Following a bullish performance two weeks ago, the cryptocurrency market experienced a bearish consolidation last week. The modest increase in Bitcoin’s price wasn’t sufficient to spark a positive response across the market.
As a result, the global crypto market cap dropped by $70 billion, falling from $2.47 trillion to $2.4 trillion by week’s end. This decline was amidst a mix of bullish and bearish performances from various altcoins.
Here are the top cryptocurrencies to watch this week, based on their notable performances last week:
ETH Falls 7.76% Despite ETF Launch
Ethereum (ETH) saw a downward trend last week, despite a mild 1.21% increase on July 23 when spot Ethereum ETFs began trading, debuting with $106 million in net inflows and over $1 billion in trading volumes. However, subsequent outflows from Grayscale’s Ethereum Trust ETF (ETHE) erased these gains, with ETH closing the week at $3,247, marking a 7.76% decline.
The Ichimoku Cloud indicates a bearish outlook for Ethereum, with the price below both the Tenkan-sen and Kijun-sen lines, suggesting continued downward pressure. To reverse this trend, ETH would need to reclaim levels above the Kijun-sen and re-enter the cloud.
SOL Finds Support at $184
Solana (SOL) experienced relatively stable price movement, with an overall upward trajectory. Reports of potential ETF involvement from Franklin Templeton supported this consolidation phase. SOL saw a 5.69% growth rate last week, maintaining support near $184, serving as a psychological and technical anchor.
The Advance Decline Ratio at 3.94 indicates a bullish trend, suggesting more advancing days than declining ones. If SOL breaks above the resistance around $186 with strong momentum, it could trigger a new bullish run. Failing this, it may retest support around $184.
FIRE Maintains Stability
Matr1x Fire (FIRE) exhibited a stable performance last week, with its price moving within a tight range and closing around $1.0512, showing a modest growth rate of 0.93%. The RSI at 37.43 suggests the asset is approaching oversold territory, potentially setting up for a rebound if buying interest increases.
The MACD indicator remains bearish, with the MACD line below the signal line, though the gap is narrowing, indicating a potential trend reversal or at least a relief from consolidation. For the upcoming week, monitoring whether FIRE breaks above the immediate resistance at Fibonacci 0.236 ($1.1309) or falls below the crucial support at $0.9222 will be key in determining its next direction.
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