The cryptocurrency market saw a slight recovery last week. Although Bitcoin (BTC) suffered initial setbacks at the beginning of the week, it eventually regained some of the lost ground, giving strength to the rest of the market.
Some altcoins made impressive and even stronger recoveries. This led to the global cryptocurrency market recovering $70 billion, eventually ending the week with a total market cap of $2.21 trillion.
Here are our picks for the top cryptocurrencies to watch this week after their stellar performance the previous week:
XLM Recovers $0.1 in 12% Gains
Stellar (XLM) was also a victim of the July 7 massacre, but limited its decline to a 7.40% loss. The coin then gradually recovered this loss over the next five days, and saw slight gains by July 12.
Interestingly, XLM’s bullish momentum gained momentum on July 13, following in the footsteps of its rival XRP. The token surged by 12.05% on July 13, eventually reclaiming the $0.1 mark for the first time in a month.
Data Data from Santiment confirms a sharp rise in Stellar’s weekly volatility to a monthly peak of 0.066. Additionally, the asset’s MACD line has decisively crossed above the signal line, confirming the bullish momentum. However, investors should keep a close eye on the resistance at $0.1096, which corresponds to the 38.2% Fibonacci retracement level.
MOG Retests ATH
Mog Coin (MOG) saw heavy bearish pressure early last week, crashing 20.4% on July 7 as BTC faced selling pressure backed by the German government. This marked MOG’s biggest daily loss in nearly four months.
However, the crypto asset recovered these lost values over a three-day period of sustained gains. From July 8 to 10, MOG’s price rose by 28.8%. The asset then consolidated over the next three days with minor dips and rises.
Overall, Mog Coin ended the week with a slight gain of 3.5%. During this period, it sought to retest its all-time high at $0.000002129, but faced resistance at $0.0000019. Mog Coin’s immediate target is to flip the upper Bollinger Band at $0.000001925 to support, a move it could leverage to retest the all-time high area.
MANA is struggling at the 20-day EMA
Decentraland (MANA) saw an initial 6.10% drop on July 7, but recovered that loss over the rest of the week. Interestingly, MANA saw six consecutive days of daily gains from July 8 to July 13.
Finally, the asset broke the 20-day EMA, a move that reinforced the momentum shift to the upside. However, the Relative Strength Index (RSI) is indicating a decline in strength to the upside. Therefore, bears are looking to flip the 20-day EMA to the resistance level.
This level is worth paying attention to, as a break below it could lead to a return of bearish pressures. In that case, the immediate MANA defense will be based on the 0.236 Fibonacci level at $0.3085. This area is pivotal in defending against any declines below the psychological support of $0.30.
