3 Top Cryptos That Might Recover This Week

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As an experienced analyst, I believe that the current market conditions are challenging for most cryptocurrencies. However, based on my analysis of the top cryptos, Akash Network (AKT), Shiba Inu (SHIB), and Pepe (PEPE) have shown promising signs of recovery this week.

Because traders’ attitudes have become pessimistic, the market is experiencing a downturn. The total value of the global market cap now stands at $2.41 Trillion, and the fear and greed index has plummeted to 53. Trading volume in the last 24 hours was relatively low at $72.8 billion. The price of Bitcoin has slipped to $66,198, and many other cryptocurrencies are showing similar trends. However, a few cryptos have given hints of a potential rebound despite the overall bearish market conditions.

In this blog, let us discuss the top cryptos that might recover this week.

Akash Network (AKT)

The Akash network’s revival is underway with a 8% surge in value over the last 24 hours. Despite this recent setback, AKT experienced a downturn prior to the broader crypto market slide. Over the past few weeks, it had plummeted by approximately 40%, resulting in a significant loss of value. However, the situation is now shifting as network activity picks up, leading to a substantial increase in trading volume – reaching $47,525,537, which is 183% higher than before.

Based on the technical analysis, there’s a significant buying opportunity indicated by the technical indicators and moving averages. Furthermore, the RSI reading of 57.543 suggests that buyers have been in control lately. Over the past three months, Akash Network has made two attempts to reach its all-time high of $8.08, which was last seen three years ago. The closest it came was in March when it hit a target price of $6.19. It’s anticipated that a similar uptrend could occur this month as well.

Shiba Inu

Shiba Inu fans are eagerly waiting for the anticipated price surge. Despite being the most popular meme token, SHIB failed to reach its previous peak of $0.00008845, which was set three years ago. The current downtrend has caused the Shiba Inu value to drop to $0.00002088, representing a significant 75% decrease from the all-time high. However, the massive target is not out of reach as SHIB’s price starts to gradually rise, accompanied by an increase in network transactions. The trading volume has surged by 41%, resulting in $482.1M being traded.

Based on the technical analysis, the indicators suggest that Shiba Inu has a robust buying opportunity. The 5-day and 10-day Simple Moving Averages (SMA) concur with this assessment. Therefore, Shiba Inu could be among the initial cryptocurrencies to bounce back following the market downturn.

Pepe (PEPE)

PEPE has been one of the more challenging cryptocurrencies since its inception, with an impressive 829% growth over the past six months, earning it a place among the top 25 cryptos on Coinmarketcap. The excitement reached new heights in May when the price soared steadily before experiencing a decline. Currently, PEPE is trading at $0.0000121, just below its all-time high (ATH), but bullish sentiment has resurfaced as investors have increased trading volume by 16%, totaling $969.61M. The technical indicators suggest that buyers are in control of the market, and both the simple moving averages (5,10,20) and exponential moving averages (5,10) indicate a strong buying trend.

The crypto market decline may persist for a while, but not every cryptocurrency is following this trend. Some cryptos, such as AKT, have started to rebound and regain value.

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2024-06-15 10:42