The prevailing bearish sentiment within the cryptocurrency market prolonged all through June. Final week, Bitcoin (BTC) fell under the $59,000 threshold for the primary time in eight weeks.
Widespread losses ensued throughout the market.
Some belongings 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.
Primarily based on their sturdy performances final week, listed here are our high cryptocurrencies to look at 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 most important 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% enhance. Its Commodity Channel Index (CCI) at present sits at 130.83, suggesting that the asset is overbought, and a pullback is perhaps 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.
Nonetheless, 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 consequence of stories of Marathon Digital mining $16 million in KAS.
Whereas MOG dropped following its new ATH, Kaspa continued to succeed in new document costs, getting into the brand new week with this bullish push amid an 8.96% enhance over the previous 24 hours.
Consequently, KAS has flipped PEPE to grow to be the twenty third largest cryptocurrency, with a market cap of $4.725 billion.
Nonetheless, warning is suggested as the brand new week begins. Notably, Kaspa’s every day relative energy index (RSI) has entered overbought territories, at present 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 also be amongst our high cryptocurrencies to look at this week. The Ethereum token seemed to document an analogous bullish momentum, however bearish stress erased most of its positive factors 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.
Nonetheless, this peak coincided with the higher Bollinger Band, a area that introduced strong resistance from the bears.
Fetch.ai, a decentralized machine studying platform for functions comparable to asset buying and selling and gig economic system, noticed its corresponding coin collapse from this excessive. Shopping for stress was not adequate to breach this resistance, leading to large 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 under 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.
