3 altcoins to watch this week

The recent rise of Bitcoin above $95,000 has once again revived optimism in the crypto market. Let’s take a look at which three altcoins are currently receiving support.

BeInCrypto’s editorial team highlighted three altcoins to watch this week and assessed their potential prospects. Let’s explore what factors may influence the value of these tokens and open up new opportunities for investors.

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Ethereum ETHUSD

Ethereum is preparing for the long-awaited Pectra update, scheduled for May 7. This update is expected to significantly improve the scalability of the network, the mechanics of validators, and the architecture of smart contracts.

Despite the positive potential, the update carries risks that may affect the price of the altcoin. Major exchanges are expected to suspend deposits and withdrawals of ETH during the deployment of the update. This could lead to short-term volatility or temporary selling pressure. Additionally, any technical issues during the deployment may worsen market sentiment.

At the time of writing, ETH is demonstrating a steady rise. This is reflected in the Chaikin Money Flow indicator (CMF). This metric measures the movement of money flowing into and out of the asset. Positive values indicate that buyers are investing capital to support the price increase.

The current indicator is at 0.13 and is in a rising trend. If this trend continues, ETH could rise to $2,072. On the other hand, a decrease in demand could lead to a drop in price to $1,744.

Virtuals Protocol (VIRTUAL)

VIRTUAL rose by 37% over the last week, becoming the most successful asset in the market during this period. It is currently trading in an ascending parallel channel, confirming increased buying pressure. This is a bullish pattern, where the price moves between two ascending parallel trend lines. One serves as support, while the other serves as resistance.

If the token stays in the channel, it may rise above $2 and reach $2.15. However, if demand weakens and VIRTUAL breaks through the channel support line, the price may fall to $0.96.

Analysis of the altcoin Solayer (LAYER)

The LAYER token rose by 14% over the past week. On the daily chart, the Aroon Up line, which measures bullish momentum, is at 100%. This indicates a strong upward trend and significant demand for the asset. An Aroon Up line at 100 means that the asset has recently reached a new high. This is relevant for the altcoin, which was trading at an all-time high of $3.43 at the beginning of Monday.

The current trend indicates high buying pressure, which could lead to further rise in price. If successful, LAYER could reach and even exceed its all-time high. However, if sell-offs begin, the price could drop to $2.46.

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