Altcoins took a hit last week, leading to a $40 billion decline in the global crypto market cap, which dropped to $2.09 trillion. This week’s trio of top cryptocurrencies are worth watching in the coming days.
RARE secures 223% weekly gain
SuperRare (RARE), the native token of the NFT marketplace, witnessed volatility last week.
The token started the week with a 34% surge before facing a three-day decline from Aug. 12 to 14, dropping 18%.
However, it rebounded on Aug. 15, triggering a surge in social volume, according to a disclosure from LunarCrush.
Amid a resurgence of interest, RARE sustained the run, spiking 127% in three days and closing the week with a 223% gain.
The token’s RSI now stands at 91.14, indicating an overbought condition. This suggests a possible upcoming correction. The CCI, at 374.45, also signals massive overbought levels, confirming these sentiments.
The latest run has helped RARE surpass the 0.236 Fibonacci level, as it currently looks to sustain its position above $0.3. If RARE holds the 0.236 Fibonacci support, it may continue upwards.
FXS maintains resilience
Frax Share (FXS) exhibited limited volatility last week, closing at $1.906. This represented a meager 0.67% drop. This lackluster movement contrasted the primarily bearish trend in the broader market, suggesting a hint of resilience from FXS.
However, Frax Share’s moving averages indicate bullish potential. The asset recently crossed above the nine-day MA (orange line) as its short-term momentum flipped bullish.
Also, the nine-day MA looks to cross above the 21-day MA (green line). If this MA cross occurs, it could suggest a bullish reversal on the horizon.
The Stochastic Momentum Index also supports this outlook. The SMI line (blue) has surged above the MA line (orange), indicating building bullish momentum. As both indicators align, FXS could be poised for an upward move. However, confirmation in the coming days is essential.
COTI faces mixed sentiments
COTI was bearish throughout last week, collapsing 14% from Aug. 11 to 15. However, it recorded a 21% surge on Saturday to close the week with a 10% increase.
The asset has now been corrected as it encounters selling pressure.
The daily pivot points show key resistance at $0.10017, $0.12553, and $0.14120. COTI’s immediate support lies at $0.07481, representing S1.
A breakdown below S1 could push prices towards S2 at $0.05914.
Meanwhile, the Directional Moving Index indicates bearish momentum. The ADX (red line) is at 30.4, suggesting a strong trend, while the -DI (orange line) at 22.57 is above the +DI (blue line) at 19.04, confirming bearish pressure.
COTI’s ability to hold above S1 is crucial. Failure to do so could trigger further downside, whereas breaking through the Pivot might offer a chance for a recovery rally.
Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
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