The cryptocurrency market experienced significant fluctuations last week, with the global market cap dropping to a two-month low of $1.76 trillion as Bitcoin fell below $50,000. However, the market rebounded, reaching a cap of $2.15 trillion, driven by recoveries in Bitcoin (BTC) and other major altcoins.

Top Cryptocurrencies to Watch This Week

ENA Survives Onslaught

Ethena (ENA) experienced a downturn along with the broader market on August 5th but managed to recover, closing the week at $0.32, just above the McGinley Dynamic line at $0.316. This marks a modest 2% weekly increase for ENA.

The MACD currently shows bearish momentum, indicating dominant selling pressure. However, the gap between the MACD lines is narrowing, which could signal a potential shift in momentum. The McGinley Dynamic is acting as a resistance level, with ENA struggling to break above it amid weak bullish sentiment.

If Ethena fails to sustain above this level, it may retest the $0.30 support, potentially dipping to $0.28. Conversely, increased buying pressure and a break above the McGinley Dynamic could drive the price toward $0.35. A MACD crossover could confirm this bullish reversal.

Pepe Hovers Around Lower Bollinger Band

Pepe experienced significant volatility last week, dropping to a low of $0.00000585 on August 5th before rebounding. The meme coin’s price fluctuated considerably, ultimately closing the week at $0.00000844, marking a 2% decline.

The Bollinger Bands indicate that Pepe traded close to the lower band, suggesting it was in an oversold region. The price dipped below the middle band, around $0.00000994, mid-week, indicating bearish momentum. The Directional Movement Index shows mixed signals, with the ADX at 28.2, suggesting a moderately strong trend.

If Pepe fails to reclaim the middle Bollinger Band, it could continue trading near the lower band, potentially testing the $0.00000632 support. Conversely, a return of bullish momentum could see the price break above $0.00000994, paving the way for a recovery towards $0.00001357.

LUNC Spikes 22%

Terra Classic (LUNC) saw a strong bullish reversal last week, closing at $0.00008705 after a 22% spike. Most of this surge occurred on the last day of the week, with LUNC witnessing a 23% intraday gain.

The Ichimoku Cloud indicator suggests a potential trend reversal, with LUNC closing above the Tenkan-sen at $0.00007505 and the Kijun-sen at $0.00007335, showing bullish momentum. However, the price remains below the Kumo cloud, which spans $0.00007466 to $0.00008705, indicating resistance ahead.

To confirm a bullish trend, Terra Classic would need to break and close above the cloud, particularly surpassing the upper boundary. Meanwhile, the On-Balance Volume is at 8.526 trillion, showing increased buying pressure. If LUNC breaks above the Ichimoku Cloud, it could target higher resistance levels around $0.00010000. Failure to sustain momentum might result in a retracement towards the Kijun-sen or even lower.

Stay updated with the latest cryptocurrency news and trends on Global Crypto News.

Post Views: 3