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Top Cryptocurrencies to Watch This Week: BTC, LTC, TRX
The first week of July introduced bearish pressure, which led to massive losses in the cryptocurrency market. Bitcoin (BTC) has led the downtrend, consistently posting lower lows amid sustained selling pressure.
Notably, the rest of the market suffered similar losses. As a result, the global cryptocurrency market capitalization lost $140 billion, further falling to $2.11 trillion, the lowest level since late February. While most assets remained in decline, some saw notable recoveries.
Here are our top picks for cryptocurrencies to watch this week, following their impressive performances during last week’s downtrend:
BTC, TRX, and LTC Prices – July 7 | Source: Santiment
Bitcoin Falls to 5-Month Low
Bitcoin’s start to the week was slightly bullish after a consolidation phase two weeks ago. However, bearish pressure emerged as the leading cryptocurrency maintained a divergence from U.S. stocks, which are currently in a bullish phase.
BTC has come under its toughest bearish selling pressure this year as bankrupt exchange Mt. Gox start creditor reimbursements, the German government distributed Thousands of BTC Tokens, New Holders start selling their goods and their miners showed signs of capitulation.
In the past week alone, Bitcoin has broken through several psychological levels from $63,000 to $58,000. The asset fell to a 5-month low of $53,485 on July 5, but immediately bounced back from that position. Despite the slight recovery, BTC closed last week down 4.5%, slightly above $58,000.
At press time, the asset has once again lost the $58,000 mark amid a further 1.13% decline. However, it has maintained a position above the lower Bollinger Band ($56,347). Bitcoin’s hopes for a full recovery hinge on its ability to reclaim the 20-day SMA ($61,509) and the upper Bollinger Band ($66,676).
LTC drops 12%
Litecoin (LTC) was one of the many casualties of last week’s market crash. The asset showed resilience early in the week, consolidating broadly from June 30 to July 2.
However, as pressure mounted, LTC recorded three consecutive intraday losses from July 3 to July 5, dropping 18.6% during this period. When the market staged a slight rebound on July 6, LTC gained 5.72% but closed the week with a loss of 12.7%.
Litecoin’s MACD line crossed below the signal line on July 4, confirming the bearish quantity of motion.
With both lines currently falling, this suggests that bearish momentum is increasing. LTC needs to close decisively above the .236 Fib ($64.60) to mount a formidable defense against further declines this week.
TRX Reverses Trend, Hits 4-Month High
Trunk (The TRX) was one of the few assets that bucked last week’s overall bearish trend.
TRX started the week indecisively, but eventually rose 3.5% in four days to $0.12997 on July 3, trying to reclaim the $0.13 territory. The last time Tron saw this level was on March 13.
The retest of the $0.13 region coincided with a broad-based market decline. Tron fell 6.7% to a low of $0.12117 on July 5, but bounced back immediately.
A recovery push on July 6 helped regain bullish momentum, leading to a four-month high of $0.13028. Tron closed last week up 3.5%.