The cryptocurrency market staged a mild recovery last week. Despite Bitcoin (BTC) facing initial setbacks at the start of the week, it eventually recovered some lost ground, granting strength to the rest of the market.
Some altcoins recorded impressive and more robust recoveries. This resulted in the global cryptocurrency market recouping $70 billion, eventually ending the week at $2.21 trillion total market cap.
Here are our top picks for cryptocurrencies to watch this week on the back of their impressive performances in the previous week:
XLM reclaims $0.1 in 12% gain
Stellar (XLM) was also a victim of the July 7 bloodbath, but it limited its drop to a 7.40% loss. The asset then gradually recovered this loss in the five days that followed, witnessing mild gains by July 12.
Interestingly, XLM’s bullish momentum gained steam on July 13, as it followed its competitor XRP’s trajectory. The token appreciated 12.05% on July 13, eventually reclaiming the $0.1 mark for the first time in a month.
Data from Santiment confirms a spike in Stellar’s weekly volatility to a one-month peak of 0.066. In addition, the asset’s MACD line has decisively crossed above the Signal line, confirming the bullish momentum. However, investors should closely watch the resistance at $0.1096, aligning with the 38.2% Fibonacci retracement level.
MOG retests ATH
Mog Coin (MOG) witnessed intense bearish pressure at the start of last week, collapsing by 20.4% on July 7 as BTC battled selling pressure bolstered by the German government. This marked MOG’s biggest intraday 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 increased by 28.8%. The asset then consolidated over the next three days with mild drops and upswings.
Overall, Mog Coin closed the week with a mild 3.5% increase. During this period, it sought to retest the all-time high of $0.000002129, but faced resistance at $0.0000019. MOG’s immediate target is to flip the upper Bollinger Band at $0.000001925 to support, a move it could leverage for another retest of the ATH region.
MANA struggles at 20-day EMA
Decentraland (MANA) witnessed an initial 6.10% drop on July 7, but recouped this loss over the rest of the week. Interestingly, MANA saw six consecutive days of intraday gains from July 8 to 13.
The asset eventually breached the 20-day EMA, a move that solidified a switch in momentum to bullish. However, its relative strength index (RSI) suggests reduced strength in the uptrend. Consequently, bears are looking to flip the 20-day EMA back to resistance.
This level is worth watching out for, as a drop below it could lead to a return in bearish pressure. Should this occur, MANA’s immediate defense would rest at the Fibonacci 0.236 level at $0.3085. This region is pivotal in defending against any declines below the $0.30 psychological support.
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