News
Top Cryptocurrencies to Watch This Week
The cryptocurrency market has seen a significant recovery over the past week. Bitcoin has led this recovery, breaking several key psychological thresholds and surpassing $66,000 for the first time in nearly a month.
The rest of the market followed this bullish trend, leading to a $255 billion increase in global cryptocurrency market cap over the past week. This growth was an impressive 11.95% increase, led by contributions from several altcoins.
Here are our top cryptocurrency picks to watch this week, based on their impressive performances last week:
SOL, ZK and BRETT prices – July 21 | Source: Santiment
SOL hits six-week high
Solana (SOL) was a major beneficiary of the market rally last week. Over the seven-day period, SOL saw six days of persistent gains. The asset finally broke above $175 for the first time in six weeks before seeing a hurdle.
All last week, Solana established strong bullish momentum, up 22.35% from $141 to $172. The daily chart shows a consistent pattern of higher highs and higher lows, indicating sustained buying pressure.
In particular, the Accumulation/Distribution line, which reached 297.488 million, confirms the purchasing trend.
Additionally, the Klinger Oscillator has seen a recent positive crossover with a reading of 125.642K. The oscillator shows that the volume of buying trades is outweighing the selling trades. However, investors should keep an eye on the $148.48 support as a break below it could strengthen the bears.
ZK recovers 18% in a week
Zk Sync (ZK) also took advantage of the market recovery, using the momentum to post an impressive 18.9% increase last week, rising from $0.1596 to $0.1897.
ZK recently retested the 23.6% retracement level at $0.1918, indicating that this could be a short-term resistance. If the price breaks out of this level, it could signal further upside potential.
Conversely, the 38.2% retracement level at $0.1844 and the 50% level at $0.1784 are acting as potential support zones if by zkSync the price retreats.
The On-Balance Volume (OBV) indicator is currently at 2.826 billion, showing an increasing trend and suggesting an increase in buying volume. This surge in OBV supports the bullish price movement and indicates a strong accumulation.
BRETT posts biggest intraday gain in seven weeks
Brett (BRETT) has seen a similar uptrend, but its price has been hit by more volatility. The token started the week strong, posting an intraday gain of 20.57% on July 15, its biggest in seven weeks. However, BRETT has fallen by 11% over the next three days.
BRETT’s Bull Bear Power (BBP) is hovering around the 0.02847 level, indicating mixed sentiment. However, a positive move towards the end of the week indicates bullish momentum, which helped BRETT close the week up 27%.
On the MACD indicator, the MACD line at 0.00232 is slightly above the signal line at 0.00119. This crossover, although modest, usually indicates a potential buy signal.
If the MACD line continues to move up and the BBP remains positive, it could suggest a bullish trend for BRETT in the following week. The key will be to watch for sustained volume and momentum to confirm this potential uptrend.