Markets
Top cryptocurrencies to watch this week
The cryptocurrency market has seen a mild recovery over the past week. Despite Bitcoin (BTC) facing initial setbacks at the beginning of the week, ended up recovering some of the lost ground, giving strength to the rest of the market.
Some altcoins recorded impressive and more robust recoveries. This resulted in the global cryptocurrency market recovering $70 billion, eventually ending the week at $2.21 trillion in total market capitalization.
Here are our top cryptocurrency picks to keep an eye on this week, following their impressive performances last week:
MOG, XLM and MANA Prices – July 14 | Source: Santiment
XLM Reclaims $0.1 in 12% Gain
Stellar (XLM) also fell victim to the July 7 bloodbath, but limited its decline to a 7.40% loss. The asset then gradually recovered this loss over the next five days, witnessing slight gains until July 12.
Interestingly, XLM’s bullish momentum gained strength 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 Santiment’s weekly volatility report confirms a spike in Stellar’s weekly volatility to a one-month peak of 0.066. Additionally, the asset’s MACD line has decisively crossed above the signal line, confirming bullish momentum. However, traders should closely watch resistance at $0.1096, aligning with the 38.2% Fibonacci retracement level.
MOG retests ATH
Mog Coin (MOG) witnessed intense bearish pressure early last week, plunging 20.4% on July 7 as BTC struggled against selling pressure reinforced by the German government. This marked MOG’s biggest intraday loss in nearly four months.
However, the crypto asset recovered these lost values over a three-day period of sustained gains. From July 8 to 10, MOG increased by 28.8%. The asset then consolidated over the next three days with mild declines and gains.
General, Mog Coin closed the week with a moderate increase of 3.5%. During this period, it sought to retest the all-time high of $0.000002129 but faced resistance at $0.0000019. MOG’s immediate target is to flip the upper Bollinger Band at $0.000001925 for support, a move it could leverage for another retest of the ATH region.
MANA struggles at the 20-day EMA
Decentralization (MANNA) witnessed an initial drop of 6.10% on July 7 but recovered this loss over the rest of the week. Interestingly, MANA saw six consecutive days of intraday gains from July 8 to 13.
The asset eventually broke above the 20-day EMA, a move that solidified a shift in momentum to the upside. However, its relative strength index (RSI) suggests reduced strength in the uptrend. Consequently, bears are looking to flip the 20-day EMA back to resistance.
This level is worth keeping an eye on as a drop below it could lead to a return of bearish pressure. If this occurs, MANA’s immediate defense would lie at the 0.236 Fibonacci level at $0.3085. This region is essential in defending against any drops below the psychological support of $0.30.