The global cryptocurrency market cap has corrected to $3.42 trillion as of Sunday, reflecting a nearly 10% drop from two weeks ago.
Bitcoin (BTC), which attempted to reach $100,000 two weeks ago, was a key driver of last week’s market downturn. It retested the $90,000 support level before rebounding to over $97,200 at last check Sunday.
Despite last week’s bearish trend, several altcoins demonstrated impressive performance. Here are our top picks of notable performers to keep an eye on in the week ahead:
XRP retests 2021 peak
XRP (XRP) was one of the biggest beneficiaries of last week’s market rebound. Despite dropping by more than 12% from Nov. 24 to 26, XRP eventually closed the week with an impressive 33% gain.
Particularly, after retesting $1.28 on Nov. 26, the altcoin saw a massive rebound the next day, spontaneously breaching the $1.63 resistance that capped its previous run and flipping Binance Coin (BNB) to secure fifth among the top assets.
XRP sustained the rally until it clinched $1.81, soaring further to $1.9586, which marked a retest of the $1.96 peak of April 2021. Veteran trader Peter Brandt previously asserted that XRP could surge if the $1.96 resistance clears.
If XRP sustains the uptrend this week and breaches $1.96, this would allow it to finally reclaim $2 for the first time since the 2018 bull run.
Its next Fibonacci level from here sits at $2.35 (Fib. 1.272), with further resistance at $2.56 (Fib. 1.414).
APE breaches 5-week triangle
ApeCoin (APE), the Bored Ape Yacht Club (BAYC) ecosystem token, saw a 13.6% increase last week.
Trailing the broader market trend, APE began its recovery push on Nov. 27. Interestingly, as of Nov. 29, it had gained 11%, breaching the top trendline of a five-week symmetrical triangle as bullish momentum persisted.
By the close of the week, APE retraced to retest the descending trendline, reaching support of $1.380. However, the bulls showed strength, reigniting a rally that allowed the asset to close the week at $1.5.
APE has since dropped below $1.5, with its RSI at 69 still near overbought territories. This week, the bulls must defend the $1.3 region to hold above the symmetrical triangle. A breach back into the triangle could signal a shift in momentum to bearish.
Yuga Labs, the team behind the BAYC and Mutant Ape Yacht Club (MAYC) NFT collections, created APE.
APE will reportedly unlock 15.6 million tokens on Dec. 17.
ALGO spikes 51%
Algorand (ALGO), the native token of the open-source smart contract layer-1 blockchain of the same name, was one of the largest gainers last week, spiking by a remarkable 51%.
Most of ALGO’s gains occurred on Nov. 29, when the altcoin rallied by a massive 36.92%, its biggest intraday gain throughout this year. Before this rally, Algorand had observed the formation of a golden cross on Nov. 25, as its 50-day MA moved above the 200-day MA.
The asset built on the ensuing bullish momentum to recover the $0.48 mark for the first time since the Terra collapse in May 2022. Analysts have projected lofty price targets, with some expecting a rally to $1.5.
Interestingly, the last time ALGO saw a bullish cross was during the first phase of the bull run in the fourth quarter of 2023, leading to a 96% rally. This week, ALGO needs to breach its next major resistance at $0.4893 to sustain the upward push. Meanwhile, a drop below $0.40 could weaken the momentum.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
