The global cryptocurrency market cap has adjusted to $3.42 trillion as of Sunday, experiencing a nearly 10% decline compared to two weeks ago.
Bitcoin, which aimed to hit $100,000 two weeks back, played a significant role in last week’s market downturn. It revisited the $90,000 support level before bouncing back to over $97,200 on Sunday.
Despite the bearish trend last week, several altcoins stood out. Here are the ones worth watching this week:
XRP: It was a major beneficiary of last week’s rebound. After dropping over 12% from Nov. 24 to 26, XRP closed the week with an impressive 33% gain. On Nov. 26, it retested $1.28 and then rebounded massively the next day, breaking through the $1.63 resistance and surpassing Binance Coin to rank fifth among top assets. XRP continued its rally until reaching $1.81 and further soared to $1.9586, retesting its April 2021 peak of $1.96. If it maintains the upward trend and breaks through $1.96 this week, it could reclaim $2 for the first time since the 2018 bull run. Its next Fibonacci levels are at $2.35 (Fib. 1.272) and $2.56 (Fib. 1.414).
ApeCoin (APE): The token of the Bored Ape Yacht Club (BAYC) ecosystem witnessed a 13.6% increase last week. Following the market trend, it started recovering on Nov. 27. By Nov. 29, it had gained 11% and broke through the top trendline of a five-week symmetrical triangle with bullish momentum. At the week’s close, it retraced to retest the descending trendline and found support at $1.380. However, the bulls regained strength and pushed it to close at $1.5. Now, the bulls need to defend the $1.3 region to stay above the triangle. A return inside the triangle could shift the momentum to bearish. Around 15.6 million APE tokens will be unlocked on Dec. 17.
Algorand (ALGO): The native token of the Algorand blockchain was one of the biggest gainers last week, surging 51%. Most of its gains came on Nov. 29 when it rallied 36.92%, its largest intraday gain this year. Before this rally, a golden cross formed on Nov. 25 as its 50-day moving average moved above the 200-day moving average. It recovered the $0.48 mark for the first time since the Terra collapse in May 2022. Analysts expect it to reach higher targets, with some predicting a rally to $1.5. This week, ALGO needs to break through its next major resistance at $0.4893 to keep the upward momentum. A drop below $0.40 could weaken it.
