The cryptocurrency market witnessed a rollercoaster ride last week, with the global market cap collapsing to a two-month low of $1.76 trillion, as Bitcoin dropped below $50,000.
The global crypto market cap, however, recovered to the $2.15 trillion mark amid a rebound from Bitcoin (BTC) and other major altcoins.
Here are our top cryptocurrencies to watch this week following their notable performances last week:
ENA survives onslaught
Ethena (ENA) slumped with the rest of the market on Aug. 5. It eventually recovered to close the week at $0.32, slightly above the McGinley Dynamic line at $0.316.
This marks a modest 2% weekly increase for ENA.
ENA 1D chart – Aug. 11 | Source: crypto.news
The MACD currently shows a bearish momentum. This suggests that selling pressure has been dominant, although the gap between the two lines is narrowing, indicating a potential shift in momentum.
The McGinley Dynamic is acting as a resistance level. The ENA price has struggled to break above it amid weak bullish sentiment. If Ethena fails to sustain above this level, it may retest the $0.30 support, with a potential downside towards $0.28.
However, if buying pressure increases and the price breaks above the McGinley Dynamic, a move toward $0.35 could be expected. The MACD crossover, if it occurs, could confirm this bullish reversal.
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Pepe hovers around lower Bollinger Band
Pepe (PEPE) experienced notable volatility over the past week, dropping to a low of $0.00000585 on Aug. 5 before rebounding.
The meme coin’s price fluctuated significantly, ultimately closing the week at $0.00000844 — a 2% decline.
PEPE 1D chart – Aug. 11 | Source: crypto.news
The Bollinger Bands show that PEPE traded close to the lower band, which suggests it was in an oversold region. The price dipped below the middle band, around $0.00000994, mid-week, signaling bearish momentum.
The Directional Movement Index shows mixed signals. The ADX, which measures trend strength, is at 28.2, indicating 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, if bullish momentum returns, breaking above $0.00000994 could pave the way for a recovery towards $0.00001357.
LUNC spikes 22%
Terra Classic (LUNC) experienced a strong bullish reversal last week, closing at $0.00008705 after a 22% spike.
The majority of this surge occurred on the last day of the week, with LUNC witnessing a remarkable 23% intraday gain.
LUNC 1D chart – Aug. 11 | Source: crypto.news
The Ichimoku Cloud indicator suggests a potential trend reversal. LUNC closed above the Tenkan-sen, $0.00007505, and the Kijun-sen, $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 an increase in buying pressure. If LUNC manages to break above the Ichimoku Cloud, it could target higher resistance levels around $0.00010000. However, failure to sustain momentum might result in a retracement towards the Kijun-sen or even lower.
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