Markets
Top cryptocurrencies to watch this week: BTC, LTC, TRX
The first week of July introduced bearish pressure, leading to massive losses in the cryptocurrency market. Bitcoin (BTC) led the downtrend, consistently posting lower lows amid sustained selling pressure.
Notably, the rest of the market experienced similar losses. Consequently, the global cryptocurrency market cap lost $140 billion, further falling to $2.11 trillion, its lowest level since late February. While most assets remained bearish, some witnessed notable recoveries.
Here are our top cryptocurrency picks to keep an eye on this week after their remarkable performances during last week’s downtrend:
BTC, TRX, and LTC Prices – July 7 | Source: Santiment
Bitcoin Falls to 5-Month Low
Bitcoin’s start to the week was slightly bullish after a consolidation phase two weeks ago. However, bearish pressure emerged as the leading crypto asset maintained a Divergence of US stocks, currently in a bullish phase.
BTC has been subjected to its strongest bearish selling pressure this year as the Mt. Gox exchange went bankrupt it started creditor repayments, the German government distributed thousands of BTC tokens, new holders it started selling its assets and miners showed signs of capitulation.
In the past week alone, Bitcoin has broken through several psychological thresholds from $63,000 to $58,000. The asset fell to a 5-month low of $53,485 on July 5 but immediately bounced back from that position. Despite the moderate recovery, BTC ended last week down 4.5%, just above $58,000.
At press time, the asset has once again lost the $58,000 threshold amid a further 1.13% decline. However, it has maintained a position above the lower Bollinger Band ($56,347). Bitcoin’s hopes for a full recovery depend on its ability to reclaim the 20-day SMA ($61,509) and the upper Bollinger Band ($66,676).
LTC drops 12%
Litecoin (LTC) was one of the numerous victims of last week’s market meltdown. The asset showed resilience earlier in the week, consolidating broadly from June 30 to July 2.
However, as pressure mounted, LTC recorded three consecutive intraday losses from July 3 to 5, falling 18.6% in that period. When the market staged a slight recovery on July 6, LTC gained 5.72% but closed the week with a loss of 12.7%.
Litecoin’s MACD line crossed below the signal line on July 4, confirming the rude impulse.
With both lines currently sloping down, this suggests that bearish momentum is building. LTC needs to close decisively above .236 Fib ($64.60) to mount a formidable defense against further declines this week.
TRX bucks trend and hits 4-month high
Tron (TRX) was one of the few assets that bucked the general downtrend last week.
TRX started the week with an indecisive course but eventually increased 3.5% in four days to $0.12997 on July 3, seeking to reclaim the $0.13 territory. The last time Tron saw this level was on March 13.
The retest of the $0.13 region coincided with a generalized market decline. Tron fell 6.7% to a low of $0.12117 on July 5 but immediately recovered.
A recovery push on July 6 helped regain bullish momentum, leading to a four-month high of $0.13028. Tron closed last week with a 3.5% increase.