The crypto market is picking up steam again, so today we are looking at three top altcoins showing promising strength heading into this week. Covered: Ethereum (ETH) Polygon (MATIC) Axie Infinity (AXS) Now that Bitcoin found a solid base to paint a strong bullish reversal, traders and investors alike are on the hunt for undervalued […] The post Three Top Altcoins To Keep Your Eye On The Week Of February 7th appeared first on CryptosRus.

Three Top Altcoins To Keep Your Eye On The Week Of February 7th

The crypto market is picking up steam again, so today we are looking at three top altcoins showing promising strength heading into this week.

Covered:

  • Ethereum (ETH)
  • Polygon (MATIC)
  • Axie Infinity (AXS)

Now that Bitcoin found a solid base to paint a strong bullish reversal, traders and investors alike are on the hunt for undervalued altcoins to hold through the next leg of the market cycle. The recent moves in the market are telling us which top altcoins may be a good hold over the coming months.

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Ethereum (ETH)

The first altcoin to keep an eye on as the market attempts to flip bullish again is Ethereum (ETH). Yes, we’ve all been told to stack Ethereum time and time again now, and there’s good reason that the second-largest altcoin gets recommended so often.

Besides the strength it’s showing against both the US dollar and Bitcoin (BTC), the top dog smart contract platform has big plans in store for 2022. Most notably is the protocol’s highly-anticipated shift to proof-of-stake — this upgrade will bring the scalability and speed that so many long-time crypto natives have been waiting for. Ethereum’s low transaction fees have been the fuel for other layer-1 (L1) platforms to thrive off of this bull run, however, the Ethereum upgrade could finally bring an end to that narrative.

At the time of writing, ETH is trading at $3,125.

Looking at the daily chart, despite the bloodshed since November, ETH interestingly enough looks to have found long-term support dating back to 2020, when the asset first began its recovery following the pandemic-induced market crash.

Take note of the relative strength index (RSI) as well, which measures the overbought and oversold conditions of an asset. The most recent plunge sent ETH’s RSI back down to levels not seen since the pandemic crash, and the strong rebound we’re currently witnessing indicates that the recent lows could be a significant level to hold before moving higher.

Not to mention, Ethereum has a strong catalyst coming up with its ETHDenver conference starting on February 11th. The conference bills itself as the “largest and longest running ETH event in the world.”

Polygon (MATIC)

The next altcoin making today’s list is Polygon (MATIC). If you’re bullish on Ethereum, then you should probably be bullish on Ethereum layer-2 scaling solutions like MATIC also. Aside from the fact that Polygon is one of the primary hosts for Ethereum’s gaming and NFT scene, the blockchain just got a major stamp of approval today from the crypto investment firm Sequoia India, which led to a staggering $450 million investment round to foster Polygon development.

Currently, MATIC is surging over 11% today, trading at $1.94. The most recent news alongside the market-wide recovery has given MATIC a strong lift in price and could give it great momentum heading into the year.

As you can see from the daily chart, the digital asset appears to be forming an ascending triangle since crashing down with the rest of the market back in May 2021. Aside from one deviation that summer, MATIC has been respecting these support/resistance lines quite nicely. At the very latest, we can expect to find out whether MATIC will rise or fall around August of this year, if not sooner.

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Axie Infinity (AXS)

Lastly, Axie Infinity (AXS) is the third top altcoin making today’s list. After essentially kicking off the gaming and metaverse crypto bull run, AXS has taken some time to cool off after sitting among some of the highest-performing crypto assets of last year. However, the heat hasn’t worn off entirely, it seems, as AXS displayed huge strength yesterday alongside the rest of the blockchain gaming market.

At the time of writing, AXS is trading at $68.60.

As you can note from the chart, AXS is rebounding off of long-term support that kept the asset afloat back in August and September just before taking off to its all-time high of $170. Although AXS may be more than 50% off from its highs, the most recent moves we’re seeing could suggest that AXS is entering another phase of consolidation before further appreciation.

With all the momentum for the metaverse building up behind the scenes, there should be no doubting that the crypto gaming market has brighter days ahead. Axie Infinity kicked off the gaming bull market, and it’s been making moves to ensure that the project won’t be going anywhere.

The post Three Top Altcoins To Keep Your Eye On The Week Of February 7th appeared first on CryptosRus.