Top cryptocurrencies to watch this week: MOG, KAS, FET
The prevailing bearish sentiment within the cryptocurrency market prolonged all through June. Final week, Bitcoin (BTC) fell beneath the $59,000 threshold for the primary time in eight weeks.
Widespread losses ensued throughout the market.
Some property bucked the pattern, recording new all-time highs. Selective bullishness wasn’t sufficient to forestall the general crypto market cap from lowering by 4.6% to $2.24 trillion.
Based mostly on their robust performances final week, listed here are our high cryptocurrencies to observe this week:
MOG hits new ATH
MOG Coin (MOG) witnessed a bullish week. Dubbed the primary tradition coin on the web, the meme coin began the week with the identical bearish pattern because the broader market, collapsing by 11.07% on June 23.
MOG spiked 45.32% on June 24 and June 25 because of elevated social quantity. Whale Insider confirmed that the rally solidified the token’s spot as the biggest cat-themed meme coin by market cap.
MOG hit a brand new all-time excessive of $0.00002123 on June 29 amid elevated curiosity.
The asset closed the week at $0.0000018355, posting a 67% improve. Its Commodity Channel Index (CCI) at the moment sits at 130.83, suggesting that the asset is overbought, and a pullback may be imminent.
Kaspa slips into value discovery after new ATH
Kaspa (KAS) additionally witnessed an uptrend final week. With a 25% weekly rise, KAS recorded a much less bullish efficiency than MOG.
Nevertheless, the PoW community-based asset slipped right into a value discovery section after breaching its earlier all-time excessive of $0.1939 on June 30. This rally was partly as a result of stories of Marathon Digital mining $16 million in KAS.
Whereas MOG dropped following its new ATH, Kaspa continued to achieve new report costs, getting into the brand new week with this bullish push amid an 8.96% improve over the previous 24 hours.
Consequently, KAS has flipped PEPE to change into the twenty third largest cryptocurrency, with a market cap of $4.725 billion.
Nevertheless, warning is suggested as the brand new week begins. Notably, Kaspa’s each day relative energy index (RSI) has entered overbought territories, at the moment stationed at 71.76.
This means a looming retracement because the shopping for stress reduces. The final time KAS turned oversold, its value dropped 31% over two weeks.
FET drops 27% in three days
Fetch.ai (FET) can be amongst our high cryptocurrencies to observe this week. The Ethereum token appeared to report an identical bullish momentum, however bearish stress erased most of its positive aspects towards the tip of the week.
From June 23 to 26, FET spiked 26% from $1.472 to a close to 3-week excessive of $1.860 as AI-focused tokens noticed a large uptrend.
Nevertheless, this peak coincided with the higher Bollinger Band, a area that offered sturdy resistance from the bears.
Fetch.ai, a decentralized machine studying platform for functions equivalent to asset buying and selling and gig economic system, noticed its corresponding coin collapse from this excessive. Shopping for stress was not enough to breach this resistance, leading to huge declines over the next three days.
FET dropped by 27% from June 27 to June 29. It in the end closed the week with an 8.56% loss. Regardless of a rebound effort, the asset stays beneath the 20-day SMA. Whereas this may point out a bearish pattern, FET’s MACD line stays above the sign line, suggesting bullish momentum. The market stays indecisive in the meanwhile.
