Three Volatile Cryptos To Watch This Week Are Monero (XMR), El Hippo (HIPP), Avalanche (AVAX)
Crypto is a fast-paced market. It’s not enough to follow major trends – as with everything, the devil with crypto is in the details. Finding an edge over the market can be as simple as identifying a period of volatility coupled with other price catalysts in a certain asset, whether it’s a household name or a lesser known project.
This article outlines three cryptos that people will be making money on this week by riding the highs and lows of a volatile period that is likely temporary.
Monero (XMR) Price
Monero is currently priced at $155 and, as shown in the chart above, the road to get there has been exceptionally choppy. The world’s favorite privacy coin has seen heavy trading activity lately, with unusually volatile swings in both directions. Monero is currently near a monthly high, with peaks and valleys on the charts marking the sites of many recent battles between traders on either side.
The coin dipped as low as $141 earlier in the month, a change of over 10%. While this is the least volatile coin in this list, the steady price uptrend and healthy volatility could easily provide multiple price entry points for discerning traders, particularly those attempting a long position.
El Hippo (HIPP) Price
El Hippo is a relatively new meme coin currently doing the numbers on social media, with 21,000 active Twitter followers amassed in under three months. The project has seen over 160% gains this month alone, spurred on by the frequent meme contests as well as rewards issued by the ongoing project Zealy campaign.
HIPP is currently seeing volatile price action, as shown in the chart, fluctuating 66% this month alone and showing a fairly steady pattern of rising and falling price action and heavy support established in the $0.000000004 range, attractive stats for those seeking a dip to buy. As a new meme coin, this project is by far both the riskiest coin on this list and the one with the potential for the most explosive gains. If we are indeed seeing the early days of another SHIB or PEPE in the making, this project could be one to keep an eye on.
Avalanche (AVAX) Price
Avalance is one of a handful of major competitors to the Ethereum platform, and while it’s not coming for the Web3 crown any time soon, it’s certainly capturing the attention of traders online. The coin has fluctuated around 23% already this month and after a major spike a few weeks ago, it’s now trading in a sideways trend in the $9 range.
AVAX could well be building up for a breakout in either direction, based on the activity shown in the chart above. While there’s no telling which direction this breakout might pursue if it does take place, Avax Labs president John Wu recently stated that major developments are in the works for the Avalanche ecosystem, and any project update in the midst of a sideways trading range could easily cause a price spike if the stars align.
Overall, sentiment for Avalanche is fairly positive at the moment, and the price spike seen earlier in the month could be the start of a wider upward trend soon to come.