The cryptocurrency market skilled a tough patch final week, as latest profit-taking and liquidations continued. Bitcoin and most cryptocurrencies have been within the purple through the week. This article explores among the high cryptocurrencies to watch this week and highlights the important thing catalysts which are anticipated to transfer the market.
Pi Community Value to React to Dr. Chengdiao Fan’s Speech
The Pi Community worth crashed to a document low final week, because the broader crypto market additionally noticed a decline. It moved to a document low of $0.1863 after which stabilized at $0.2675.
The coin additionally dropped because the mega whale, who had been accumulating it, paused his purchases when the Crypto Worry and Greed Index declined.
The Pi Community worth shall be within the highlight this week due to an upcoming speech by Dr. Chengdiao Fan, its co-founder, on the TOKEN2049 occasion.
This shall be an essential handle as a result of will probably be her first time delivering a public speech at a crypto occasion. Previously, it was her companion, Nicolas Kokkalis, who made appearances in main occasions.
Subsequently, there’s a risk that the Pi Coin worth will rebound earlier than and after her assertion.
The every day timeframe chart exhibits that the Pi Community worth has been in a robust downward pattern up to now few months and is now hovering close to its all-time low.
It has additionally shaped a falling wedge chart sample and is within the accumulation mode of the Wyckoff Principle. As such, there’s a risk that the token will rebound this week and presumably attain a excessive of $0.50.
Zora Token Value to React to Token Unlocks
The Zora worth has been in a robust downward pattern over the previous few weeks, transferring from a excessive of $0.1462 to its present stage of $0.05915.
This crash could speed up this week because the community unlocks tokens value over $9.54 million, equal to 4.68% of the full provide.
Zora has a good distance to go by way of unlocks, because it has solely unlocked 35% of the tokens. This signifies that its worth could stay underneath stress over time as circulating provide will increase.
READ MORE: SNX Price Prediction Ahead of Synthetix Perps DEX Launch
Sui Value Plunges Forward of Token Unlocks
Like Zora, the Sui worth has crashed up to now few weeks, transferring from a excessive of $4.43 in July to $3.20 as we speak.
The continued Sui worth crash is usually due to the broader crypto market plunge. One more reason is that Sui is among the most inflationary tokens within the crypto trade, because it unlocks millions of tokens a month.
Sui will proceed its unlocks this week when it releases tokens value over $176 million, equal to 1.55% of the full provide. It has now unlocked about 47% of the tokens and has about 53% extra to go.
READ MORE: XRP Price Crashes Today—Is This the Last Dip Before a Major Rally?
