- President Joe Biden and leading congressional Republican Kevin McCarthy reached a compromise to temporarily suspend the US government’s $31.4 trillion debt.
- Amidst the current market environment, certain cryptocurrencies are seen as having the greatest potential to deliver further gains for investors.
In a significant development this week, a preliminary agreement was reached to address the debt crisis in the United States, bringing some level of optimism to the top 5 cryptocurrencies expected to experience a market rally.
President Joe Biden and leading congressional Republican Kevin McCarthy reached a compromise to temporarily suspend the US government’s $31.4 trillion debt. This development has resulted in a bullish sentiment in the broader financial market, with major indices making gains.
The cryptocurrency market is currently experiencing a favorable period as a result of the debt ceiling agreement. According to CoinGecko, the overall market capitalization of cryptocurrencies has increased by over 2% in the past 24 hours, causing the entire market to trend upwards.
Amidst the current market environment, certain cryptocurrencies are seen as having the greatest potential to deliver further gains for investors.
Market Optimism Ignited: Top 5 Cryptos Expected to Climb with US Debt Ceiling Deal
NEO has emerged as one of the top 5 cryptocurrencies in recent weeks, as indicated by Coingecko data. Across all timeframes, the NEO token has consistently shown positive performance, with a nearly 20% increase over the past two weeks. This notable growth followed Neo’s partnership with Alchemy Pay, which facilitated the purchase of cryptocurrencies using local fiat currencies.
As of the time of writing, the bullish trend managed to successfully convert the $10.21 resistance level into a support level. Therefore, it is crucial for investors and traders to make efforts to maintain this support level. After a significant price movement that exhausted the bulls, it is possible to observe NEO fluctuating around this support before potentially aiming for the $13.5 target in the coming days or weeks.
IOTA is capitalizing on the current bullish market sentiment, delivering significant gains for investors. Recent market data reveals that the token, featured among our top 5 cryptocurrencies, has surged by 14% in the weekly timeframe, positioning itself as one of the prominent gainers. This impressive price action can be attributed to a recent meeting between IOTA’s Co-Founder, Dominic Schneider, and the UAE Minister of State for Foreign Trade, Dr. Thani Zeyoudi. The purpose of the meeting was to explore the potential of the IOTA blockchain in enhancing the digital ecosystem of the country.
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.
Claiming the third position in the current top 5 cryptocurrencies list is Arbitrum (ARB). The governance token of Arbitrum, ARB, has seen an impressive increase of over 11% in value compared to the previous week. The recent advancements made on the Arbitrum blockchain have played a significant role in fostering a bullish sentiment within the overall market.
ARB is currently experiencing a positive trend, positioning itself just below the $1.31 resistance level. Successfully converting this resistance into a support level will pave the way for further upward movement and potential higher highs in the upcoming days and weeks. Nonetheless, investors and traders should exercise caution, as any decline in price would jeopardize the gains achieved by the token.
Huobi has consistently been engaged in the competition for market share supremacy within the centralized exchange market. In a recent development, the exchange published a weekly report highlighting the continuous growth of its user base and traders on the platform, despite the market experiencing a correction phase. As a result, Huobi’s native token, HT, emerged as one of the notable beneficiaries, demonstrating an impressive gain of 12% in value.
Caution is advised for investors holding HT at this time, as recent price movements make the token susceptible to bearish pressure. It is crucial for investors to carefully monitor and maintain the token’s current support level at $2.8 in the upcoming days. Sustaining this support level will be essential for investors to potentially aim for the resistance level at $3.7.
Concluding the current top 5 cryptocurrencies list is Injective (INJ). The upcoming Avalon Mainnet Upgrade by Injective paves the way for potential increased gains for the token. Coingecko data reveals that INJ has surged by approximately 16% over the past two weeks, positioning itself as one of the prominent gainers in the market.
As of the present moment, the bulls of INJ are making efforts to establish stability above the support level at $6.895. Should this support level successfully hold, it would provide INJ with the opportunity to aim for a higher price. Therefore, it is crucial for the token to consolidate around this level before proceeding with a more significant upward movement.