Cryptocurrency markets have left behind a difficult week, but the negative developments in the market continue to be on the agenda. The bankruptcy of Silicon Valley Bank had a negative impact on the markets on the first day of the new week. However, with the 8.64% increase that Bitcoin experienced in the last 24 hours, altcoins also started to recover.
Featured crypto assets of the week include Kava, Stacks, and Fantom. So why are these assets soaring this week, will they continue to rise?
Kava (KAVA)
Kava was among the assets that gained momentum after the network activities it experienced. Kava recently announced its validator incentives, which act as a bullish trigger in the token price. After the announcement of the validator incentives, more validator nodes started running on the Kava blockchain. Kava also encouraged its validators to migrate their cloud infrastructure from Amazon Web Service and Google Cloud to Akash, a decentralized cloud computing platform. As part of this move, Akash has committed $1 million to the Kava Strategic Vault to support decentralization in Kava.
These moves and their validator incentives have also likely motivated users on KAVA, leading to increased network activity. Kava price has supported its rise, which started with the Coinbase listing news last month, along with its development activities.
The first resistance level to follow for KAVA, which is at $1.09 with an increase of 5.46% in the last 24 hours, is in the $1.10 region. If the $1.10 region is exceeded, the other resistance point to be followed is at the $1.28 level. In a possible decline scenario, the support levels to be followed in Kava price are 99 cents and 90 cents.
Kava is worth watching if it sustains gains from network activity. In case the overall market faces a bearish trend, Kava also remains at risk of experiencing selling pressure due to the possibility of investors taking profits.
Stacks (STX)
Stacks has gained popularity among blockchain enthusiasts for its unique approach to bridging the gap between traditional finance and decentralized finance. Stacks, which has recently come to the fore with Bitcoin Ordinals, has come to the fore as the project that benefits from this trend. Bitcoin-based NFT project Ordinals, launched on the Stacks blockchain network, has added 120% to the price of Stacks in the past weeks. After Binance also listed the Stacks/TRY trading pair a few days ago, the interest in the asset started to increase and Stack became one of the most popular crypto assets in the last week.
However, this increase in demand for the asset can also be attributed to recently published whitepapers to make the Bitcoin network a more functional smart contract space. The first of these projects, consisting of two white papers, is sBTC, a non-trust bidirectional Bitcoin peg system. The other is the Bitcoin stabilization Nakamoto whitepaper, which is again not based on trust.
So, what levels should we follow for Stacks, which is priced at 78 cents with an increase of more than 7% in the last 24 hours?
If Stacks price continues to rise, the first resistance point it will encounter is in the 84 cent region. If Stacks price surpasses this resistance zone, there is another resistance zone it will face before heading to $1. This resistance zone is also around 90 cents. If Stacks price manages to surpass the 84 and 90 cent resistance levels, the $1 price does not seem too far off. In a possible bearish scenario, the support levels that Stacks investors should follow are in the 71 cent and 65 cent regions.
Phantom (FTM)
The main purpose of Fantom, a DAG-based smart contract platform, is to solve the scalability problems of public distributed ledger technologies. The popular crypto asset is another asset that has attracted attention in the last week. Continuing the rise it has experienced in the past days, Fantom has increased by more than 8.82% in the last 24 hours. We can say that the phantom price moves with the rising effect of the market, but besides, the integration of the project with KuCoin Wallet also plays an important role in the price increase.
KuCoin Wallet and Fantom announced last week that they have officially integrated to expand the DeFi ecosystem. This integration can be a new beginning for both ecosystems. This integration is expected to revolutionize the user experience by offering easy access to all Fantom native assets via KuCoin Wallet. Integration between KuCoin Wallet and Fantom; It will allow users to easily access all Fantom native assets in addition to the large number of Fantom project tokens already listed on KuCoin Wallet.
Phantom, which is priced at 41 cents after the 8% increase it experienced in the last 24 hours, is in the 44 and 47 cent regions, if it continues to rise, the resistance points to be followed. In a possible bearish scenario, support levels of 40 cents and 37 cents may be on the agenda.
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