Markets
Top Cryptocurrencies to Watch This Week
After a bullish performance two weeks ago, the cryptocurrency market has seen a bearish consolidation last week. The slight increase in the price of Bitcoin was not enough to drive a positive reaction from the rest of the market.
As a result, the global cryptocurrency market cap lost $70 billion, falling from $2.47 trillion to $2.4 trillion by the end of the week. This decline occurred amid a mix of bullish and bearish performances from various altcoins.
Below is our pick of the top cryptocurrencies to watch this week, following their impressive performances last week.
ETH, SOL, and FIRE prices on July 28 | Source: Holiness
ETH Down 7.76% Despite ETF Launch
Ethereal (ETH) has been on a downward trend over the past week. The asset saw a slight increase of 1.21% on July 23, when spot Ethereum ETFs began trading, novice with $106 million in net inflows and over $1 billion in trading volumes.
However, the gains from July 23 were given back in the following days when Grayscale’s Ethereum Trust ETF (ETHE) driven in outflows. ETH finally closed the week at $3,247 per coin, marking a decline of 7.76%.
The Ichimoku cloud confirms the bearish situation in Ethereum. The price of ETH is below the Tenkan-sen and Kijun-sen lines, both of which are located below the cloud. This alignment suggests a bearish sentiment, with a likelihood of continued downward pressure.
ETH 1-day chart | Source: Trading View
For the next week, ETH’s ability to recover will depend on its ability to reclaim levels above the Kijun-sen and return to the cloud, which would signal a potential trend reversal. However, if the downtrend continues, ETH could face further declines.
SOL finds support at $184
Solana (SOL) has seen a relatively stable price movement with an overall upward trajectory. The price has fluctuated within a defined range between relationships of a possible ETF from financial giant Franklin Templeton. This period of consolidation suggests that the market was going through an accumulation phase.
SOL 1-day chart | Source: Trading View
Overall, SOL recorded a growth rate of 5.69% last week. The price remained above a key support level near $184, which acted as a psychological and technical anchor. The closing price indicates a bullish sentiment, as it remained near the upper boundary of the consolidation range.
The Advance Decline Ratio is 3.94 and indicates an uptrend. This suggests that the number of days in advance has exceeded the number of days in decline.
Looking ahead, if SOL can break above the resistance level around $186 with strong momentum, it could start a new bull run. On the contrary, if it fails to break this level, it could retest the support around $184.
FIRE maintains stability
Last week, Matr1x Fire (FIRE) showed a relatively stable performance, with its price moving within a narrow range and closing around $1.0512. The market showed a modest growth rate of 0.93%, indicating a period of consolidation rather than a significant directional move.
FIRE 1-Day Chart | Source: Trading View
Technically, the RSI has remained in the lower part of the range, around 37.43, suggesting that the asset is approaching the oversold territory. This could imply that the selling pressure could ease, potentially setting up a rebound if buying interest increases.
The MACD indicator continues to show a downtrend, with the MACD line below the signal line, although the gap between them is narrowing. This could indicate a potential trend reversal or at least relief from consolidation.
In the coming week, monitoring whether the price manages to break above the immediate 0.236 Fibonacci resistance level ($1.1309) or break below the crucial support at $0.9222 will be crucial in determining the next direction of FIRE.