Theuptrendthatdominatedthemarketinrecentweekshitaroadblocklastweek,withtheglobalcryptomarketlosing$70billioninacorrectionto$2.28trillion.
ThiscorrectioncoincidedwithBitcoin(BTC)closingtheweekatthelowerspectrumofthe$67,000mark,draggingthebroadermarketdown.However,somealtcoinsdemonstratedresilience.
Hereareourpicksforthetopcryptocurrenciestowatchthisweekfollowingnoteworthypricemovementslastweek:
HEGEonarecoverypush
Hege(HEGE)initiallysuccumbedtotheweek’sbearishpressure,buteventuallystagedarecoveryatthecloseoftheweek.
Despitethislatereboundpush,Hegeendedlastweekbeneaththe$0.01mark,slumpingbynearly18%.Thismarkedthefirsttimeittradedbelow$0.01thismonth.
HEGE1Dchart–Oct.27|Source:TradingView
ItsrecoverycameonSaturday,gaining20%thatday.Theuptrendhasspilledintothenewweek,withanadditional10.70%gainthismorning.
Hege’sreboundappearstobeformingaVbottompattern,whichcouldcompletewitharallyto$0.0147,theprevioustop.
Interestingly,theasset’sRSIcurrentlysitsat46.71.ThispositionconfirmsthatHEGEstillhasmassiveroomformoreupsurge,butitneedstomaintainthe$0.01leveltosustaintherecoverythisweek.
AdropbelowFib.0.382($0.00975)couldtriggeranewdownturn.
HegeisamemecryptocurrencythatlaunchedinApril.Itrevolvesaroundastorytellingconceptinvolvingacharacternavigatingfinancialstrugglesandseekingredemption.
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SOLbucksthetrend
Solana(SOL)buckedthenegativetrendinthemarket,closinglastweekwitha7%gainwhiletherestofthemarketdropped.SOLendedtheweekabove$170despitestartingbelow$160.
SOL1Dchart–Oct.27|Source:TradingView
ACCIof111.50suggestsSolana’smomentumisstrong,withtheuptrendlikelytocontinueamidwhaleaccumulation.However,cautionisadvised,astheCCIisnowclosetooverboughtterritories.
Shouldacorrectionensuethisweek,the$159.46level,whichpreviouslyactedasresistance,representsthefirstrobustsupport.AslipbelowthislevelwouldbringthePivotlevelat$144.76intoplay.
IfthesellingpressurebreachesthisPivotpoint,themomentumcouldflipbearish.Insuchascenario,Solana’snextsupportlevelsare$128.80,$118.94,and$102.98.
SAFEspikes55%
LikeSolana,Safe(SAFE)setitsownpathlastweek,ignoringthedirectionofthebroadermarket.Thealtcoin’sbiggestpushcameonOct.24,whenitspiked40.54%,itslargestintradaygainthisyear,followingUpbit’slisting.
SAFE1Dchart–Oct.27|Source:TradingView
SAFEsustainedthegainsthefollowingday,gainingbyanother11.52%.DespiteamildretracementonSaturday,theassetclosedtheweekwitha55%increaseat$1.468.
SAFEmaintainsitsbullishmomentum,withthe+DIoftheDirectionalMovingIndexcurrentlyat39.6,whiletheADXsitsat40.5.Meanwhile,the-DIcurrentlytradesat8.8,suggestingaslowdowninthebearishpush.
However,therecentcorrectionhasspilledintothenewweek,withSafeshedding6.81%ofitsvaluetoday.Amidthedrop,theFib.0.618level($1.269)couldserveasthenextlineofdefense,withasteeperdropthreateningtobring$1.11intothepicture.
In2022,SafewasspunoutfromGnosis,awell-knownEthereum-baseddecentralizedplatform.TheseparationoccurredaspartofastrategicmovetoestablishSafeasanindependententity,allowingittofocusmorenarrowlyonitsmultisignaturewallettechnologyanddecentralizedinfrastructure.
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