Top Coins to Watch This Week

Cryptocurrency Market Update: Top Coins to Watch This Week

Cryptocurrency prices experienced a sharp decline last week, with Bitcoin dropping below $80,000 and the crypto fear and greed index entering the extreme fear zone. This week, traders will be focusing on the upcoming crypto summit at the White House and Friday’s nonfarm payroll data.

Bitcoin (BTC): A Highly Anticipated Week Ahead

Bitcoin price will be in the spotlight this week due to the crypto summit. A potential outcome of the event could be an announcement on whether the US will launch a Strategic Bitcoin Reserves (SBR). If announced, this would be a highly bullish catalyst for the coin.

Bitcoin price retreated to $78,118 last week and then bounced back to $85,000, where it encountered substantial resistance. However, the coin faces risks ahead, including a potential retest of the important resistance level at $89,128 and a possible death cross formation between the 50-day and 200-day Weighted Moving Averages.

The Awesome Oscillator has moved below the zero line since February 4, while the Relative Strength Index has approached the oversold level. As a result, there is a risk that the Bitcoin price will resume its downward trend this week and retest the support at $78,117.

Pi Network (PI): Potential Binance Listing and Price Rebound

The Pi Network price has experienced a significant drop since its mainnet in February, falling from $2 to $0.59 before rebounding. However, the price recently crashed by over 42% to $1.6 after the developers postponed the KYC grace period until March 14.

Despite this, the Pi Network price is likely to bounce back, particularly if Binance lists the coin, which could trigger other tier-1 exchange listings. A poll showed that over 85% of participants voted in favor of listing Pi Network on Binance.

The hourly chart shows a falling wedge pattern, which could indicate a potential breakout and price rebound.

Hedera Hashgraph (HBAR): Bullish Breakout Expected

The Hedera Hashgraph price surged last week after inking a partnership with Swift, which handles trillions of dollars annually. The hourly chart shows a combination of a falling wedge and a bullish pennant pattern, indicating a potential bullish breakout.

The next point to watch for Hedera Hashgraph price will be the weekend high at $0.2652. A break above this level could signal a strong bullish trend.

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