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Cryptocurrencies to watch for the week of February 27, 2023

Cryptocurrencies to watch for the week of February 27, 2023
Paul L.

The cryptocurrency market has been going through a period of fluctuation in recent weeks, with various macroeconomic factors contributing to a decline in the sector’s momentum. As we approach the week of February 27, 2023, several cryptocurrencies are worth keeping an eye on. 

From well-established coins to emerging tokens, these assets’ potential for growth and innovation is deemed enormous. Therefore, Finbold explores some of the most promising cryptocurrencies to watch for in the coming week based on market trends and factors driving their value.

VeChain (VET)

The price of the VeChain (VET) has been backed by bullish sentiments in recent weeks, mainly due to increased network activity and adoption. The latest interest in VeChain comes after the platform announced a new partnership with Stably, a gateway for stablecoins to provide users greater flexibility and accessibility in cryptocurrency transactions.

As part of the collaboration, users will leverage fiat onramps, enabling the exchange of traditional currencies, including U.S. dollars and Euros, for cryptocurrencies. With this move, VeChain and Stably seeks to simplify the process of converting fiat currency into cryptocurrency, making it more user-friendly and accessible to a broader audience. This ability has been touted to be a key driver for possible growth in the VeChain price. 

At the same time, investors are hoping for a VET resurgence after the token rallied almost 12% after launching a new decentralized self-custody wallet called VeWorld. The new wallet launch allows users to manage portfolios, transact on DApps, use a Ledger hardware wallet, and send/receive cryptocurrency. Additionally, VeChain’s network recently surpassed 2 million known addresses.

Despite VET experiencing phases of bullishness, the token has also undergone its share of volatility. Therefore, moving into the new week, VET remains an asset of interest regarding how the price movement will react, especially if it might sustain the boost from network activity or fall victim to overall market bearish sentiments. 

By press time, VET was trading at $0.03 with daily gains of over 2%. 

VET seven-day price chart. Source: Finbold

Under technical analysis, VET is dominated by bullishness, with the summary aligning with the ‘buy’ sentiment at 14 while moving averages are for a ‘string buy’ at 12.

VET technical analysis. Source: TradingView

Ankr (ANKR)

Ankr (ANKR), a liquid staking token, has recently recorded double-digit gains as the network experienced high-profile partnerships. Notably, the token remains in focus after announcing a deal with tech giants Microsoft (NASDAQ: MSFT) and Tencent. Under the deals, Microsoft will offer support for enterprise blockchain adoption, while Tencent signed an MoU to develop a range of blockchain API services with Ankr.

According to Ankr, the partnership is a significant stride towards upgrading web3 infrastructure. With Ankr ranking among the top assets in terms of weekly gains, its next price movement will likely be followed keenly, especially if investors will be taking out profits and the overall sustainability of the gains. 

At the moment, ANKR is trading at $0.04 with daily gains of over 5%, while on the weekly chart, the token is up over 27%.

ANKR seven-day price chart. Source: Finbold

The upward price momentum for ANKR is also replicated in the token’s technical analysis. A summary of the one-day gauges stands for ‘buy’ at 15, while moving averages recommend ‘strong buy’ at 13.

ANKR technical analysis. Source: TradingView

Chainlink (LINK), a decentralized blockchain oracle network built on Ethereum (ETH), has recorded losses on its weekly chart even as analysts opine that the token is undervalued. The network has been backed by development activity and high-profile adoption likely to influence the price movement. 

For instance, the Chainlink Oracle is now accessible on the StarkNet testnet. This development will enable ecosystem developers to utilize secure, dependable, and decentralized price feeds in constructing the next wave of decentralized Finance (DeFi) applications. StarkNet, being one of the Ethereum Network’s most efficient Layer 2 protocols, is expected to become a more adaptable platform for innovators with this integration. At the same time, TUSD, a stablecoin issuer, has adopted Chainlink’s Proof of Reserve to provide real-time verification of stablecoin minting.

Indeed, these developments are touted to impact the price movement of LINK. In this line, crypto trading expert and analyst Michaël van de Poppe has suggested that LINK is likely to target the levels of about $20 if it successfully reclaims $9 and holds.

By press time, Chainlink was trading at $7.39 with gains of about 0.6%. However, LINK is down by almost 10% on the weekly chart.

LINK seven-day price chart. Source: Finbold

Despite witnessing significant losses on the weekly chart, the token’s one-day gauges on TradingView are mainly bullish. A summary aligns with ‘buy’ at 12, while moving averages are also for the same sentiment at 10. 

Ethereum (ETH)

The second-ranked cryptocurrency by market cap returns to the focus of the digital asset market ahead of the Shanghai upgrade that would enable investors to access their staked ETH following the successful Merge update. In the build-up to the Shanghai upgrade, the network saw investors trial the withdrawal process after the Zhejiang testnet went live on February 1. 

In this regard, Ethereum is an asset to watch for the coming week, considering the Shanghai upgrade on Sepolia is set for February 28. According to the development team, the upgrade means “withdrawals are coming” after months of testing. At the same time, Ethereum remains an asset to watch, especially with the Securities Exchange Commission (SEC) increasingly focusing on staking activities. 

In the meantime, Ethereum is also witnessing competition from other crypto projects in decentralized finance (Defi). This is highlighted by the GitHub development activity that continues to be dominated by projects such as Cardano (ADA). 

By press time, Ethereum was trading at $1,603 with daily gains of about 0.1%. On the weekly chart, ETH is down over 5%. 

ETH seven-day price chart. Source: Finbold

From the one-day technical analysis on TradingView, Ethereum is dominated by bearishness. A summary of the gauges is for a ‘sell’ at 13, while moving averages are for a ‘strong sell’ at 12. Oscillators are ‘neutral’ at 9. 

ETH seven-day price chart. Source: Finbold

Lido Dao (LDO)

Lido DAO (LDO), a leading liquid staking platform for Ethereum and other assets, has recently experienced a popularity surge. The platform’s growth can be attributed to several factors, including the upcoming Ethereum Shanghai upgrade. As one of the top staking solutions for Ethereum, Lido DAO is expected to benefit significantly once investors can access their staked Ether after the upgrade’s initiation before March.

Furthermore, crypto users have increasingly turned to self-custodial staking services for their Ether, in part due to recent concerns that the U.S. Securities and Exchange Commission may ban staking for retail investors. This possibility has prompted some investors to seek out non-custodial staking methods like those offered by Lido. 

Despite these regulatory concerns, Lido and other liquid staking platforms continue to gain popularity as investors seek ways to earn passive income from their crypto holdings.

By press time, LDO was valued at $3.08 with daily gains of almost 10%. 

LDO seven-day price chart. Source: Finbold

Under technical analysis, LDO is backed by bullish sentiments with a summary of the one-day gauges and moving averages recommending a ‘strong buy’ at 17 and 14, respectively. Oscillators are for ‘buy’ at 3.

LDO technical analysis. Source: TradingView

In conclusion, as the cryptocurrency market attempts to regain its 2023 rally, the highlighted assets are worth monitoring as they will likely dictate the trajectory of different digital assets. However, the market is still facing headwinds considering the effects of macroeconomic factors are still lingering. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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