Aside from the long anticipation leading up to the benchmark cryptocurrency’s spot exchange-traded fund, cryptos benefited from several other compelling news items. In particular, the avoidance of a 2023 recession bolstered sentiment that the Federal Reserve could somehow engineer a soft landing. If so, that’s the kind of confidence needed to convince investors to consider risk-on assets.

Frankly, it doesn’t get much more risk-on than cryptos. And as the latest datapoints hit the airwaves, two things became clear. One, the U.S. economy symbolizes a raging linebacker, pummeling anyone that gets in its way. Two, the labor market continues to astound economists, landing at a much higher number than the consensus target.

Logically, this means more dollars chasing after fewer goods. Such an inflationary dynamic should bode well for blockchain assets. However, the Fed may have some other ideas.

In a recent statement, Fed Chair Jerome Powell cooled burgeoning expectations for interest rate cuts. Instead, he emphasized the need to not move too quickly lest we fall into another problem. While that wasn’t the news blockchain advocates wanted to hear, they’re also not showing fear.

With that, investors could pick up some discounts. Below are virtual currencies to consider.

Bitcoin (BTC-USD)

After suffering a buy-the-rumor, sell-the-news cycle of volatility, Bitcoin (BTC-USD) jumped back above the critical $40,000 level. Honestly, was there any doubt? After sending BTC higher across multiple walls of doubt in recent years, there was no way that the bulls would abandon their mission – at least not this close to the promised land. Still, BTC absorbed some modest hits.

Over the trailing seven days, Bitcoin incurred a loss of almost 1.5%. Over the past 24 hours from early Tuesday morning, BTC trades at parity. Still, one gets the impression that the next few sessions will be critical. Indeed, the price action since late January shows that Bitcoin is trending along its 50-day moving average. Ideally, BTC should pop from here.

One obstacle that could get in the way is the fading acquisition volume since Jan. 10. Normally, you’d like to see upswings accompany rising volume. We’re just not there yet.

Looking at Bitcoin’s point-and-figure (P&F) chart, the near-term target is to establish a presence at $43,500. If this holds, BTC could find itself near $49,000.

Ethereum (ETH-USD)

After witnessing a large spurt of bullish trading activity between October through early December, Ethereum (ETH-USD) finds itself in a holding pattern. To be sure, last month saw a significant lift in ETH as the number two crypto by market capitalization challenged the $2,700 level. However, the challenge was short-lived, with a lack of conviction pushing the coin higher. And that puts Ethereum in an interesting situation.

As with Bitcoin, ETH trends around its 50 DMA. However, the crypto coin is conspicuously trading underneath this key moving average. Also, since early January, the magnitude of acquisition volume has faded. In conjunction with Ethereum moving sideways, it puts investors in a bit of a no-man’s-land. As a result, more conservative investors may want to wait for a better signal.

Looking at Ethereum’s P&F chart, supply demand dynamics suggest that there’s more than enough support where ETH presently trades. Also, the chart itself gives no indication of a bearish pattern materializing. To be fair, there are also no obvious bullish patterns.

As a near-term target, ETH should convincingly hit $2,390. From there, a push near $2,500 isn’t out of the question.

Tether (USDT-USD)

Generally speaking, decentralized digital asset investors don’t focus on analyzing Tether (USDT-USD). As a stablecoin, Tether doesn’t “operate” like most other cryptos. Whereas the point about other blockchain assets is to buy low and sell high, USDT exists to act as a liquidity mechanism for the crypto trading ecosystem. It also allows investors to store or secure their wealth in dollar-denominated crypto terms. That way, they can respond immediately to opportunities.

However, assessing Tether’s peg to the dollar can give you a snapshot of the prevailing sentiment at that time. As of this writing (early Tuesday morning), USDT trades at 0.9988 to the dollar. Essentially, the dollar is more valuable than its USDT equivalent, suggesting subdued sentiment. Over the past seven days, the stablecoin has found itself below parity way more often than it has above it.

A on-chain analysis by TipRanks confirms the assessment. Overall, the investment resource states that sentiment is mostly bearish. Contributing to the cloudy weather was a 2.65% reduction in large transactions (greater than $100,000) against historical norms.

Now, that’s not meant to panic people out of cryptos. Rather, it’s just a dynamic to keep in mind.

