Markets
Top Cryptocurrencies to Watch This Week
The cryptocurrency market saw a slight recovery last week. Despite Bitcoin (Bitcoin) after experiencing initial setbacks at the start of the week, it eventually recovered some of the lost ground, giving strength to the rest of the market.
Some altcoins saw impressive and more robust recoveries, with the global cryptocurrency market recovering $70 billion, ending the week with a total market capitalization of $2.21 trillion.
Here are our top cryptocurrency picks to watch this week following their impressive performances last week:
MOG, XLM and MANA Prices – July 14 | Source: Santiment
XLM recovers $0.1, up 12%
Stellar (XLM) also fell victim to the July 7 massacre, but limited its fall to 7.40%. The asset then gradually recovered this loss over the next five days, recording slight gains on July 12.
Interestingly, the bullish momentum of XLM has grown in size on July 13, following the trajectory of its competitor XRP. The token appreciated by 12.05% on July 13, eventually reclaiming the $0.1 mark for the first time in a month.
Data The Santiment Index confirms a rise in Stellar’s weekly volatility to a one-month high of 0.066. Moreover, the asset’s MACD line decisively crossed above the Signal line, confirming the bullish momentum. However, investors should closely monitor the resistance at $0.1096, which corresponds to the 38.2% Fibonacci retracement level.
MOG retests ATH
Mog Coin (MOG) saw intense bearish pressure early last week, crashing 20.4% on July 7 as BTC struggled with selling pressure reinforced by the German government. This is MOG’s biggest intraday loss in nearly four months.
However, the crypto asset recovered these lost values during a three-day period of sustained gains. From July 8 to July 10, MOG increased by 28.8%. The asset then consolidated over the next three days with slight dips and rises.
Generally, Mog Coin MOG closed the week up slightly by 3.5%. During this period, it looked to retest the all-time high at $0.000002129 but encountered resistance at $0.0000019. MOG’s immediate goal is to flip the upper Bollinger Band at $0.000001925 towards support, a move it could exploit for another retest of the ATH region.
MANA struggles to reach 20-day EMA
Decentraland (MANA) saw an initial decline of 6.10% on July 7, but recovered this loss over the remainder of the week. Interestingly, MANA saw six consecutive days of intraday gains from July 8 to 13.
The asset finally broke above the 20-day EMA, a move that solidified a momentum shift to the upside. However, its relative strength index (RSI) suggests reduced strength in the uptrend. Therefore, bears are looking to push the 20-day EMA back to resistance.
This level is worth watching, as a drop below it could lead to a return of bearish pressure. Should this happen, MANA’s immediate defense would lie at the 0.236 Fibonacci level at $0.3085. This region is essential to defend against any decline below the psychological support at $0.30.