The ongoing banking crisis in the US has rekindled concerns about the stability of the global financial system. The crisis environment also opens up new opportunities in some risky markets such as cryptocurrencies. According to analysts, new news from 5 altcoin projects should not be ignored at this time.
US banking crisis escalates
The latest fall in First Republic Bank’s stocks brought the crisis back to the agenda. Market confidence has been hit hard as a result of this major development, especially on the possibility of the Fed taking a dovish stance towards lowering interest rates. As a result, investors are getting on the nerves. Also, experts are monitoring the situation carefully to determine its potential impact.
Investors expect the Fed to raise interest rates to 5.25% following the collapse of Silicon Valley Bank, Signature Bank and First Republic Bank. Both investors and traders reacted to this news by taking a more cautious stance in the market. As reported by CoinGecko, the cryptocurrency market has dropped 1% since yesterday.
While Bitcoin and Ethereum both lost a small amount of value, their impact on the altcoin market was much greater. Even if this is only a brief setback, analyst Christian Encila thinks the following 5 altcoins are still of great importance to investor portfolios.
Pepe Coin (PEPE)
Like DOGE and SHIB, PEPE is based on a meme that first appeared in 2005. Despite a new altcoin, it has been rallying for the past three days. The altcoin is still experiencing a strong increase in investor interest, which will be beneficial in the short to medium term. With its low price of $0.00000134, investors can cash out some of the gains before the price stabilizes.
Render Token (RNDR)
Despite taking a hit in this week’s market environment, RNDR is still among the top altcoins on the market. The latest market data shows that the token has increased by 19% since last week. With recent on-chain developments taking the side of the bulls, the token’s position in investor portfolios is secure.
Price-wise, the bears are currently trying to break $2.1. This level is an area that the bulls need to defend. Otherwise, the downtrend will drag the RNDR to $1,574 in the long term.
Casper (CSPR)
L1 Blockchain Casper suffered a slight drop in price as most altcoins in the market fell. According to CoinGecko, it is up 19% on the weekly timeframe. A clear vision for the future of the network included what we should expect from CSPR this year:
On the other hand, the bulls are trying to stabilize CSPR price above $0.05782. If they are successful, CSPR’s path to $0.06371 is clear. However, a bearish divergence at this level will push the token back to $0.04355 in the medium to long term.
Injective (INJ)
INJ was one of the top earners this week as the market dropped slightly. CoinGecko data reveals that the token has risen 10% since last week, making it into the top four on the list of top earners. This rise was driven by Binance providing institutional lending for Injective and opening a new group of prospective investors on the platform.
Technically speaking, it could drop to $6,904 in the medium to long term before stabilizing at this price point. If that’s the case, investors need to keep a close eye on INJ’s price movements in the short to medium term.
Radix (XRD)
XRD follows the market closely. The altcoin, which has a strong correlation with Bitcoin, is currently down about 11% on the daily timeframe. In addition, Radix is โโexpected to attract more investors as it makes a splash with Consensus 2023.
From a technical standpoint, XRD is heading towards $0.0942, which offers a strong support level for the bulls to bounce. If the downtrend is stopped at this level, the bulls’ next target will be $0.131. Other important altcoin news that may be effective in terms of price in May cryptocoin.comWe have included it in this article.
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