Chainlink (LINK-USD)

One of the top performers of this past week among cryptos has got to be Chainlink (LINK-USD). Not too long ago, I moved back into this cryptocurrency after trading it during the heyday of 2021. I’m glad I did. Although it’s a wildly volatile asset, the underlying blockchain utility – effectively allowing on-chain protocols to interact with external data feeds – is incredibly compelling.

As for the market performance, in the trailing one-week period, LINK gained just over 26% of market value. That’s well above any other crypto in the top 20 by market capitalization. Also, in the past 24 hours, Chainlink moved up almost 2%. Looking at its standard technical chart, after meandering around its 50 DMA, it popped dramatically higher at the beginning of this month.

Interestingly, LINK’s P&F chart shows a double top breakout pattern. According to Stock Charts School, the aforementioned pattern represents the most basic buy signal. What’s also intriguing is that after suffering through fading acquisition volume since October, the rise in volume since late January seemingly confirms the upswing.

If you’re willing to speculate, LINK ranks among the cryptos to put on your watch list.

XRP (XRP-USD)

Another heavily tracked cryptocurrency, XRP (XRP-USD) has been struggling for traction recently. Throughout the trailing one-year period, the altcoin has generally printed a series of rising lows. And this pattern roughly coincided with its 200 DMA. However, the latest performance of XRP has raised some eyebrows. Specifically, its one-week loss of about 6% has disrupted the positive vibe of its technical chart.

At this writing, XRP trades hands at a little above 50 cents. That puts it firmly below its 50 DMA at 56.9 cents. Also, this moving average recently slipped beneath the 200 DMA, which doesn’t augur well for inspiring investors. However, the price action does seem to be holding at the key psychological level of half-a-buck.

Looking at its P&F chart, we see no indication of a bearish pattern developing. Of course, circumstances can shift in a blink of an eye with cryptos. Also, it’s important to point out that XRP lacks any bullish signals either. However, with such a rough few weeks, that excess supply hasn’t choked demand is a small, important victory.

Moving forward, you do want XRP to show momentum. The next logical target would be 63 cents.

Cardano (ADA-USD)

One of the most popular altcoins, Cardano (ADA-USD) has enjoyed an astronomical performance. During the “Uptober” seasonality trend, ADA started off trading around 24 cents. By the end of November, it was trading just below the 38-cent mark. And just for good measure, Cardano sparked a stratospheric run in December because of course it did. At the end of last year, it was trading close to 60 cents.

However, circumstances have been less auspicious in the new year. Quickly, ADA found itself trading beneath its 50 DMA. Also, in the past seven days, it lost about 7% of market value. During the last 24 hours, the altcoin fell about 2%. At the moment, it’s trading under the critical 50-cent level, sandwiched between the 50 and 200 DMAs.

Another factor that investors need to watch out for is the volume trend. Acquisition volume began fading noticeably since December. However, on the positive side, even with the red ink, ADA isn’t printing a bearish signal in its P&F chart. Still, moving forward, it must convincingly establish a foothold at 63 cents.

Filecoin (FIL-USD)

A lesser-known name among alternative cryptos, Filecoin (FIL-USD) deserves another look following its peak and subsequent implosion in 2021. According to CoinMarketCap, Filecoin is a decentralized storage system that aims to “store humanity’s most important information.” Essentially, Filecoin is an open-source, decentralized cloud file storage alternative. Rather than pay some big corporation for storage solutions, you can reward your fellow blockchain advocates willing to part ways with extra storage space.

While blockchain projects love to wax poetic about the revolutionary potential of decentralized ecosystems, Filecoin offers a practical canvas. By connecting data storage providers with customers, Filecoin is creating its own mini-economy. I love the creativity and the value proposition. At only $5 a pop – when it once approached the $200 level – FIL seems quite a speculative bargain.

Now, the technical profile will need some work. Currently, it’s neatly sandwich between the 50 DMA at top and the 200 DMA below. Also, its P&F chart shows a bullish signal being reversed, which is problematic. However, if you’re committed to cryptos for the long haul, Filecoin deserves to be on your radar.

On the date of publication, Josh Enomoto held a LONG position in BTC, ETH, USDT, LINK and XRP. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.