Pepe

Terra Classic

The cryptocurrency market witnessed a rollercoaster ride last week, with the global market cap collapsing to a two-month low of $1.76 trillion, as Bitcoin dropped below $50,000.&nbsp; 
The global crypto market cap, however, recovered to the $2.15 trillion mark amid a rebound from Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) and other major altcoins. 
Here are our top cryptocurrencies to watch this week following their notable performances last week: 
<h2 class="wp-block-heading" id="ena-survives-onslaught">ENA survives onslaught </h2> 
Ethena (<a href="https://crypto.news/price/ethena/" target="_blank" rel="noreferrer noopener">ENA</a>) slumped with the rest of the <a href="https://crypto.news/bitcoin-falls-below-50000-is-a-black-swan-coming-to-the-crypto-market/" target="_blank" rel="noreferrer noopener">market</a> on Aug. 5. It eventually recovered to close the week at $0.32, slightly above the McGinley Dynamic line at $0.316. 
This marks a modest 2% weekly increase for ENA.&nbsp; 
<figure class="wp-block-image size-full">
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 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/Ethena-1D-Chart_010015.png.webp"> 
 <img loading="lazy" decoding="async" width="1162" height="681" src="https://crypto.news/app/uploads/2024/08/Ethena-1D-Chart_010015.png" alt="ENA, PEPE, LUNC: Top cryptocurrencies to watch this week - 32"> 
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 ENA 1D chart – Aug. 11 | Source: <a href="https://crypto.news/price/ethena/" target="_blank" rel="noreferrer noopener">crypto.news</a>
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The MACD currently shows a bearish momentum. This suggests that selling pressure has been dominant, although the gap between the two lines is narrowing, indicating a potential shift in momentum. 
The McGinley Dynamic is acting as a resistance level. The ENA price has struggled to break above it amid weak bullish sentiment. If <a href="https://crypto.news/ethena-rises-11-following-34m-proposal-from-blackrocks-buidl-distributor/" target="_blank" rel="noreferrer noopener">Ethena</a> fails to sustain above this level, it may retest the $0.30 support, with a potential downside towards $0.28. 
However, if buying pressure increases and the price breaks above the McGinley Dynamic, a move toward $0.35 could be expected. The MACD crossover, if it occurs, could confirm this bullish reversal.&nbsp; 
 You might also like: <a href="https://crypto.news/crypto-at-risk-of-macro-pressure-with-no-catalysts-says-coinbase/"> Crypto at risk of macro pressure with no catalysts, says Coinbase </a> 
<h2 class="wp-block-heading" id="pepe-hovers-around-lower-bollinger-band">Pepe hovers around lower Bollinger Band</h2> 
Pepe (<a href="https://crypto.news/price/pepe/" target="_blank" rel="noreferrer noopener">PEPE</a>) experienced notable <a href="https://crypto.news/pepe-price-forms-a-frightening-pattern-recovery-at-risk/" target="_blank" rel="noreferrer noopener">volatility</a> over the past week, dropping to a low of $0.00000585 on Aug. 5 before rebounding. 
The meme coin’s price fluctuated significantly, ultimately closing the week at $0.00000844 — a 2% decline.&nbsp; 
<figure class="wp-block-image size-full">
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 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/Pepe-1D-Chart_010012.png.webp"> 
 <img loading="lazy" decoding="async" width="1162" height="681" src="https://crypto.news/app/uploads/2024/08/Pepe-1D-Chart_010012.png" alt="ENA, PEPE, LUNC: Top cryptocurrencies to watch this week - 33"> 
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 <figcaption class="wp-element-caption">
 PEPE 1D chart – Aug. 11 | Source: <a href="https://crypto.news/price/pepe/" target="_blank" rel="noreferrer noopener">crypto.news</a>
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The Bollinger Bands show that PEPE traded close to the lower band, which suggests it was in an oversold region. The price dipped below the middle band, around $0.00000994, mid-week, signaling bearish momentum. 
The Directional Movement Index shows mixed signals. The ADX, which measures trend strength, is at 28.2, indicating a moderately strong trend.&nbsp; 
If Pepe fails to reclaim the middle Bollinger Band, it could continue trading near the lower band, potentially testing the $0.00000632 support. Conversely, if bullish momentum returns, breaking above $0.00000994 could pave the way for a recovery towards $0.00001357. 
<h2 class="wp-block-heading" id="lunc-spikes-22">LUNC spikes 22% </h2> 
Terra Classic (<a href="https://crypto.news/price/terra-luna-classic/" target="_blank" rel="noreferrer noopener">LUNC</a>) experienced a strong bullish reversal last week, closing at $0.00008705 after a 22% spike. 
The majority of this surge occurred on the last day of the week, with LUNC witnessing a remarkable 23% intraday gain.&nbsp; 
<figure class="wp-block-image size-full">
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 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/Terra-Classic-1D-Chart_010007.png.webp"> 
 <img loading="lazy" decoding="async" width="1162" height="681" src="https://crypto.news/app/uploads/2024/08/Terra-Classic-1D-Chart_010007.png" alt="ENA, PEPE, LUNC: Top cryptocurrencies to watch this week - 34"> 
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 <figcaption class="wp-element-caption">
 LUNC 1D chart – Aug. 11 | Source: <a href="https://crypto.news/price/terra-luna-classic/" target="_blank" rel="noreferrer noopener">crypto.news</a>
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</figure> 
The Ichimoku Cloud indicator suggests a potential trend reversal. LUNC closed above the Tenkan-sen, $0.00007505, and the Kijun-sen, $0.00007335, showing bullish momentum.&nbsp; 
However, the price remains below the Kumo cloud, which spans $0.00007466 to $0.00008705, indicating resistance ahead. 
To confirm a bullish trend, Terra Classic would need to break and close above the cloud, particularly surpassing the upper boundary. 
Meanwhile, the On-Balance Volume is at 8.526 trillion, showing an increase in buying pressure. If LUNC manages to break above the Ichimoku Cloud, it could target higher resistance levels around $0.00010000. However, failure to sustain momentum might result in a retracement towards the Kijun-sen or even lower. 
 Read more: <a href="https://crypto.news/tethers-usdt-achieves-115b-market-cap-milestone/"> Tether’s USDT achieves $115B market cap milestone </a>

ENA, PEPE, LUNC: Top cryptocurrencies to watch this week

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