO) Price Analysis:

Ondo (ONDO) has faced resistance in surpassing the $1.04 mark this week. Currently trading at $0.9466 within a formed channel, ONDO could experience significant gains if it breaks above $1.04. Traders should monitor this critical level to assess ONDO's potential upside.

5. Pepe (PEPE) Price Analysis:

Pepe (PEPE), the popular memecoin, has faced bearish pressure after a recent selloff from its all-time high of $0.00001161. Currently trading at $0.00000945 with a market cap of $3.96 billion, PEPE could experience positive momentum if buyers push it above $0.00000964 by breaking the trendline. However, a price drop below $0.00000891 could lead to further downside.

6. Beam (BEAM) Price Analysis:

Beam is on the verge of breaking its resistance trendline at $0.02630. If buyers can push the price above $0.02715, Beam could witness notable gains. This breakout could trigger a strong upward movement for BEAM.

Current Price: $0.02548
Market Cap: $1.26 Billion

Remember that the cryptocurrency market remains highly volatile, and while these tokens show promising signs of gains, it is crucial for investors to stay informed and consider market conditions before making any trading decisions.

Disclaimer: This article provides educational and informational content only and does not constitute financial advice. Cryptocurrency investments are highly speculative and past performance does not guarantee future results.