Concerns about the stability of the global financial system have been rekindled in the wake of the recent failure of the First Republic Bank in the United States.
The market’s confidence has taken a major hit as a result of this major development, especially over the possibility of a dovish attitude by the US Federal Reserve to cut interest rates.
As a result, investors’ nerves have been on edge, and economic analysts are keeping a careful eye on the situation to determine its potential impact.
Investors widely expected the Fed to boost interest rates to 5.25% after the collapse of Silicon Valley Bank, Signature Bank, and First Republic Bank. Investors and traders alike reacted to this news by taking a more cautious stance in the market.
Since yesterday, the cryptocurrency market has been down 1%, as reported by CoinGecko. Although Bitcoin and Ethereum both fell in value by a small amount, the impact on the altcoin market was much greater. Even if this is only a short setback, these top 5 cryptos are still highly recommended for investor portfolios.
Top 5 Cryptos To Watch This Week
PEPE
Much like DOGE and SHIB, PEPE is based on a meme that first appeared in 2005. Despite being the new kid on the block, the token is firmly bullish, with PEPE up 24% in the past 24 hours.
The token is still experiencing a strong surge in investor interest which will be beneficial in the short to medium term. With its low price of $0.00000134, investors and traders can cash in some gains before the price stabilizes.
RNDR
Despite taking a beating in this week’s market environment, RNDR is still among the top cryptos in the market. The latest market data shows that the token is up 19% since last week. With recent on-chain developments siding with the bulls, the token’s position in investor portfolios is safe.
RNP-003: Resource Acquisition and Allocation for Core Team and Grants received majority 𝗮𝗽𝗽𝗿𝗼𝘃𝗮𝗹 for the Foundation 𝘁𝗼 𝗮𝗰𝗾𝘂𝗶𝗿𝗲 𝗮𝗻𝗱 𝗮𝗹𝗹𝗼𝗰𝗮𝘁𝗲 𝗿𝗲𝘀𝗼𝘂𝗿𝗰𝗲𝘀 𝘁𝗼 𝗯𝗿𝗶𝗻𝗴 𝗽𝗿𝗼𝗱𝘂𝗰𝘁𝘀 𝗮𝗻𝗱 𝗴𝗿𝗼𝘄𝘁𝗵 𝗶𝗻𝗶𝘁𝗶𝗮𝘁𝗶𝘃𝗲𝘀 𝘁𝗼 𝗹𝗶𝗳𝗲.
— Render Network | RNDR (@RenderToken) April 26, 2023
The bears are currently trying to break through $2.1. Investors and traders should then defend this support level as a bearish break on this price point could drag RNDR to $1.574 in the long term.
CSPR
The governance token of the L1 blockchain Casper Network, CSPR experienced a slight dip in price as most cryptos in the market slipped. According to CoinGecko, the token is up 19% in the weekly timeframe. With a clear vision of what the network should be, CSPR’s future is secured.
The future of blockchain is modular 🤸
Build with us: https://t.co/OtgItFPXc5
— Casper (@Casper_Network) April 30, 2023
The token’s bulls are trying to stabilize the price above $0.05782. If they are successful, CSPR’s path to $0.06371 is open for the taking. However, a bearish breakthrough on this level might bring the token back toward $0.04355 in the medium to long term.
INJ
INJ has been one of the top gainers this week as the market fell slightly. CoinGecko data reveals that the token is up 10% since last week, ranking top four in the top gainers list. This bullishness was caused by Binance enabling institutional lending for Injective, opening up a new batch of possible investors on the platform.
The token might drop toward $6.904 in the medium to long term before stabilizing at this price point. If this is the case, investors should monitor INJ’s price movements in the short to medium term.
Crypto total market cap nearly flat at $1.14 trillion on the daily chart at TradingView.com
🔁 #Radix Recap 🔁
The #Consensus2023 special 💙👇 pic.twitter.com/H7a6xzmgrp
— Radix – Radically Different DeFi (@radixdlt) April 30, 2023
XRD
XRD has been following the market closely. Boasting a strong correlation with Bitcoin, the token is currently down nearly 3% in the daily timeframe. With Radix making noise with Consensus 2023, this would definitely attract more investors to the platform.
XRD is on its way down toward $0.0942 which presents a strong support level for the bulls to bounce off of. If a bearish breakthrough is stopped on this level, the path to $0.131 is clear for the taking.
-Featured image from Built In