A remarkable development occurred this week as a tentative deal was made to address the US debt crisis, adding some degree of optimism to the top 5 cryptos expected to rally in the market this week.
United States President Joe Biden and top congressional Republican Kevin McCarthy made a compromise to suspend the $31.4 trillion debt of the US government. This has led the broader financial market to become bullish with major indices gaining ground.
Thanks to the debt ceiling agreement, the cryptocurrency market is currently enjoying a favorable period. According to CoinGecko, the total market cap of crypto increased by over 2% in the past 24 hours, pulling the entire market upward.
Meanwhile, these cryptocurrencies have the most potential to bring more gains for investors amidst the current market environment.
Image: Freepik
Top 5 Cryptos Set To Increase This Week Amid US Debt Ceiling Deal
NEO
NEO has been one of the top 5 cryptos in the past weeks. Coingecko data shows the token flashing green in all timeframes, with NEO up nearly 20% in the past two weeks. This came after Neo’s partnership with Alchemy Pay enabled consumers to buy crypto with their preferred local fiat currency.
At the time of writing, the bulls managed to flip the $10.21 resistance to support. Thus, investors and traders should try and hold this support level at all costs. With the bulls left exhausted after a major price movement, we might see NEO oscillate on this support before targeting $13.5 in the coming days or weeks.
IOTA
IOTA is enjoying the market’s bullishness, presenting impressive gains for investors. The latest market data shows that the token in our top 5 cryptos roster is up 14% in the weekly timeframe, becoming one of the biggest gainers. Its current price action was enabled by a recent meeting between IOTA Co-Founder, Dominic Schneider, and UAE Minister of State for Foreign Trade, Dr. Thani Zeyoudi to discuss how the IOTA blockchain can help the country’s digital ecosystem.
As of today, cryptocurrencies have a total market cap of $1.09 trillion. Chart: TradingView.com
IOTA bulls are currently exhausted as a result of strong push in the past few days. However, the current market environment allows investors and traders to target $0.27689 in the coming weeks. If the bulls are successful in flipping this resistance level, the token’s path to higher gains will be opened.
ARB
Arbitrum (ARB) is on the third spot in today’s top 5 cryptos list. Its governance token, ARB, is up more than 11% since last week. Recent on-chain developments on Arbitrum contributed to the broader bullishness found in the market.
Happy weekend Arbinauts! We are back with The Weekly Arbinaut
For our 5th edition, we highlight developments, ecosystem spotlights, and welcome exciting projects launching on Arbitrum this week! 🗞
Let’s dive in! 🧵👇 pic.twitter.com/kQKTeETFVC
— Arbitrum (💙,🧡) (@arbitrum) May 27, 2023
ARB is currently on an upward trajectory that puts it directly in front of the $1.31 resistance. Flipping this resistance level to support will open a path to higher highs in the coming days and weeks. However, investors and traders should be cautious as any drop will put the token’s gains in danger.
HT
Huobi has continually battled for market share dominance in the centralized exchange market. Recently, the exchange released a weekly report, showing that users and traders on the platform continue to grow even as the market corrected itself. This made HT one of the biggest gainers in the market with an impressive 12% gain.
🔹133,000+ New Users Gained
🔹140,000+ Weekly Active Traders
🔹1,406,000+ $USDT Community Rewards
🔹 Lock HT with PrimePool Launched!— Huobi (@HuobiGlobal) May 28, 2023
Investors of HT should exercise caution at the moment. The token’s recent price actions make it a prime target for the bears. Holding the token’s current support at $2.8 in the coming days will be crucial for investors to continue targeting the $3.7 resistance.
INJ
Wrapping up today’s top 5 cryptos list is Injective (INJ). With Injective’s Avalon Mainnet Upgrade to occur this week, INJ is on its way toward higher gains. According to Coingecko, the token is up nearly 16% in the past two weeks, becoming one of the biggest gainers in the market.
The Avalon Mainnet Upgrade has been initiated to bring you the most powerful version of Injective to date.
The gov proposal is active and the upgrade scheduled to occur later this week.
🚀 L1 scalability optimizations
🚀 Sub-Second Block Times
🚀 PoS delegation revamp— Injective 🥷 (@Injective_) May 28, 2023
At the time of writing, INJ bulls are trying to settle above the $6.895 support. If this support level holds, it will enable INJ to target a higher price. Thus, consolidation on this level is a must before following through with a bigger upward swing.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk)
-Featured image from Outlook India
