Markets
Top Cryptocurrencies to Watch This Week
Last week, the cryptocurrency market staged a strong rally. Bitcoin led the rally, breaking several key psychological thresholds and surpassing $66,000 for the first time in nearly a month.
The rest of the market followed this bullish trend, leading to a $255 billion increase in the global cryptocurrency market cap over the past week. This growth equates to an impressive 11.95% increase, driven by contributions from several altcoins.
Here are our top picks for cryptocurrencies to watch this week, based on their notable performances over the past week:
SOL, ZK and BRETT courses – July 21 | Source: Santiment
SOL hits six-week high
Solana (GROUND) was one of the main beneficiaries of the market rally last week. Over the course of seven days, SOL saw six days of persistent gains. The asset eventually broke above $175 for the first time in six weeks before hitting a hurdle.
Throughout the past week, Solana demonstrated Strong bullish momentum, up 22.35% from $141 to $172. The daily chart shows a consistent pattern of higher highs and higher lows, indicating sustained buying pressure.
In particular, the Accumulation/Distribution line, which reached 297.488 million, confirms the buying trend.
Additionally, the Klinger Oscillator recently saw a positive crossover with a reading of 125.642K. The oscillator shows that buying trading volume is outpacing selling trading. However, investors should keep an eye on the $148.48 support as a break below it could strengthen the bears.
ZK up 18% in one week
Zk Synchronization (ZK) also benefited from the market rebound, riding the momentum to record an impressive 18.9% increase last week, from $0.1596 to $0.1897.
ZK recently retested the 23.6% retracement level at $0.1918, indicating that this could be a short-term resistance. If the price breaks above this level, it could signal further upside potential.
Conversely, the 38.2% retracement level at $0.1844 and the 50% level at $0.1784 serve as potential support areas if zkSync the price is falling.
The On-Balance Volume (OBV) indicator is currently at 2.826 billion, which shows an uptrend and suggests an increase in buying volume. This surge in OBV supports the bullish price movement and indicates strong accumulation.
BRETT posts biggest intraday gain in seven weeks
Brett (BRETT) saw a similar uptrend, but its price was hit by higher volatility. The token started the week strong, posting an intraday gain of 20.57% on July 15, the largest in seven weeks. However, BRETT crashed 11% over the next three days.
BRETT’s Bull Bear Power (BBP) is hovering around the 0.02847 mark, indicating mixed sentiment. However, a positive change towards the end of the week indicates bullish momentum, which allowed BRETT to end the week up 27%.
On the MACD indicator, the MACD line at 0.00232 is slightly above the signal line at 0.00119. This crossover, although modest, usually indicates a potential buy signal.
If the MACD line continues to rise and the BBP remains positive, it could suggest a bullish trend for BRETT next week. The key will be to monitor sustained volume and momentum to confirm this potential uptrend.